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Project Management For First Pacific Company Limited

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Question:

Describe about project management for first pacific company limited?

 

Answer:

Introduction

As we start the project management, first we have to choose an organization for this project, so that it relates the project. We have done this project basis of the info of First Pacific Company limited. This is a Hong kong based investment management & holding company. Choosing of this company because as our project is based on project management and this co. is working on investment management. This First Specific company business relates many businesses associated, like – Telecommunication, Food, & natural survey. So working the project under this company will help to relate and examined the project. This first pacific company’s investee has strong and dominated value; this will bring a special identification for this company. As we start the project it will shows how much this co. narrates our project.

1.1 Describe the concerned organization and project and analyze the project with theory on “principles of project management”.

In recent days managers are now frequently involved in those projects, that are being managed using formalized project management system. In this project, management Communication skill is very important part to play (Baguley, 2008). If you want to be successful as a manager it is important that you have a total control of understanding of project management terminology, process, and the procedures. Various project demands various types of communication skills. Depend on the project it is important to understand what the project demand. Environments also may play a key role in project management. A project is a continuous process of planned work and has also high risk associated with. The first & most important part is as express a basic concept of idea of the project. If the idea and concept is clear to everyone, and easily adaptable to everyone to all level, then project will be nicely. It is upon the management to plan and decide a adaptable idea. This is the most important principals of project management. When a project get started it is important for everyone to look the principals of the project for which is project is started, Discipline principals is needed of project management (Wysocki, 2006). Managers will play a huge responsible role in project management; they are the most important person for an organization. As the project we started is base on First pacific company, so that it will easily can understand that managers is most important for the company. If any project hails success, it means the managers are very work efficient, and they manage the project very well, but if any project collapse suddenly it means manager are not up to the marks of the project. They have look total of the project, maintain all the staff, also to see budget cost control. Analyze the project in sudden time, to see what the project needed at the right time. Those are the main principles of managing a project.

1.2 Assess the viability of the project and develop relevant success/ failure criteria

In this Project management procedure so many things are to be monitored things like – project focus, proper planning, and sense of urgency, use time circle, clear approvals and signs of sponsors, Acquire the best team people for the work, and set the work on priority basis (Barkley, 2006). These issues are the basis of success/ failure of the project.  Now in below this issues are described

1. Project Focus – Description of this point is mainly look to time, budget, and quality, and focus on getting the broad goals. So that project focus is going to be on larger extent.

2. Planning – proper planning is needed in every place in this project. Plan the project in that way so that it is easily can understand everyone, plan has to be details and systematic, so that in every step of the project plan has to be work.

3. Sense of urgency – Plan the project in that way so that it can be dividing in a small Limited time. In this period of time money and recourses are to be involved, so this part is vital for the project. It has been maintain in regular checking the status of the work, meetings, and reminders are essential (Bayney and Chakravarti, 2012). So that urgency are looking in inward and outward both ways.

4. Time Circle - Build standard models in to the project plan, so that every chain of the level it is easily can adapted, and after that identify the best project life circle. So that project time circle move rightly, and projects life goes to as per planning.

5. Clear approvals and signs off by sponsors - Seen the projects properly, examine the project points, examine those points, and lastly approval those points. So that sponsors are getting easily adoptable (Woodward, 2003).

6. Acquire the best team-people – The most important part of the project is get to the most skilled, experienced and best qualified people involved to this project, after that skilled those people and attached them to the project, divided those people in team, so that very man works essentially and properly (Bessant, 2003).

7. Priority Basis - In this movement the things are involved is strategy, establish the main criteria, proper team supervisor are needed, so that right team leader to prevent multi-project log jams.

Those are the main things which are properly to be visualized in the project, those part are basis to determined of the projects future, if those things are maintain in right way by right people success are come naturally, but if any of those steps are facing regency, and proper action are not taken, success are not coming in this project. Success and failure are both are corresponding in this project (Wu, 2011).

 

1.3 Describe the project management systems and procedures used in project

In Project management procedures and systems are vital part to play. Some key steps are to be playing in systems procedures.  In every organization management systems are most important and crucial part (Braglia and Frosolini, 2014).  The key parts which are to be monitoring are details given below –

  • Get a stage with the life circle framework with sample checklist.

  • Set up a fitting rule for the arrangement of capital approval solicitations.

  • Defined roles and responsibilities of the Project manager, and other key players. So, that easily everyone get their job responsibility properly, and work according with that.

  • Set a guideline on writing an effective project execution plan. so that plan according goes with the time (Dalcher, 2011).

  • In this project management risk are very high, so that proper plan on risk management is needed, and working on that, and accordingly with time analysis the techniques, so that risk cannot go high with the project. If risks are going to high, then must be checked internal management system with importance.

  • Visualized the project definition checklists.

  • Maintain properly cost control models. So that cost are to be maintained efficiency and properly.

  • Build a strong structure on management, so that can be built on stakeholder management and proper communication skills (Deeprose, 2002).

  • Management procedures are to be reviewed simontenauosly, and key problems are to be monitored with importance. And key performances are to be indicators to the success of management process

As our start of the project we choose the first pacific co, it relates this management system, the cost control, budget are very important to maintain. As we see this company nicely handle the cost control with underperforming the assets. And investors are also getting its reward. These are the most important part of the systems which are to be performed in the project. These parts are very crucial in the business matter (Wysocki, 2006). If those above mentioned part work properly with the plan, it is to be thinking that systems are going nicely.

 

1.4 Identify the key elements used in this organization for deciding when to terminate the project and how to conduct post-project appraisals. Relate these findings to the literature in the module on these issues.

A Project is viewed as a disappointment when it has not conveyed what was needed, in accordance with desires. Hence keeping in mind the end goal to succeed, a venture must convey to cost, to quality, and on time; and it must conveyed the profits introduced in business case. A task considered disappointment when it did exclude essential components that which partners are required (Dinsmore, 1999). This does not appear to be reasonable, however extend achievement and disappointment isn't pretty much the realities, nor is it essentially about what was conveyed. It's likewise significantly about how the task is seen.

The key elements which are to play role to decide project is failure are both internal & external effects, which has to be vital part to play in management course. 

In the event that the venture is convey wrong thing, then it might be viewed as a disappointment, like what the organization needed from the project, but end of the project or middle of that project cant delivered the needed, so then the stakeholders may decide to terminate the project (Dinsmore and Cabanis-Brewin, 2011).

Few project start with sponsors support, by the project’s governance bodies, any project government bodies are key role to play, but sometime unfortunately government support does not come properly, by that time project suddenly stop unfortunately. So government support always needed for the project (Schnapper and Rollins, 2006).

If the project is not able to delivered the revised requirements on time, than project has to be failures by the time, project should be go accordingly with time, is any part of the project cannot changes accordingly with time , than it is sure that project can’t be successful. It has been terminated by the time.

Overseeing desire is exceptionally critical thing in administration methods; an undertaking drop does not imply that the venture is viewed as a disappointment. This relies on upon numerous elements; including how the deal with the association of the key task partners in the choice –making methodology (Field and Keller, 1998).

It is mandatory to change the direction the project which are project is required on the time, is this procedure not follow , project failure is sure, and as a stakeholders failure project can’t afford that, so when it became failure it will be terminate by the time. These are the key elements of how the project face failure and became terminate.

If the project terminates, post –project appraisals are very important, because from the management point of view which part of the project lacking, so that project faces this type of failure, sometimes it causes internal problem, sometimes it causes external problem. Analyses the every step of the management part to play which are included in the project. Figure out of those steps which are lacking as per planning. This review process is very important for the management stakeholders (Fryling, 2010).

To describe literature in the modules on these issues are similar. Process of review development it is a cycle based chain – firstly identify the formulae of a problem, after that search that problem, refine the topic, after finding that problem analyze the problem in that way to construct review. In project management literature review provides a short description and critical evaluation of work critical to the topic. Study on books, articles, and different sources or some other significant to a specific zone of examination, so that can get an overview of significant literature published on topic it depends on the environment and the time. As a manager the person will have to always to be ready on these things.

2.0 Identify the most appropriate organization structure, roles and responsibilities of participants within the project.

Having the proper structure is essential for an association or business to meet its points and goals. A business may be organized by relying upon task of that business, it works exercises, for example, client administrations, promoting, operations, Finance or Information Technology. (Salaka and Prabhu, 2008). As we see first pacific company it’s a huge company, its organization function are control by the management are excellent. The organizational structure divided in so many groups, & relative responsibilities and the managers are well performed about their tasks. So that as a whole the unit of organization looks nicely performed.

Mostly in management field three identically structure are available, now it is on the management project which structure they can follow. Those three structures are – Hierarchical Structure, Flat Structure, & Matrix structure. In below this three structure details given -

1. Hierarchical Structure - In Large association have a tendency to contract this structure. This structure likewise called TALL Structure. A tall Structure will have a wide range of levels of representatives all reporting upwards to group pioneers and after that up to operational administration (Zambruski, 2009). This structure gives wide levels of leadership, with a restricted compass of control. The chain demonstrates the quantities of levels inside an association (Gabriel, 2004). Also the compass of control is the quantity of representatives who are straightforwardly managed by one individual. A Tall structure can frequently prompt slower correspondence channels and choice making.

2. Flat structure – In organization management structure have so many layers and control space are wide. These way communications are very easy, and quickly communicate with managers. This depends on laborers talking more obligation regarding choice making. The profit of the structure is that it permits the business change appropriately with the business sector, clients or contenders (Gaddie, 2003).

3. Matrix Structure – In these structure individuals chose originate from diverse levels and offices inside the business. This structure both utilized as a part of progressive and level structure. This structure is habitually utilized for particular ventures.

2.1 Describe how the project manager control and co-ordinate the project.

As the name described Project management, the key part of management is managers. Managers have to vital role to play. So many things managers are look after in the project. Like- planning and coordination project management activities including financial, planning as per project management office, give the briefs to all employees about the project. Preparing documentation, reports, returns, observation on relative issues defines the documentation objectives.  Monitoring the project design, objectives, and go for the milestones for the project (Hillson, 2014).

Managers are very key members in the management project, they have to look after all those things happened in project, Meeting with the stakeholders and other project managers. We see that The first pacific company assigned any of the project, and that project are control by the managers are quietly appreciated.

 

2.2 Identify project leadership requirements and qualities relevant to the project.

As a manager of a project it is important for project managers to posses the skills to understand and visualized the entire picture of a project and convey this effectively to the whole project team (Pinnaclemanagement.com, 2015). To be successful manager it is important to communicate with the team.

Another key skill are required is build a team. A great manager is not important to be a great team leader, but it has been important that manager build a great team. Productive and successful teams are those that are able to maintain strong, positive common goals.

A project manager should be reliable, honest, loyal, and ethical; these qualities have to be in managers inside power. A project manager can lead by example and gain the trust and commitment (Kerzner, 2001). As project manager practice, adapt and perfect these fundamental leadership skills. In First pacific company managers we see maximum are trained about their responsibility of their work. They have the qualities in insid which make them perfect leader of the project.

2.3 Plan and specify human resources and requirements for the project

As a project management team or authority human resources and requirements are one of the important parts that are prolifically needed. As a project hardworking, loyal, efficiency people are needed, so require those people who are willing to do efficiency work.  So an Hr manager it is always remember that project is needed good people (Zhang, Zhu and Zhang, 2011).  In first pacific company gives human resources much important, because of they are the first step to build a strong team. A strong team needs a strong hardworking people, if human recourses fails of their duty, it means a healthy team cannot build. So recruit those efficient and intelligent people who can gives the work which the company is needed.

3.1 Prepare project plans and establish the project organization for the project.

When a project are planed it should contain at least following things – The project statement of the purpose, objectives, scope, project success criteria,  review current environment resources and equipments.

Briefly describe the project sponsor’s requirements, problems, objectives, and constrains. Specify the activities and organizational units that will be impact by the project (Kodukula, 2014). These procedures demonstrate time and cost scheduling packagers, by use of this methods project plan are easily can understand and described to all of the members.  We see this company each of the department have a clear work view, and clear plan of their work.

3.2 Apply project scheduling, estimating, and cost control techniques to the project

Venture administrators applying expense control methods viably can guarantee that ventures, stay inside anticipated plans, or are permitted to surpass plans in a controlled manner for particular reasons (Patel, 2008). When the company adopts cost control techniques it reduces the risk factors. To assess the project cost control spreadsheet & graphic presentation packages are to be used for details report of which managers are needed.

Estimating is all about controlling the cost, and favors the business to the larger extent. A typically activity requires labor, materials, and equipments. Cost control estimates can use previous historic sources, so the upcoming sources found appropriate, which are to be performed in business. Estimating cost for the project is a main thing in project business.

Scheduling - A project plan by assembling the budget and scheduling the activities. Proper scheduling gives the scenario when, and where budget will be spent. The project scheduling provides framework what the need for the business (Landman, 2008). Proper scheduling is the baseline of the management project. If any scheduling is not proper and it does not belong with the project, the project will be collapse very soon. So as management angel proper scheduling for the project is very important.

 

3.3 Describe the methods used to measures performance of the project.

Performance in a project or in any organization is integral part of the workplace. This provides a platform for supervisors and managers to measures the employee. Different level different people are work in a project, so performance vary in every steps. So proper measures is needed, so that employees can get their performance result, and as per mangers point of view this measures is vital to know where the employees are lacking in work, and where the employees work are excellent (Levin, 2012). To measures performances of the project, documentation and procurement control packages techniques may also be able to use. So that performances are properly measures.

3.4 Describe project change control procedures used in the project.

An undertaking supervisor regularly confronts with changes and venture crawl as a standout amongst the most difficult issues that a task director can confront. Changes often impact the budget of the project, so plan the project in that way so that plan can change accordingly with time, and it can easily adaptable by time (Munier, Jiménez-Sáez and Fernández-Diego, 2013). If this does not happened than it is sure that project will be collapse, and its will be a project failure. So as management angel plan schedule is very important. Time and cost scheduling packages are mostly used methods to judge project change control procedures.

When changes are need , first look after the if changes happened in project what impact can happened in project, and what changes a project can effort to do. After that review impact, now as a manager you have to go to check that what changes needed in cost side, schedules, and outcome (Maylor, 1996). So many changes can affect the project cost, so cost can’t be hampered by the changes. If the changes is good for business than it should be accepted, - it all about the importance of the project. If changes are need it should be discussed with the all the members, team supervisors and sponsors. If all the members are agree to changes than it should be accepted, or otherwise it will be canceled. The first pacific company always go with the time and environment. What the best changes required respective of the time they change their plan and program respective of their work, so that at the end of the project investors meet their expectation from the company.

If changes have been accepted document that changes, it is vital for documentation and updating for project plan. And lastly communicate the accepted changes and its impact to the all the parties (Mehta, 2007). So that project goes smoothly as per the schedules or rescheduled plan.

 

References

Baguley, P. (2008). Project management. [New York]: McGraw-Hill.

Barkley, B. (2006). Integrated project management. New York: McGraw-Hill.

Bayney, R. and Chakravarti, R. (2012). Enterprise project portfolio management. Ft. Lauderdale, FL: J. Ross Pub.

Bessant, J. (2003). Building a project driven enterprise: how to slash waste and boost profits through lean project management. Technovation, 23(5), p.459.

Braglia, M. and Frosolini, M. (2014). An integrated approach to implement Project Management Information Systems within the Extended Enterprise. International Journal of Project Management, 32(1), pp.18-29.

Dalcher, D. (2011). Project management the agile way: Making it work in the enterprise. Project Management Journal, 42(1), pp.92-92.

Deeprose, D. (2002). Project management. Oxford, U.K.: Capstone Pub.

Dinsmore, P. (1999). Winning in business with enterprise project management. New York: AMACOM.

Dinsmore, P. and Cabanis-Brewin, J. (2011). The AMA handbook of project management. New York: American Management Association.

Field, M. and Keller, L. (1998). Project management. London: International Thomson Business Press.

Fryling, M. (2010). Estimating the impact of enterprise resource planning project management decisions on post-implementation maintenance costs: a case study using simulation modelling.Enterprise Information Systems, 4(4), pp.391-421.

Gabriel, E. (2004). Building a Project-Driven Enterprise: How to Slash Waste and Boost Profits Through Lean Project Management. International Journal of Project Management, 22(3), pp.268-269.

Gaddie, S. (2003). Enterprise programme management: Connecting strategic planning to project delivery. Journal of Facilities Management, 2(2), pp.177-191.

Hillson, D. (2014). Caratteristiche di un Enterprise Risk management efficace. PROJECT MANAGER (IL), (18), pp.24-25.

Kerzner, H. (2001). Project management. New York: John Wiley.

Kodukula, P. (2014). Enterprise Project Portfolio Management: Building Competencies for R&D and IT Investment Success. Project Management Journal, 45(1), pp.e1-e1.

Landman, H. (2008). Enterprise project management. Ft. Lauderdale, Fla.: J. Ross Pub.

Levin, G. (2012). Enterprise Project Governance: A Guide to the Successful Management of Projects Across the Organization. Project Management Journal, 44(1), pp.107-107.

Maylor, H. (1996). Project management. London: Pitman.

Mehta, R. (2007). Project management. Jaipur: Aavishkar Publishers.

Munier, N., Jiménez-Sáez, F. and Fernández-Diego, M. (2013). Project management for environmental, construction and manufacturing engineers. Dordrecht: Springer.

Patel, V. (2008). Project management. Jaipur, India: Oxford Book Co.

Pinnaclemanagement.com, (2015). What is Enterprise Project Management? | Pinnacle Management. [online] Available at: https://www.pinnaclemanagement.com/what-enterprise-project-management/70 [Accessed 2 Mar. 2015].

Salaka, V. and Prabhu, V. (2008). Project management and scheduling for enterprise integration.IJPOM, 1(2), p.167.

Schnapper, M. and Rollins, S. (2006). Value-based metrics for improving results. Ft. Lauderdale, Fla.: J. Ross Pub.

Woodward, J. (2003). Enterprise-focused management. International Journal of Project Management, 21(5), p.384.

Wu, X. (2011). The Research on Project Management and Decision-Making System of Construction Enterprise. Management & Engineering, pp.19-23.

Wysocki, R. (2006). Effective software project management. Indianapolis, IN: Wiley Pub.

Zambruski, M. (2009). A standard for enterprise project management. Boca Raton: CRC Press.

Zhang, J., Zhu, M. and Zhang, L. (2011). Applied Research on the Enterprise-Level Project Management System and Information Construction of Project General Contractor Enterprise.AMM, 94-96, pp.2337-2340.

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