1. Read the report “2015 Pulse of the Profession. Capturing the Value of Project Management” by PMI mentioned in the What Went Right section, page 194 of the 8th Edition of the book. Summarize the key points on this study and your opinion of it. Describe some specific steps organization can take to provide a supportive culture for project management.
Business Imperatives: Getting the Fundamentals Right
The “2015 Pulse of the Profession: Capturing the Value of project Management “is said that the pulse study shows that the organizations are focusing on the fundamental aspects such as culture, talent and process they are supporting excellence in project, program and portfolio management.
The culture is the most effective organization and its recognizes the need for formal project and program management. In creating culture that focuses on project management its increases the business value it involves the understanding of the value in project management. It aligning projects and programs to the organization strategy.
A key factor in fostering a culture is to understand the importance of skilled talent. The talent management is very important because without it right people in project management won’t succeed.
The Pulse research has confirmed that organizations can clearly benefit from maturing their project, program, and portfolio management processes, and that process maturity leads to success.
There are some changes in foundational practices including:
· Greater knowledge transfer effectiveness
· More rigorous use of risk management practices
· More frequent use of agile/increment/literative project management practices
· Higher benefits realization maturity
Organizations that are successful have unique ways of capturing and sharing lessons learned, and integrating them into talent development programs. They use diverse channels to communicate that knowledge and insight, including formal classroom training and other forums; case studies, white papers, and articles; and videos.
Risk management is at the heart of project management. Any number of risks can befall a project and drive it off course, often through no fault of the project team. From hurricanes and political unrest to supplier conflicts and labor shortages, internal and external events can have a significant impact on a project’s progress and ultimate performance. Such risks are not fully predictable, but with effective risk management practices, potential damage can be mitigated.
Organizational agility is the ability of a business to respond and adapt quickly in response to changes in the market or other parts of its external environment. These include the emergence of new competitors, disruptive technologies, or sudden shifts in overall conditions. The use of the agile/incremental/iterative tools and techniques of project management is vitally important in such scenarios as they impact projects and programs, and the use of these tools and techniques is on the rise, according to our 2015 Pulse report.
Benefits realization illustrates and measures precisely how projects and programs add true value to the enterprise. Organizations that implement benefits realization programs understand this value, because they are capturing the hard facts needed to showcase the return on their project management investments. But far too few organizations have effective benefits realization programs in place in fact, many have no program at all so they are missing an opportunity to understand what would help them increase the rate of project success. We need to continue studying the challenges of benefits realization to gain insight into ways organizations can meet those challenge.
2. Perform a financial analysis for a project using the format provided in the book (IT Project Management, Revised 6e). Assume that the projected costs and benefits for this project are spread over four years as follows: Estimated costs are $200,000 in Year 1 and $30,000 each year in Years 2, 3, and 4. Estimated benefits are $0 in Year 1 and $100,000 each year in Years 2, 3, and 4. Use a 9 percent discount rate, and round the discount factors to two decimal places. Create a spreadsheet or use the business case financials template on the companion Web site to calculate and clearly display the NPV, ROI, and year in which payback occurs. In addition, write a paragraph explaining whether you would recommend investing in this project, based on your financial analysis.
3. Develop an outline (major heading and subheading only) for a project management plan to create a Web Site for your class, and then dill in the details for the introduction or overview section. Assume that this Web site would include home page with links to a syllabus for the class, lecture notes or other instructional information, links to the Web site for the books that we are using in the class, links to other Web sites and all links to personal pages for each member of your class and future classmates. Also, include a bulletin board and chat room feature where students and the instructor can exchange information. Assume your instructor is the project’s sponsor, you are the project manager, your classmates are your project team and you have three months to complete the project.
2.0. Lectures Notes
4.2. Group Chat (GC)
5.0. Back to Home
4. Write a short paper based on the chapter’s opening case. Answer the following questions (Information Technology Project Management, 7e, page 140, Opening Case):
a. What do you think the real problem was in this case?
· The real problem in this case was Nick Carson is a Project Manager and he is not trained well in that kind of position.
b. Does the case present a realistic scenario? Why or why not?
· YES, because the hired managers having a good idea in making a business project.
c. Was Nick Carson a good project manager? Why or why not?
· Yes, Nick Carson is a good project manager but he is trained well.
d. What should top management have done to help Nick?
· The top management should have done to help Nick is to give him an advice on how to be a good project manager and he must to attend some seminars and trainings.
e. What could Nick have done to be a better project manager?
· Nick should have done some training's and seminars and he must know the responsibilities of a project manager.