Project management assignment on: Competencies & qualities in project
Q1. You need to establish your Project Team for these developments works. List the competencies & qualities you need in your team to successfully deliver these works.
Ans1. Some of the qualities or competencies which must be present in our team would be as under. Applicability of the systems should be done which would help in order to design as well as use them in the best possible manner. Some of the systems which would help in order to enhance the competencies would be
Þ Management of the project
Þ Life Cycle of the project
Þ Project strategy
Þ Appraisal of the project
Þ Success or failure of the project
Þ Integration amongst all the stakeholders. This would help in order to maintain cordial relationship with one another.
Þ Post project appraisal
Þ Control & coordination
Þ Leadership
Þ Proper communication with one another
Þ Delegation of the authority
Þ Team building
Þ Organizational design
Þ Practice fair negotiations
Þ Maintain proper quality & safety measures
Þ Fair industrial relations with one another
Þ Assurance of quality
These would be some of the qualities which should be present in the team of project managers. This would help in order to attain long term success at JML.
Q2. What Key Performance Indicators (KPI) would you advise JML to establish that would clearly indicate that the Project Manager understands his/her tasks & is managing the project successfully?
Ans2. Key performance indicators commonly known as KPI refers to the success indicators which help the organization in order to measure & see whether all the tasks at JML have been established in a well defined manner (Dwyer, Schurr & Oh, 2007). It must be noticed that, once the organization has defined it mission, vision, identified all the stakeholders, a fair measure must be identified which would help to see the progress towards a particular goal.
Some of the indicators which would be advised to the project managers at JML would be as follows:
Þ Practical indicators of the existing process of the company
Þ Directional indicators which would help in order to identify whether the organization is growing or not
Þ Quantitative indicators which would help in order to see the growth of the company in measurable terms.
Þ Financial indicators which would be used in order to measure the performance of the company.
Þ Actionable indicators which would help the organization to see whether the changes have been effectively used or not.
The key performance indicators at JML would help in order to attain strategic development as well as add value to the business. At JML the Key Performance Indicators would be in core quantifiable terms, this would help in order to see the success rate at which JML would be increasing. By using KPI at JML, the organization would be able to reveal various high levels snapshot.
Hence, it should be stated that before any KPI is selected for an organization, it must be linked with the organizational goal of JML. This totally depends upon the stakeholders along with the mission, vision of the same. Therefore, KPI must be seen as a measure which would help to progress the organization the years to come. KPI should be directly proportional to the success of the enterprise i.e. JML (Dwyer, Schurr & Oh, 2007).
Application of KPI would indicate the top level management the real picture regarding the success of the company.KPI would include any type of graph, financial statements, reports, spreadsheets, etc (Freeman, 2004). This would include the annual sales figure, trends which have been used by the organization, information regarding supply chain, real health of the organization. Hence, it must be noted that the KPI should not only reflect the goals of the organization whereas look into it I quantifiable terms (Borodzicz, 2005).
Q3. What are the significant risks to the success of the project? What plans would you implement to minimize the impact of the three most serious ones & how would you measure the success of these plans?
Ans3. There are various types of risk which play quite a significant role in the growth of the organization i.e. JML in the years to come. Some of the potential risks which might hamper the growth at JML would be operational risk, credit risk, schedule risk, scope market, cost risk, market risk, technological risk, commodity risk, quantitative risk, nonprofit risk, currency risk, etc (Freeman, 2004).
Some of the significant risks involved to attain success of the project could be as under. Three major or significant risks which have been identified at JML could be as under:
The various ways through which the risk could be minimized would be by adopting a structured process which would deal with the uncertainties which might come in near future. This might affect the overall objectives of the project.
The entire process would involve the following five steps. They are as follows:
(Source: Borodzicz, 2005)
Þ Risk identification: The first step in the process would be to identify the potential risk. As projects would progress, the level of risks would become more evident. It must be kept in mind that, the managers should take into consideration certain things which must be related to the projects in the past relating to similar kind of a project (Freeman, 2004).
Some of the typical source of risk which could be seen would be:
Þ Acceptance of the out dated technology
Þ Poor product requirements
Þ Less amount of skills
Þ Broadening the scope of technicalities
Þ Deadline of the project
Þ Market risk
Þ Financial risk
Þ Credit risk
In order to avoid such a phenomenon, it would be advised to the project manager that the various risk identification tools should be used. By doing so, the manager would have a clear as well as a better visibility regarding the potential risk which might come in the near future (Borodzicz, 2005).
Þ Qualitative Analysis: The second step in this case after identification of the risk would be analyzing the chances of that event to happen. This would also focus mainly upon the cost, scope, quality of the same.
Þ Quantitative Analysis: The third step is to conduct a quantitative analysis of the risks mentioned above. This would measure the degree of the risk. This would also take into consideration the probability of risk as well as the consequence of the risk attached to it (Freeman, 2004).
Þ Risk Response: Response towards risk refers to the last step which would help in order to plan against the various risks mentioned. It must be noted that risk are of two types positive & negative (Borodzicz, 2005).
There would be three ways through which the risk mentioned above could be minimized. They are as follows:
Firstly, the organization should try to avoid the risk. Change in the scope & the available resources of the project would help in order to reduce the level of risk. This would help in order to avoid the risk. Secondly, the organization should try to reduce the risk (Freeman, 2004). It must be noticed that the, though the risk cannot be avoided completely but it can be reduced for sure. By reducing the risk, JML would be quite successful & have lesser effectiveness. Lastly, the risk should be shared. This would help in order to share the risks between the two parties.
Q4. What would be your communications strategy? Who are the four major stakeholders you need to engage with? Why are they the most important and how would you access the effectiveness of your engagement with them?
Ans4. In order to maintain cordial relationship with all the stakeholders, fair communication strategy should be used. Project communication strategy would help JML in order to ensure commitment as well as commitment towards all the shareholders (Alexander, Carol & Sheedy, 2005). The communication strategy so implemented in the organization would include the purpose or a brief of the entire plan. This would also include a brief description of the project. The communication strategy would also include the various objective of the project, the target audience involved & the communication tools to be used (Alexander, Carol & Sheedy, 2005).
There are various types of communication tools which could be sued in order to convey the information to its target audience. The most effective or efficient communication tool would vary depending upon the kind of project. Some of the tools which could be used would be electronic, verbal, etc.
The four major stakeholders with whom one could be engaged are as under:
Þ Government
Þ Suppliers & lenders
Þ Interest Groups
Þ Shareholders
The four major stakeholders mentioned above have been referred to as one of the most important sets of stakeholders.
Þ The first reason as to why the stakeholders have been referred to as quite important as they are the ones who would lead to create an interest in the overall project management process (Alexander, Carol & Sheedy, 2005).
Þ The stakeholders would help in order to fight against the various potential risks mentioned above in the previous answer.
Þ Stakeholders would be well informed in order to be informed regarding the execution of the project at JML.
It must be seen that, all the stakeholders should be given equal importance as they are the ones who make any event or a project successful.
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