Components of Project Management Essay

  • Estimating Activity Duration: The Components Of Human Resource Management: Project Management

    the project manager must estimate the duration of each activity. This is accomplished by exercising different methods of approximating the time to complete the activity. Analogous estimating exercises historical information from previous project to base the duration of a specific activity (PMI, 2013). Parametric estimates are calculated by the application of statistical information to appraise the approximate duration of an activity (Vaidyanathan, 2013). Three-point estimations utilize the most likely, optimistic, and pessimistic duration times to calculate a duration time by adding all three times together and dividing by three (PMI, 2013). Reserve analysis integrates contingency reserve time into the estimate to account for potential risks that may occur (PMI, 20163). These contingency reserve times are calculated by a percentage…

    Words: 1225 - Pages: 5
  • PMI Project Processes And Knowledge Areas

    Briefly describe the PMI Project Processes and Knowledge Areas and explain why they are important. Where do you think most failures occur in the five-phase life cycle of a project? 1. Describe the five project processes in correct sequence The first project process is Initiating. Initiating the project involves either starting a completely new project, or a new phase. The project manager and the team must determine the project’s scope. Stakeholders should be identified in this process and…

    Words: 796 - Pages: 4
  • The Importance Of Communication Metrics

    Communication, Metrics, and Project Updates Communication in project management is necessary to ensure that the management team - project managers, functional managers, and in this situation, the PMO - are in sync to clearly identify and communicate the project requirements. The communication metrics is an integral part of the monitoring and controlling process used to communicate updates, to include status of the project milestones and deliverables. The communication process or protocol is…

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  • Weaknesses In A Risk Management System

    Risk Management. Risk management involves analyzing any foreseeable factors that may lead to a project not proceeding as planned, and should be part of the project planning process (CSU-Global, 2013e). Risk management is generally analyzed in the planning phases, executed throughout the project, and continually addressed during monitoring and controlling phases, therefore, risk management is an essential component to reaching satisfactory project results. Weaknesses in a risk management system…

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  • The Importance Of Risk Management

    examples of projects that have been altered by issues that have occurred and the successes or failures in the responses that project managers countered with to deal with the situation. Project risk management is a critical component of the project planning process, as well as the overall lifecycle of an undertaking. Risks must be continually assessed and deliberated in order to determine the best course of action for the project and the organization as a whole. The risk management process must…

    Words: 1609 - Pages: 7
  • Csc Catalyst Structure

    Examples of primary processes include Vision and Strategy, Architecture, Development, Integration, Deployment, and Operationa l Services. Examples of governing processes include Enterprise and Account Management, Program Management, Project Management, Service Management, an d Architecture and Engineering Management. Examples of custodial processes include Configuration Management, Quality Management, Release Management, and Risk Management. Practice Guides Practice guides extend…

    Words: 9713 - Pages: 39
  • Explain The Rationale And Process For Breaking Tasks Into Small Units?

    1. Explain the rationale and process for breaking tasks into smaller and smaller units of work. The rationale for breaking tasks into smaller units is that, the complex tasks are broken in smaller and manageable units so that it is easy to comprehend and the information is organized and synthesized. The process for breaking tasks into smaller units is as follows: First: Determine the strategy. Second: Identify the highest level components of work to be accomplished. Third: Break down work…

    Words: 780 - Pages: 4
  • Boeing 787 Dreamliner Case Study

    Companies/Business Units are located outside of the United States. Given these two elements alone there are a number of faults that could cause the final assembly and completion date to be impacted. The first probable cause for missing the completion date is the supply chain. The supply chain flow ensures the material is available according to the inventory levels to continue building. Supply chain push systems help keep inventory levels set according to contractual agreements. When the…

    Words: 945 - Pages: 4
  • The Importance Of Project Management In India

    Project Management is used in every industry worldwide, regardless of size and scope. From the information technology industry to marketing, finance, and even the military project management is an important component. To put it into perspective how project management is being used worldwide take a look at India’s demand for the specialty. In 2014, India had over 37,000 Project Management Institute (PMI) certified professionals in the country and that number continues to grow (PMI Annual Report,…

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  • Importance Of Cost Management

    1.1.1 Cost Management Processes After the approval of Cost Management plan, Project Manager will ensure that following processes complete on specified times: • Project Cost Estimation process must be completed within 14 working days of the Cost Management Plan approval. Project Control Accounts Manager and Project Finance Officer will be responsible for completing all documents related cost estimation. • Project Budget Determination should be completed within 21 working days of the cost…

    Words: 918 - Pages: 4
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