Azim Dhukka
MIS 4378
Larry Vanover
November 5, 2015
Project Management
Project management is an essential discipline for managers of diverse entities and specializations. This importance is because of its unique approach in enabling appropriate fulfillment of targets or objectives contrary to the usual and repetitive organization’s management approach. Some of the reasons of equipping managers with project management knowledge are because it enables them to appreciate the uniqueness of project management in organizational and societal activities. Managers are also able to understand projects and how to plan adequately for them as well as manage them effectively. Additionally, managers can use this knowledge to solve organizational and societal …show more content…
As a result, they have to lead in the planning, initiation, designing, execution, monitoring, controlling, and the termination of the project. Among his/her key duties include the recognition of the fact that risks have a direct impact with the likelihood of failure or success of any project. Such risks mainly arise from the ambiguity situations in the future and a successful project manager should focus on putting a lot of concern on such hindrances to success. A good project manager should thus formulate and implement strategies that aim at reducing the negative impacts of …show more content…
The project team must also have the ability to measure the possible outcome of risks and ignore those with low chances of occurring since their impact may also be unnoticeable. Finally, the managers must know how to source materials from individual vendors and manage them to be successful in managing the projects. This is the procurement area that involves deciding whether to make or buy items. Managers need to compare the advantages and disadvantages of outsourcing and in-house production of products and services. The contract thus involves legally binding agreements such as the time and material contracts, cost-reimbursement contracts, and fixed-price or lump sum contracts.
All in all, a project involves a series of various activities. These activities should be incorporated with the knowledge skills and techniques of a project manager for success. Additionally, the manager ought to have wide knowledge in various areas to balance all the activities and efficiently use resources. Such skills should enable the manager to work within the constraints of parameters such as time, cost, quality, scope, and stakeholder expectations. Due to uncertainties in operations, managers ought to follow the processes of managing risks to avoid them or reduce their
MIS 4378
Larry Vanover
November 5, 2015
Project Management
Project management is an essential discipline for managers of diverse entities and specializations. This importance is because of its unique approach in enabling appropriate fulfillment of targets or objectives contrary to the usual and repetitive organization’s management approach. Some of the reasons of equipping managers with project management knowledge are because it enables them to appreciate the uniqueness of project management in organizational and societal activities. Managers are also able to understand projects and how to plan adequately for them as well as manage them effectively. Additionally, managers can use this knowledge to solve organizational and societal …show more content…
As a result, they have to lead in the planning, initiation, designing, execution, monitoring, controlling, and the termination of the project. Among his/her key duties include the recognition of the fact that risks have a direct impact with the likelihood of failure or success of any project. Such risks mainly arise from the ambiguity situations in the future and a successful project manager should focus on putting a lot of concern on such hindrances to success. A good project manager should thus formulate and implement strategies that aim at reducing the negative impacts of …show more content…
The project team must also have the ability to measure the possible outcome of risks and ignore those with low chances of occurring since their impact may also be unnoticeable. Finally, the managers must know how to source materials from individual vendors and manage them to be successful in managing the projects. This is the procurement area that involves deciding whether to make or buy items. Managers need to compare the advantages and disadvantages of outsourcing and in-house production of products and services. The contract thus involves legally binding agreements such as the time and material contracts, cost-reimbursement contracts, and fixed-price or lump sum contracts.
All in all, a project involves a series of various activities. These activities should be incorporated with the knowledge skills and techniques of a project manager for success. Additionally, the manager ought to have wide knowledge in various areas to balance all the activities and efficiently use resources. Such skills should enable the manager to work within the constraints of parameters such as time, cost, quality, scope, and stakeholder expectations. Due to uncertainties in operations, managers ought to follow the processes of managing risks to avoid them or reduce their