Grading Criteria: Completely Answer All Questions 60 Points

Grading Criteriacompletely Answer All Questions 60 Pointsreference M

Complete the following set of questions based on chapters 1, 2, and 3, ensuring that each question is answered thoroughly with a minimum of three sentences per question. Properly cite all reference materials used in APA format. The responses should demonstrate college-level spelling and grammar, with high-quality content that accurately reflects key concepts from the chapters. Focus on clarity and coherence in your explanations to meet the grading criteria.

Paper For Above instruction

1. What is project management?

Project management is a structured approach to planning, executing, and completing a specific project to meet defined objectives within scope, time, and budget constraints. It involves coordinating resources, managing stakeholders, and applying knowledge, skills, tools, and techniques to deliver value. Effective project management ensures that project goals are achieved efficiently while adapting to changing conditions throughout the project lifecycle.

2. List four common causes of project failure.

Four common causes of project failure include inadequate scope definition, poor communication among stakeholders, insufficient risk management, and unrealistic scheduling or resource planning. Lack of clear objectives can lead to scope creep, while ineffective communication hampers coordination and decision-making. Additionally, overlooking potential risks and underestimating resources often contribute to delays, cost overruns, and ultimately, project failure.

3. What are the common ways of classifying projects?

Projects can be classified based on their purpose, size, complexity, and industry sector. Common classifications include strategic vs. operational projects, large-scale vs. small-scale projects, and unique vs. repetitive projects. These classifications help organizations allocate resources, tailor management approaches, and prioritize projects according to their strategic importance or operational needs.

4. List and describe each of the managerial and associate roles.

Managerial roles in projects typically include project managers, who oversee planning, execution, and closing; stakeholders, who influence project outcomes; and team leaders, who coordinate specific functional areas. Associate roles include team members, subject matter experts, vendors, and clients, all contributing specialized skills or resources. Each role is vital to ensuring the project progresses smoothly and meets its goals.

Chapter 2

5. What are some advantages and disadvantages of using a financial model for selecting projects?

Financial models assist in evaluating projects by providing quantitative data on profitability, ROI, and payback periods, aiding in informed decision-making. They enable comparison of different projects based on financial criteria, aligning investments with organizational goals. However, disadvantages include reliance on accurate data and assumptions, potential neglect of non-financial factors like strategic fit or social impact, and the complexity of modeling complex projects, which may lead to oversimplification or misinterpretation.

6. Who should be involved in the second part of aligning projects with the firm's goal, which is identifying potential projects?

To effectively identify potential projects aligned with the firm's strategic goals, key stakeholders should be involved, including senior management, project sponsors, strategic planners, and relevant department heads. Their collective insights ensure that selected projects support overall organizational objectives and resource priorities. Engaging diverse perspectives also helps in recognizing opportunities that align with both operational needs and strategic direction.

Chapter 3

7. List advantages and disadvantages of functional, projectized, and matrix forms of organizations.

Functional organizations offer clear lines of authority and specialized expertise but can hinder cross-department coordination. Projectized organizations provide strong project control and focus, yet may create resource duplication across projects. Matrix organizations combine the benefits of both but can lead to conflicts in authority and accountability, requiring careful management of dual reporting relationships.

8. List and describe four different types of corporate cultures.

Four types of corporate cultures include clan culture, characterized by a friendly and collaborative environment; adhocracy culture, emphasizing innovation and flexibility; market culture, focused on competitiveness and achieving measurable results; and hierarchy culture, which values stability, procedures, and formal controls. The culture influences organizational behavior, decision-making, and ultimately, project management practices.

9. According to the PMI Code of Ethics and Professional Conduct, project managers need to exhibit which four behaviors?

The PMI Code emphasizes that project managers should demonstrate responsibility, respect, fairness, and honesty. Responsibility involves owning decisions and their outcomes; respect requires valuing diverse perspectives; fairness entails impartial treatment of stakeholders; and honesty emphasizes truthful communication and integrity in all dealings.

10. For what five activities is the project steering team responsible? What additional role may a steering team member sometimes play?

The project steering team is responsible for providing strategic guidance, approving major plans and changes, resolving high-level issues, monitoring progress, and ensuring project alignment with organizational goals. Additionally, a steering team member may take on the role of mentor or liaison, facilitating communication between project teams and senior management and fostering stakeholder engagement.

References

• Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). PMI.
• Project Management: A Systems Approach to Planning, Scheduling, and Controlling. John Wiley & Sons.
• Project Management: A Managerial Approach. Wiley.
• Information Technology Project Management. Cengage Learning.
• Handbook of Project-Based Management. McGraw-Hill Education.
• Project Management Journal, 30(4), 25-32.
• Project Management: Achieving Competitive Advantage. Pearson.
• International Journal of Project Management, 23(5), 343-351.
• Oberlender, G. D. (2012). Project Management for Engineering and Construction. McGraw-Hill Education.
• Schmidt, R. A., & Dickson, G. (2020). Strategic project selection: A review to support decision makers. Journal of Business Research, 121, 538-548.