The current study has entailed a detailed analysis of the project management and its different aspects to ensure success at the end of its execution. Financial viability, scheduling, budgeting and resource management are the key factors behind the project success and a successful management of the project execution. The paper has initially delivered an account of financial viability as it is the initial phase before planning and execution. Following the same, scheduling, budgeting and resource acquisition is planned and framed. Here, scheduling aligned with the case study where the work breakdown structure and critical path has been generated and justified. The final section of this paper includes resource management as potential project management technique to describe critically its function in assuring project success.
Net present value according to current case would be defined as the present financial value of a project on the monetary output that the project would produce in future during the entire lifespan. The concept of NPV relies on time value of money which is dependent on economic shift and exchange rate determining the value of currency. Therefore, in the opinion of Patanakul et al. (2016), positive NPV is welcome from all aspects as it indicates the positive outcomes and profitability at the end of the project lifespan. Thus, in case of project selection, the initiators need to accept the project possessing positive NPV. On the other hand, in case of mutually exclusive projects, higher NPV would be accepted as it indicates the future profitability of a project.
Thus, based on the above outcomes of Net Present Value for both Product A and B, production of Product B is profitable as the NPV for the same is comparatively higher than Product A. in that case, the gap in NPV between A and B is significantly large that matters in case of company’s profitability. Thus, the mentioned food manufacturer would go for Product B excluding the other alternative
b. The activity list along with the duration of the corresponding activities is as follo
According to the above mentioned network , it has been observed that the minimum time of arranging the event possesses minimum value of 10 weeks and maximum value of 26 weeks. Therefore, based on the principles of critical path the maximum duration would be accepted due to inclusion of buffer time in the planning so that any delay in individual activities and overall project would be accepted.
The report has incorporated a summarized view of the given scenario and project of rock concert where the key aim of this report is to highlight the prime importance of the project management techniques to ensure success.
In this regards, Fleming and Koppelman (2016) stated that project management tools and techniques list down the activities and corresponding duration to determine the optimal time and financial resources that help in producing maximum output from the project. In case of the current projection of rock concert, capital budgeting is a good project management technique to judge the financial feasibility of the project undertaken. Here, NPV or Net Present Value is most powerful project management tool that helps in examining the project feasibility in terms of financial outcomes and future profitability so that the present’s investment would be lucrative and profitable in case of gaining both short and long term sustainability.
Moreover, PERT is another project management technique through which the early and latest start and finish time in a project would be estimated. Thus, in the other words, the time of delay in completing an activity and starting of the immediate next activity is prime target of this project management tool. According to the current project management technique risk management and mitigation process is one of the sound project management techniques that minimizes the scope of incurring losses in order to maximize profitability and long term stability of the project through financial and non-financial viability aligned to the external factors (Frank Cervone, 2014). Therefore, success of the rock concert is dependent on scheduling the project and resource allcation so that completion of individual task would be ensured with the competent performance and outcomes.
In case of the critical path, a contradiction has been arisen between the concepts regarding completion of the project and resource capability of completing the same within targeted period. In that case, Eskerod et al. (2015) stated that critical path is the shortest path of a project to complete the entire work within the resources available to the project team. On the other hand, in the opinion of Tsaturyan and Müller (2015), critical path is the longest path of completion that indicates the maximum time required in completing the project. Therefore, in line of the latter concept, the critical path of the above mentioned project is A>D>G>J>K>L as the total duration of its completion is 105 days, the longest period of activities.
b. Critical path indicates the duration and capability of a project management team of handle and complete the project in a specified time period. Therefore, in the opinion of Tsaturyan and Müller (2015), completing the project within shortest possible period is the critical requirement of a project. In that case, the external market factors affect the project time span through delaying the project work and activities individually. Therefore, delayed duration often increase the budget of project estimation and thus, creates severe obstacles in project success. Therefore, estimating the project budget and duration incorporating enough buffer level would be fruitful that make the project team ready for the worst case of project delay and obstacles.
Critical path in project management helps in delivering the concept of resource alignment along with determination of project duration through alternative ways of completing tasks. Thus, a project management team would develop its strategies and activities to complete the entire project keeping the longest and shortest time in mind. It assists the project manager to develop strategies of project activities and its performance to produce maximum output while paying minimum effort and resources into it. According to Ceze et al. (2014), critical path also incorporates the resource distribution so that the accurate delay would be predicted for estimation of the budget increment in the project planning and execution.
Project management technique refers to the process of planning, executing and controlling the operation of the projection. In that case, different project management technique is available to be executed in the company in case of controlling the project process flow. In the opinion of Schneeweiss and Hofstedt (2015), selection of a suitable project management technique assist the project management team in executing a better control and monitoring process while generating individual and group benefits from the projection. In that case, resource management is a potential project management technique that assist in better resource allocation and distribution before, during and after the projection management process is executed. Resource management incorporate planning, distribution and optimization of the organizational resources including human resources, financial resources, physical resources and intangible resources like intellectual property and knowledge among the employees. Clausen and Bayle (2017) commented that project manager is responsible in taking measure to control the resources. Here, the resources would be segregated into controllable and uncontrollable. Physical resources and financial resources are controllable resources which is distributed and utilized based on the human nature and needs. However, human resource is an uncontrollable resource that is driven by the individual needs and choice. Thus, the approach of treating with these resources is different for the different companies and thus, the sectors.
In project management resource planning is an important part to employ the minimum resource irrespective of its nature to generate the maximum output from the project process. In that case, Schneeweiss and Hofstedt (2015) stated that resource optimization plays a pivotal role to maximize output in terms of both financial and non-financial outcomes. Therefore, through the resource optimization profitability is maximized as the resource employment gets minimized keeping the level of output similar at it was. On the other hand, Bonaparte et al. (2015) argued that resource cannot be optimized as the project needs a minimum amount of all resource and thus, it is not possible to reduce the resource employed. Apart from that optimized resource planning increases the competency and efficiency of a project that indicates the quality of outcomes from the projection. However, the concept is not rally applicable for all kinds of resources keeping the control measure over the resources. In regards to the human resource, there are limitation of its employment in project based on individual choice and skills within the individuals. Optimizing human resource in the project management refers to the multitasking activities, allotted to single personnel. It reduces the quality of the project output due to the shift of focus in different production and delivery process. In that case, dedicated employee would be fruitful in generating quality output while performing with full potential and competency. Thus, supporting to the opinion of Clausen and Bayle (2017), managing human resource in organization needs different strategic decisions based on the needs and requirements.
There are certain principles that the organizations follow in managing human resources that include attraction, retention, utilization, motivation and reward. In that case, the recruitment and selection plays a pivotal role in employing skills and knowledge in project management process in order to utilize the skills in generating desired output from the project execution. In continuation, Schneeweiss and Hofstedt (2015) stated that training and development is another key to improve the resource capability in performing tasks with efficiency and generate the output with a sound qualitative measure. Organizations follow a unique module to steer the focus of all its human resources towards a single goal and objective. The purpose of training and development is to develop the skill set according to the project requirement. However, in that case, the companies need to employ an amount of financial resource in training and development while concentrating on the quality of products and services or the project deliverables. Here, the reward management and performance measure follows the training and development that ensures the qualitative framework and enough competencies in generating project deliverables. However, Bonaparte et al. (2015) opined that reward varies over the individual needs and level of motivation as it fulfils requirements of individual. Reward would be defined like monetary and non-monetary aligning with the Maslow’s theory of motivation. Moreover, motivating and hygiene factors would also be included in project management techniques for a better resource management specifically the human resources.
In context of financial resources, companies follow different resource management techniques to maximize wealth while wasting its financial resources. In that case, investing decision in the utmost measure where the companies receive a significant amount of the monetary return in comparison of its investment amount (Park and Oh, 2015). The financial resources are categorized into short-term and long term resources based on the tenure of its employment and receiving return against it. In that case, working capital or operating cycle plays pivotal role in managing short term financial resource through employing money in daily obligations in generating output to be effective for the long term.
Bonaparte, I., Austin, N. and Okoro, E., 2015. Strategic decision making at enterprise resource planning: chief financial officer at the crossroads. Journal of Business Case Studies (Online), 11(1), p.41.
Ceze, L., Oskin, M.H., Devietti, J.L. and Lucia, B.M., University of Washington, 2014. Critical path deterministic execution of multithreaded applications in a transactional memory system. U.S. Patent 8,739,163.
Clausen, J. and Bayle, E., 2017. Major sport events at the centre of International Sport Federations resource strategy. Routledge handbook of international sport business, pp.37-53.
Eskerod, P., Huemann, M. and Ringhofer, C., 2015. Stakeholder inclusiveness: Enriching project management with general stakeholder theory. Project Management Journal, 46(6), pp.42-53.
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.
Frank Cervone, H., 2014. Effective communication for project success. OCLC Systems and Services: International digital library perspectives, 30(2), pp.74-77.
Park, K. and Oh, K.M., 2015. A Phenomenological Study on the Their Tasks and Roles of Electronic Resource Acquisition Librarian. Journal of the Korean Society for Library and Information Science, 49(1), pp.465-482.
Patanakul, P., Kwak, Y.H., Zwikael, O. and Liu, M., 2016. What impacts the performance of large-scale government projects?. International Journal of Project Management, 34(3), pp.452-466.
Schneeweiss, D. and Hofstedt, P., 2015. Configurable Domain Objects for Resource Modelling in Treatment Scheduling. International Journal of Software Engineering and Knowledge Engineering, 25(05), pp.871-885.
Tsaturyan, T. and Müller, R., 2015. Integration and governance of multiple project management offices (PMOs) at large organizations. International Journal of Project Management, 33(5), pp.1098-1110.
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