Assignment Requirements Create Your Assignment Submission

Assignment Requirements Create Your Assignment Submission And Be Sure

Create your assignment submission and be sure to cite your sources, use APA style as required, check your spelling. Do not just answer the questions. This is a graduate course and you should be able to explain the logic behind your answer and point to a credible source to support your position, even if it is just the textbook. Complex answers in order to ensure that you demonstrate that you truly understand the answer. The assignment must have a total of 2500 words. Must provide scholarly answers.

Paper For Above instruction

In the realm of project management, the importance of a well-created and approved project charter cannot be overstated. It serves as the foundational document that authorizes the project, defines its objectives, scope, stakeholders, and provides a clear line of authority. A project manager should not commence work without an approved project charter because it ensures alignment with organizational goals, clarifies roles and responsibilities, and provides legitimacy for resource allocation. Moreover, it acts as a crucial reference point throughout project execution, guiding decision-making and scope management (PMI, 2017).

Fundamentally, a project charter includes essential information such as project objectives, scope, stakeholders, assumptions, constraints, and the initial budget and timeline. It specifies who has the authority to make decisions and approve changes. During project execution, the charter can be used as a guiding document to ensure that the work remains aligned with initial goals, and it helps manage stakeholder expectations (Kerzner, 2013). It also serves as a communication tool that can clarify scope boundaries and project purpose to team members and stakeholders.

The responsibility for creating and approving the project charter typically lies with the project sponsor and the project manager collaboratively. While the sponsor provides high-level endorsement, the project manager ensures that the charter accurately reflects project details and stakeholder needs. The creation process involves gathering input from key stakeholders, defining project goals, and clarifying constraints and assumptions. A formal review process with stakeholder sign-offs ensures that the project charter is comprehensive and agreed upon before project work begins (PMBOK Guide, 6th Edition).

An example of a project charter might involve the development of a new company website. The objectives would include enhancing user experience, increasing engagement, and improving accessibility. The scope would define specific features, functionality, and timelines, while stakeholders would include the marketing team, IT department, and executive sponsors. Constraints might involve budget limitations and technical dependencies, and the approval signature of the senior management would authorize project initiation. Such a document would serve as a reference point for managing scope changes and project milestones.

Types of Project Termination and Associated Challenges

Project termination can occur in various forms, including extinction, addition, integration, or starvation (PMI, 2017). Extinction involves completing or cancelling the project, marking its formal end. Addition entails incorporating project deliverables into ongoing operations. Integration refers to shifting project outputs into the organization’s operational systems, while starvation occurs when a project’s funding or resources are withdrawn, effectively halting its progress.

Common methods of project termination include formal acceptance, project cancellation, or operational closure. For example, a project might be canceled due to budget constraints, or it might be completed and accepted by the client. Project closure involves finalizing all activities, releasing resources, and documenting lessons learned. Challenges arising from termination include staff reassignments, loss of valuable knowledge, and potential contractual or legal issues. Effective communication and comprehensive documentation are essential to managing these challenges (Meredith & Mantel, 2017).

A checklist for project termination typically includes confirming all deliverables are accepted, ensuring contractual obligations are fulfilled, releasing project resources, conducting post-project evaluations, and documenting lessons learned. Additionally, updating project documentation, archiving important records, and celebrating team achievements are vital steps for a smooth transition. Proper closure minimizes lingering issues and provides a structured exit strategy.

Why Some Failing Projects Are Not Terminated

Despite evident signs of failure, some projects continue due to political pressures, fear of reputational damage, or the potential for recovery through corrective actions. Stakeholders may also have invested significant resources and may be reluctant to abandon their commitments, leading to continuation despite poor prospects (Standish Group, 2020). Personal relationships, organizational inertia, or the complexity of project scope can contribute to delays in termination decisions. Sometimes, projects contain strategic value or future potential that justifies ongoing investment, even when current performance is subpar.

In some cases, ongoing projects serve as political tools or provide critical infrastructure that would be costly to replace. A personal example I encountered involved a software development project that, despite repeated delays and budget overruns, was continued due to its strategic importance to the organization’s competitive positioning. This highlights the importance of objective evaluation criteria and timely decision-making to prevent resource wastage.

Valuable Outputs of a Terminated Project

Completed projects often leave behind valuable tangible and intangible assets. These include documented lessons learned, improved processes, new technical capabilities, and enhanced stakeholder relationships. For example, a successfully terminated project might have resulted in a new enterprise system that streamlines operations, which continues to generate benefits years after project closure. Knowledge gained during project execution can inform future projects, reducing risks and increasing efficiency (Kerzner, 2013).

Project Evaluation Approaches: Best and Least Effective

Among the evaluation methods described in "Project Management in Practice," the most suitable approach depends on the project's nature and objectives. Cost-benefit analysis and performance measurement are often most effective for evaluating project success, as they provide measurable indicators of value creation and goal achievement (PMI, 2017). Conversely, a purely subjective qualitative assessment may be less effective if it lacks clear criteria or involves biased stakeholder perceptions (Kloppenborg et al., 2014).

Timing and Importance of Project Audits

Project audits should occur at key milestones, including initiation, midterm, and project closure. The purpose of audits is to ensure compliance with standards such as PMI’s PMBOK®, assess risks, and verify the accuracy of project performance data (PMI, 2017). Different types of audits—such as process audits, compliance audits, and lessons learned reviews—serve specific functions to improve project governance.

The audit process involves planning, data collection, analysis, and reporting. Internal controls are integral to the process, ensuring that project activities align with organizational policies. The documentation review involves examining project plans, budgets, change logs, and communication records. The audit report synthesizes findings, highlights areas of improvement, and recommends corrective actions. Regular audits foster transparency and continuous improvement.

Sharing Audit and Evaluation Results

Sharing audit results with the project team is crucial for transparency and fostering a culture of continuous improvement. It allows team members to understand deficiencies, recognize successes, and adapt processes accordingly (Kloppenborg et al., 2014). However, sensitive issues identified in audits should be communicated constructively, emphasizing lessons learned rather than assigning blame. Promoting open dialogue enhances organizational learning and encourages ownership of corrective measures.