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.
Back to Basic: Improving Project Management
In this “2015 Pulse of the Profession: Capturing the Value of Project Management” it is said that a high-performing organizations drive project management and deploy are related competencies with a goal of maximizing organizational value. It is also shows that projects within these organizations meet original goals and business intent two and a half times more often than those in low-performing organization.
Business Imperatives: Getting the Fundamental Right
It shows that the organizations are more likely to nurture a culture of project management when they fully understand the value it brings and how projects and programs drive change. They also understand that when project fail, so do profits, because organizations are less likely to achieve strategic goals.
Wanda Curly said that the “The talent management is a very important because without it the right people in project and program and portfolio management, we won’t succeed”.
The most effective organizations recognize the need for formal project and program management in their “change the business” initiatives. It involves fully understanding the value of project management, requiring actively engaged executive sponsors on projects and programs, aligning projects and programs to the organization’s strategy, having highly mature project, program, and portfolio management in creating a culture that embraces project management and increase the business value it delivers.
The latest Pulse findings reveal that the high-performing organizations are supporting project, program, and portfolio management through the use of standardized project management practices throughout the organization.
We see changes year after year in some foundational practices including the greater knowledge transfer effectiveness, more rigorous use of risk management practices, more frequent use of agile/incremental/iterative project management practices, and the last is the higher benefits realization maturity.
The 2015 pulse research also shows that the high-performing organizations recognize the need to focus on talent development and training to achieve superior project performance and execute strategic initiatives. It is also said that organizational that are successful have unique ways of capturing and sharing lessons learned, and integrating them into talent development programs.
It is said that Risk management is the heart of project management. That any number of risk can befall a project and drive it off course, often through no fault of the project team.
It is the ability of a business to respond and adapt quickly in response to changes in the market or other parts of its external environmental.
The benefits realization measures precisely how projects and programs add true value to the enterprise. Also the 2015 Pulse research indicates that only one in five organizations reports having a high level of benefits realization maturity.
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. Lecture Notes
5. Exchange Information
5.1 Bulletin Board
5.2 Chat Room
6. Back to homepage
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 the case provided is that Nick Garson recently became a project manager of a critical biotech enterprise at his silicon valley company which he doesn’t have an idea on the recent business work. Also he is not well-trained on being a project manager.
b. Does the case present a realistic scenario? Why or why not?
Yes, there are a lot of project manager that have a brilliant idea on how to handle or maintain the business success but sometimes it can lead to business loss because of lack of experience/failed on handling the assigned task/responsibilities.
c. Was Nick Carson a good project manager? Why or why not?
No, he is not a good project manager. Yes, he had a technical background to make a project a success but he is doing the work of others instead on focusing on his duty as a project manager.
d. What should top management have done to help Nick?
He should know his first priority/main duty on the assigned position.
e. What could Nick have done to be a better project manager?
Nick should know his responsibilities of being a project manager.