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PROJ6000 Principles of Project Management Assignment - Laureate International Universities, Australia

Learning Outcomes - Successful completion of this assignment will result in achievement of the following subject learning outcomes:

LO1. Understand PMBOK knowledge areas and process groups and their role, relevance and impact on project management best practice and PMI's Code of Ethics.

LO2. Critically compare and contrast project management approaches and their appropriateness for managing a variety of project types.

LO3. Apply appropriate project management tools and techniques, paying particular attention to risk management.

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Assessment - Project Selection Methods and Initiation Documents

Instructions - For this assessment, you research different methods of selecting projects and examine the initiation process. You also consider the Project Management Body of Knowledge (PMBOK) guide and, more specifically, explore the initiation documents. As you have discovered in your learning resources, examine project selection methods that can be applied appropriately to the given project and processes to conduct these methods. Consider the Project Management Body of Knowledge (PMBOK) and describe the initial process group and project documents that are created or used as inputs for a new project.

Solution - Topic - Market Power

Introduction

This assignment mainly deals in explaining the PMBOK and its allied advantages, along with various tools and techniques required in order to accomplish a successful project management. The paper also provides an insight about the code of ethics and how important is Polk. To be fair it also explains various other methods which are available and are considered useful for which conditions.

Define PMBOK

Project Management is a complete series where the whole process is mapped under the standards and the management perspective. It is basically a body or a society which ensures that the project management and its whole agenda is worked correctly and appropriately (Binder, 2016). It basically helps ensuring that the projects are made and formulated in time, well in cost, interpersonal abilities and under global business environment.

PROCESS established for the PMBOK

The project management can be explained under various stages or a process maps which are expressed as follows: -

First and foremost is the goal analysis which explains what is the basic objective of the project, the second factor is the time analysis which explains that the time analysis is also very crucial factor an it is very necessary that the time aspect is managed. Budget is the third step which explains how the factoring is done in terms of money (Bayona, Saboya, & Bustamante, 2018). The fourth aspect in the process are the stakeholder which encounters the factor of being the owners and the main people of the organisation or project as on an overall basis. Last segment is to ensure that the manager and the other employees in the group are properly assigned their duties so that the work is done correctly and in an appropriate manner. It must be understood that the project is not formulated on everyday basis and it is not a daily affair. Therefore, steps and the process on which project management is done can work on a different procedure, however, the crucial point is that it must maintain the concept that it is helps in achieving desired results in desirable manner (Meredith, Mantel Jr, & Shafer, 2017).

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It is further, defined in the lifecycle phase which is much more organised and drafted on a universal platform, this factor is explained as the , initiation phase which ensures that the project is given a direction, it is followed by the planning phase where plan of action is defined, it is the latter started with the execution phase which is also called the action plan , the crucial stage is the controlling and the monitoring phase, which helps in mitigating any loopholes (Wideman, 2002). The end is considered as a project closure stage which expresses that the project is completed and the objective is fully met.

Project Documents made or used

In case of the PMBOK the documents which must be made and utilized or are required can be numbered as follows: -

Project Charter is the foremost, followed by the work statement and its working documents, along with the requirements of stakeholder register, change in control register, documents also include risk register, time schedule and the quality metrics, log for the issue as well as the project needs and the sponsor details (Pant, & Baroudi, 2008). The documents include all the register which are necessary for the working, execution and successfully completing the project. It also includes the preamble and the complete to- do list and not to do list.

Code Of ethics

The other crucial perspective are the Ethics or the code of ethics which are required to be followed during the course of action. In true and honest words, it is determined as the course of action which need to be rigidly followed. It deals with the best possible rules made in context to the society and the people residing there, in addition with the resources and the environment. Ethical issues lead to a possibility where the trust is determined for a longer period of duration and the reputations need to be maintained and built for a long-term basis (Alfini, Lubet, Shaman, Geyh, 2018). Thus, all in all code of ethics does helps in achieving cost cutting or larger number in profit. It leads to achieve non-monetary factor which actually helps the project name as well its promoters name to be lived and known in the business for a major value of time period.

Thus, the code of ethics is a summation of honesty parameters, responsibility, respect and fairness options and a concept which drives the project management in direction where results are purely achieved with the perspective of the ethical management (Reich, & Wee, 2006).

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Relevance and impact on project management

Project Management carry various relevance, these include better and more reliable chances of achieving the desired results. It also helps in getting various perspectives and new ideas of the business and its strategy and business analysis. It also advises the priority aspect on various tasks which will lead to meeting objective on right time and also using the resources of the business more for the major and important task and not for any lame task or less important task (Stark, 2015). Nonetheless, it acts like a bible which describes each and everything in great detail starting with the very beginning when the thought process initiated for the project to be made till the time the project is actually put into action and on a designated period closed or accomplished successfully.

Thus, the impact of having a proper project management is always fruitful and efficient as they always lead to a very high success rate which is always a win situation for not only the project owners but also beneficial for the project managers as well as the general public in terms of ethics and quality (Kerzner, 2017). In simple words it is a waterproofed seal which is cast over the projects so that the project is also kept safe and so is the results achieved from such projects.

Compare and contrast management approaches

Project Management popular approaches can be listed as follows: -

1. Agile - It is applied where the projects that are iterative and incremental, it also applicable in case where the teams are cross functional and ensures that the effort must be made on the effort of self-organizing and on a collaboration onset. Applicable in terms of flexibility and complexity and in terms with uncertainty.

2. Scrum - It deals with five main values which includes commitment, courage, focus, openness, and respect, it operates its methodologies in terms with the certain role's events. It is useful in terms when less than seven people are there in the team and approach required is flexible in nature.

3. Kanban - Its major USP is the collaboration and self-management team, it is formulated in the visual cues and is considered useful in terms with the signal various stages. It is most applicable for small teams and is used for the flexible approaches and always deals with personal productivity (Siebenthal and Hopkins, 2016).

4. Lean - Promotes maximizing customer value, while minimizing waste. It aims to create more value for the customer by using fewer resources. It is most suited for the business where transforming how they conduct business (Harrison, & Lock, 2017).

5. Waterfall - Waterfall, method is designed approach and progress flows in a single direction which being the downward action. Design changes are very rigid and is more expensive and has a structured physical environment. It is most suited for the larger and bigger projects and also where the chances for surprise are very less in nature (Wakeel, and Smirk, 2011).

6. SIX Sigma - It aims at quality management and reduction of errors with the help of statistical and empirical methods. It is efficiency driven and deals with data methodology and quality improvements on an overall basis.

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Project Management Tools and Techniques

Tools and Technique includes Corporate dictionaries, corporate database, as well as libraries and templates, it will lead to a possibility where all the aspects are organised and dealt on a synchronized manner , it will deal with an analysis which provides an appropriate and systematic manner which helps in explaining the concept through appropriate process and a simulation process (Wakeel, Smyrk, 2011). It deals with making correct and technical calendar costs and work, it explains the cost breakdown structures and the process of physical work analysis. It will deal with standards which helps in productivity and defines the critical path analysis and network analysis (Wideman, 2002). It deals with the providing the resource levelling the project parameters and performance measuring. Tools also include project execution as well as the defines the float path way which explains the utilization and the material allotment in correct mathematical manner. Tools also include project success criteria and project model.

Conclusion

Thus, the paper is excellent look out about the project management and its technical perspective about various elements and process management. This paper in technical and logical manner explains that starting a project and closing a project deals with appropriate method allocation as well as tools and techniques and without which none can function properly and not give desired results as expressed in the project schedule.

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