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Achieving Competitive Advantage Essay What roles do traditional process management duties of planning, organizing, and controlling play in project management, if any? Answer: The traditional managerial duties of planning, organizing, and controlling all apply to project management. Project managers must be technically well versed, proficient at administrative functions, willing and able to assume leadership roles, and above-all, goal oriented. The project manager is the person most responsible for keeping track of the big picture Diff: 2 Section: 1. 1 What Is a Project? Skill: Conceptual AACSB Tag. Reflective 4) Why is project management challenging? Answer: Projects present challenges for a number of reasons; by their nature they are often dramatic departures from the routine process-oriented work that employees are accustomed to. Projects face budget, time, and resource constraints and these resources must often be marshaled from across the organization. Diff: 2 Section: 1. 1 What Is a Project? Skill: Conceptual AACSB Tag: Reflective 5) Why are projects important? Answer: Todays businesses face a set of pressures that make projects crucial in helping an organization achieve its strategic goals. These pressures include shortened product life cycles, narrow product launch windows, increasingly complex and technical products, the emergence of global markets, and an economic period marked by low inflation. Diff: 1 Section: 1. 2 Why Are Projects Important? Skill: Definition AACSB Tag: Reflective 6) What changes in the business environment have necessitated a greater use of project management skills? Answer: Todays businesses face a set of pressures that make projects crucial in helping an organization achieve its strategic goals. These pressures include shortened product life cycles, narrow product launch windows, increasingly complex and technical products, the emergence of global markets, and an economic period marked by low inflation. Diff: 2 Section: 1. 2 Why Are Projects Important? Skill: Factual AACSB Tag: Reflective 7) Why is project management considered an excellent training ground for future senior executives in many organizations? Answer: One of the unique aspects of projects is their unique blend of technical and behavioral challenges. The technical side of project management requires managers to become skilled in project selection, budgeting and resource management, planning and scheduling, and tracking their projects. The behavioral side of project management requires project managers to bring together individuals from across the organization, mold them into a team, manage conflict, provide leadership, and engage in negotiation and appropriate political behavior. Diff: 2 Section: 1. 2 Why Are Projects Important? Skill: Conceptual AACSB Tag: Reflective 8) Describe the activities that occur at each stage of a project. Answer: Stages in a projects development are referred to as the project life cycle, which consists of conceptualization, planning, execution, and termination. In the conceptualization stage the scope of the work is determined, necessary resources are identified, and important organizational stakeholders signed on. In the planning stage all detailed specifications, schematics, schedules, and other plans are developed. Individual pieces of the project are broken down, individual assignments are made, and the process for completion is delineated. During the execution phase the system is developed or the product is created and fabricated. Termination occurs when the completed project is transferred to the customer, the projects resources are reassigned, and the project is formally closed out. Diff: 1 Section: 1. 3 Project Life Cycles Skill: Definition AACSB Tag: Reflective 9) Where in the project life cycle are the intensity level of resources and client interest at their highest? Why is this the case? Answer: The intensity level of resources peaks during the execution phase of the project life cycle. The actual work is performed during this phase, so the commitment of financial, human, and technical resources peaks at this time. The level of enthusiasm or concern expressed by the projects intended customer peaks in both the conceptualization and termination phases. The client is initially very interested because they provide input on the goal and specifications of the project. Project work moves out of the conceptual phase to a more internal mode and the clients interest wanes until the project nears delivery. At this point the clients interest peaks again as they prepare to receive the completed project and all the associated benefits. Diff: 2 Section: 1. 3 Project Life Cycles Skill: Conceptual AACSB Tag: Reflective 10) Rank the determinants of project success from most important to least important and justify your rankings. Answer: Answers with regard to ranking may vary since, for example, circumstances may dictate that time is an overriding concern at the expense of quality and cost. The determinants of project success are: conformance to budget, schedule, performance specifications, and client acceptance. Time – Projects are constrained by a specified timeframe during which they must be completed; they are not supposed to continue indefinitely. Cost – Projects must meet budgeted allowances in order to use resources as efficiently as possible. Performance – Projects are developed in order to adhere to some initially determined technical specifications. Performance measurement means determining whether the finished product operates according to specifications. Client acceptance – Projects are developed with customers in mind; their purpose is to satisfy customers needs. If the completed project meets all internal criteria but does not satisfy the customer, then the project has not been a complete success. Diff: 3 Section: 1. 4 Determinants of Project Success Skill: Conceptual AACSB Tag: Reflective 11) Discuss the internal and external measures of project success. Answer: The determinants of project success are the internal measures of time, cost, and performance and the external measure of client acceptance. Time – Projects are constrained by a specified timeframe during which they must be completed; they are not supposed to continue indefinitely. Cost – Projects must meet budgeted allowances in order to use resources as efficiently as possible. Performance – Projects are developed in order to adhere to some initially determined technical specifications. Performance measurement means determining whether the finished product operates according to specifications. Client acceptance – Projects are developed with customers in mind; their purpose is to satisfy customers needs. If the completed project meets all internal criteria but does not satisfy the customer, then the project has not been a complete success. Diff: 1 Section: 1. 4 Determinants of Project Success Skill: Factual AACSB Tag: Reflective 12) Describe the elements of the Atkinson model of project success. Answer: The Atkinson model incorporates the input of all stakeholders in assessing project success. Stakeholders are all groups that are affected by a project, for example, employees, customers, end users, the community, suppliers, etc. The Atkinson model begins with the traditional iron triangle of time, cost, and performance and adds considerations of the benefits accrued by organizational end external stakeholders. Diff: 2 Section: 1. 4 Determinants of Project Success Skill: Factual AACSB Tag: Reflective 13) One model of project success offered in the chapter looks beyond the current project into the future. Comment on the elements of this model and their impact along the timeline from project completion to well beyond this point in time. Answer: This framework was proposed by Shenhar, Levy, and Dvir and contains in chronological order, the elements of project efficiency, impact on the customer, business success, and preparing for the future. The immediate measure of success is efficiency, that is, have the project budget and schedule been achieved? More important, have the customer needs, technical specifications been met? Next, has the project achieved the commercial success that was hoped for? Finally, has the project opened new markets or new product lines, helped develop new technologies, or developed new skills for the organization? Diff: 2 Section: 1. 4 Determinants of Project Success Skill: Factual AACSB Tag: Reflective 14) What are project management maturity models used for? Answer: Project management maturity models are used to allow organizations to benchmark the best practices of successful project management firms. Project maturity models recognize that different organizations are currently at different levels of sophistication in their best practices for managing projects. Diff: 2 Section: 1. 5 Developing Project Management Maturity Skill: Conceptual AACSB Tag: Reflective 15) Describe the spider-web methodology for displaying project management maturity and present any five components of project management practice that can be displayed using this technique. Answer: A spider-web diagram (or radar chart) derives its name from its visual similarity to a spider-web, consisting of some number of spokes connected by concentric rings. The spokes represent the components of project management practice that the organization chooses to measure. The rings represent levels of achievement for each of the components. Diff: 2 Section: 1. 5 Developing Project Management Maturity Skill: Conceptual AACSB Tag: Reflective 16) Describe the project management characteristics of firms that reside at the lowest levels of the ESI, SEI, Center for Business Practice, and Kerzner maturity models and characteristics of firms that reside at the highest levels of these models. Answer: The lowest level of each model is occupied by companies that have no clear sense of project management. There is no common project management language within these companies and management processes, if any exist, are ad hoc. Firms occupying the highest level of project management maturity are project savvy; having progressed beyond simply applying project management to processes. These firms actively explore ways to continuously improve project management techniques and procedures. Diff: 3 Section: 1. 5 Developing Project Management Maturity Skill: Conceptual AACSB Tag: Reflective 17) What are the three levels of the generic project management maturity model and what are the characteristics of a company at each level? Provide examples of organizations at each of these levels and support your choices. Answer: The lowest maturity level of the generic model is reserved for companies that have an ad hoc approach to project management. There is no common language for project management and little support for project workers and the projects. At the moderate maturity level, the organization has defined practices, some training programs for project management and organizational support dedicated to these efforts. At the high maturity level, the process of project management is institutionalized and there are continuous improvement efforts underway from one project to the next. Example organizations will vary. Diff: 3