Activity 2 Case Study 31: Keflavik Paper Company ✓ Solved

Activity 2case Study 31 Keflavik Paper Companykeflavik Paper Is An Or

Activity 2 Case Study 3.1 Keflavik Paper Company Keflavik Paper is an organization that has lately been facing serious problems with the results of its projects. Specifically, the company’s project development record has been spotty: While some projects have been delivered on time, others have been late. Budgets are routinely overrun, and product performance has been inconsistent, with the results of some projects yielding good returns and others losing money. They have hired a consultant to investigate some of the principal causes that are underlying these problems, and he believes that the primary problem is not how projects are run but how they are selected in the first place. Specifically, there is little attention paid to the need to consider strategic fit and portfolio management in selecting new projects.

This case is intended to get students thinking of alternative screening measures that could potentially be used when deciding whether or not to invest in a new project. Questions Keflavik Paper presents a good example of the dangers of excessive reliance on one screening technique (in this case, discounted cash flow). How might assume that you are responsible for maintaining Keflavik’s project portfolio. Name some key criteria that should be used in evaluating all new projects before they are added to the current portfolio. What does this case demonstrate about the effect of poor project screening methods on a firm’s ability to manage its projects effectively?

Case Study 4.1—In Search of Effective Project Managers This case involves Pureswing Golf, and illustrates the problems when organizations attempt to locate competent project managers without any systematic plan for identifying and training good potential candidates. They are discovering that the “voluntary approach,” whereby new project managers are solicited seemingly at random from around the company, simply does not work. Many of these individuals likely do not have the skills or a reasonable understanding of what it takes to manage projects effectively. Questions Imagine you are a human resources professional at Pureswing who has been assigned to develop a program for recruiting new project managers. Design a job description for the position. What qualities and personal characteristics support a higher likelihood of success as a project manager? What qualities and personal characteristics would make it difficult to be a successful project manager? 3 Pages, APA with scholarly references

Sample Paper For Above instruction

Introduction

Effective project management is crucial for organizational success, especially in companies facing operational challenges like Keflavik Paper and Pureswing Golf. These cases highlight the importance of strategic project selection and competent project management to ensure projects align with organizational goals and are executed efficiently. This paper explores key criteria for project screening, the impact of poor screening methods, and the qualities essential for successful project managers.

Criteria for Evaluating New Projects

When managing a project portfolio, organizations must establish comprehensive evaluation criteria beyond financial metrics like discounted cash flow (DCF). Critical criteria include strategic alignment, resource availability, risk assessment, stakeholder support, and potential for innovation or competitive advantage (Kerzner, 2017). Strategic fit ensures that projects contribute to long-term organizational goals, while resource assessment helps prevent overextension. Risk evaluation identifies potential hurdles, and stakeholder support gauges organizational buy-in, which is essential for successful execution (Meredith & Mantel, 2017).

In the context of Keflavik Paper, reliance solely on DCF likely led to selecting projects that did not align with strategic priorities or resource constraints, contributing to inconsistent project outcomes. A balanced scorecard approach can help organizations evaluate projects holistically, considering multiple dimensions that influence success (Kaplan & Norton, 2004). Such multi-criteria screening helps companies avoid the pitfalls of over-reliance on a single financial measure, which can be misleading and detrimental to long-term success (Brealey et al., 2019).

The Dangers of Poor Project Screening

Inadequate screening methods can impair an organization’s ability to effectively manage its projects. For instance, focusing solely on financial returns neglects strategic fit and risk, leading to a portfolio that may be financially attractive but operationally misaligned. This misalignment can result in resource conflicts, project delays, and overall inefficiency (Schwalbe, 2015). For Keflavik Paper, the over-reliance on DCF likely caused them to pursue projects that did not support their strategic objectives or utilize resources optimally, resulting in inconsistent project performance and overruns.

Furthermore, poor screening diminishes organizational learning, as unsuccessful projects drain resources without providing insights for future improvement. Implementing multi-criteria decision analysis (MCDA) allows organizations to weigh different factors systematically, improving project selection and portfolio balance (Thomsett, 2018).

Recruitment and Development of Effective Project Managers

The case of Pureswing Golf demonstrates the complications arising from unstructured project manager recruitment. An effective project manager should possess a blend of technical proficiency, leadership qualities, communication skills, and strategic thinking (Kloppenborg et al., 2019). A well-crafted job description must emphasize these qualities, including problem-solving abilities, adaptability, interpersonal skills, and experience with project management methodologies like PMI or Agile frameworks (Project Management Institute, 2017).

Personal characteristics supporting success include strong leadership, decisiveness, resilience, and team-oriented mindset. Conversely, traits such as poor communication skills, resistance to change, and lack of organizational awareness undermine project management effectiveness (Müller & Turner, 2010). Developing a systematic recruitment and training program ensures a consistent pipeline of qualified candidates, reducing reliance on voluntary or ad hoc selection processes (Day, 2017).

In summary, organizations must align their project screening methods with strategic goals and develop comprehensive talent acquisition strategies to foster project success. Both technical and soft skills are essential for project managers to navigate complexities and lead projects to successful completion.

Conclusion

Strategic project selection and competent project management are vital for organizational performance. Companies should utilize diverse evaluation criteria to ensure alignment with business objectives and resource management. Likewise, systematic recruitment, training, and development of project managers are crucial to manage projects efficiently and effectively. These measures collectively contribute to a robust project portfolio capable of delivering sustained organizational success.

References

• Brealey, R. A., Myers, S. C., & Allen, F. (2019). Principles of Corporate Finance. McGraw-Hill Education.
• Day, D. V. (2017). The Leadership Development Roadmap. Journal of Management Development, 36(4), 455-464.
• Kaplan, R. S., & Norton, D. P. (2004). Strategy Maps: Converting Intangible Assets into Tangible Outcomes. Harvard Business Review Press.
• Kloppenborg, T. J., Anantatmula, V., & Wells, K. (2019). Contemporary Project Management. Cengage Learning.
• Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
• Müller, R., & Turner, R. (2010). Leadership competency profiles of successful project managers. International Journal of Project Management, 28(5), 437-448.
• Meredith, J. R., & Mantel, S. J. (2017). Project Management: A Managerial Approach. Wiley.
• Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). PMI.
• Schwalbe, K. (2015). Information Technology Project Management. Cengage Learning.
• Thomsett, M. C. (2018). Event-Driven Investing: Trading Today’s Markets for Tomorrow’s High Returns. McGraw-Hill Education.