Development Of Strategic Project Management Management Essay

Development Of Strategic Project Management Management Essay In the past project management was considered tactical to facilitate the running of individual projects such as constration of new plant, installation of new software/hardware but it did not enavble organizations to grow over time by achieving strategic objectives such as entering into new markete, new product increasing markete/shareholder share etc. Grundy and Brown mention that it is reasonable for the organizations to combine project management and strategic management into a process that they call strategic project management. Link from strategy to project management -it is a process influence by internal external change -orginasation vision give rise ideas of strategic breatkthroughs -this lead to the establishment of strategic progrrame , then strategic projects. the Standish Groups Research Report, Resolution of Projects, 20 May 2005, www.standishgroup.com/sample_research/PDFpages/q3-spotlight.pd ACCORDING to the report Roughly 70% of projects were failed 40% end users complained problems 50% projects were rolled back and discontinued 40% projects were reworked as a result wastage of financial resources The rout cause of the failure of these projects was 1-business requirement was not understand properly in strategic point of view 2-There was no connection between strategy and projects. Organizations must -Explain where they want to be [future] -identify problems and define which project/program requires to correct them such as cost reduction, staff reduction, getting to market faster. -Identify its internal/externial resources both human and financial -Manage change management initiative effectively by motivating employess to move into goal congrance along with organisation -Perform project portfolio management in order to identify which project will add value in strategy -Monitoring and managing investments in projects in terms of strategy, ROI,and NPV Project Portfolio Management (PPM) According to Callahan Brooks (2004) PPM is the use of the appropriate management knowledge, skills, tools and techniques to maximize the alignment of the companys project portfolio Principles of PPM So PPM is a technique for selecting those projects that are well align and contribute to strategy Select those projects that support business strategy Optimize projects and resources to make sure maximum return to company -use accouting tecquotes in order to quantify benefits such as ROI, NPV Perform risk management Portfolio managers must monitor planned and actual performance in terms of time, budged/scope and quality and then report to portfolio management. in order to align with strategy portfoloio management keep itself inform/update of any strategic change and those components which no longer support of company strategy might be discontinued. Today PPM is becoming popular in modern business and the markete for project portfolio management software is growing fastally and offering these tools =Support whole project life cycle Resourceallocation,wbs,charts Detail project planning Gartner research The main reason of success is that portfolio managers combine strategy and it,s project rather than traditional tactically focused projects. Environmental change forces and strategic project 1-PESTEL 2-PORTER 5 FORCES Business environments usually change and organizations adopt the change into their strategies and this new development constitutes a project. Strategic planning: some strategis are developed in incremental way and project management is way of making ad hoc strategy more deliberate and as a result better considered. Strategic implementation: pm play important role in this stage of strategy so it must be able to handle complex, ambiguous and political issues and ensure it support overall strategy A wider strategic awareness is necessary in all members of pm[ manager] as what organization actually needs. Excellency in Project Management [ core competence ] (PMMM) Kerzner suggests that where PM is core competence, a continous improvement approach should be taken to developing and consolidating the methodology. Organizations has always been seeking ways to achieve excellency in PM and continusally adopted different methologies and supportive culture. Kerzner describes a five level project management maturity model (PMMM) of continuous organizational improvement which provide guidance to the organizations in order to achieve excellency in PM methology. Level 1 Common Knowledge The importance of PM to the organization is understood and basic training and technique is provided Level 2 Common Processes Successfully implemented process are standardized and PM principles are recognosed and can be used for future projects and support other methodology such as TQM Level 3 Singular Methodology Organization combine all coporate methologies into a singular metholodgy and recognize synergic effect and PM is placed at the centre of single corporate methology. Level 4 Benchmarking In order to achieve competitive advantage based on process improvement organizations continually undertake benchmarking Level 5 Continuous Improvement Information achieved through benchmarking can be use to make improvement of the singular methodology This model is particularly used in corporate training and career development routes for project managers Effect of Human Resource Management on Strategic Project Management HRM are strategic asset and core competence of the organizations The efficient HRM management of and integration with organisational goal is crucial for strategic success, as, for example, noted Gary Hamel , managing the various technologies and knowledge and learning became the foundation the core competence and competitive advantage of company for producing products or services. The objective of resource management to ensure the right people and the skills necessary to implement certain projects. Besides using different operating personnel requirements of the functional department of company, every organization also use its functional HR force for selected for projects as well .. Due to the increasing costs of human resources in todays economy, it is expected that this trend as multitasking will continue. According to the observation of Turner and Muller (2005) impact of HRM such as competency of project manager and leadership style was ignored in the past have direct impact on organizational capability to implement its strategy. SPM recognizes the leadership and management skills are rare, with an emphasis on business, and very valuable. Therefore, it is their expertise which leads to tacit knowledge which is the important factors for sustainable competitive advantage. PROJECT MANAGER It is likely that project manager will be appointed by and be responsible to a higher level of management who manage project. Skill required by PM -knowledge of company strategy -leadership and teambuilding -organisational ability -communication skills -technical knoledge of project -inter personnel skills Leadership style There is no single best leadership style due to different personality style of managers. However leadership style adopted will affect the way decisions relating to the project are made. Although an autocrative [ more consultative style ]may prove successful in some situations because members of project feel more a part of the project. Efficient skills of Project Leaders Long experience in managing projects and dealing with the problems it faces, allowing them to see through complexity and get to the heart of the matter. . A desire to get things done, to accomplish something and make a contribution. vi. Have Excellent political and diplomatic skills iii. The ability to see through the eyes of others and empathize with others, and that the contribution tolerate underperformance or bad team ix. Win loyalty of others, charisma courage, and empathy with people please . Gap Analysis Gap analysis is widely used in business strategy to target the gap between the expected future strategic performance and likely future performance. It may be in a similar way in project selection and definition as a way to create what both projects should be found out and what their scope should be. Research philosophy and approach the researcher focuses on gradually finding out his research conclusion by applying critical interpretations methods. The literature describes two different approaches that can be applied in this thesis deductive and inductive. A deductive approach to research is believed to scientific research, the researcher developed a hypothesis tested and examined to determine a suitable theory. the researcher will gradually formulate the theory [ strategic project management ] by applying Exploratory Research and critical evaluation of research variables and followed inductive research approach , which offer more flexibility and opportunity for the researchers to research topics Research Strategy Researcher adopted appropriate research strategy such as inductive and distcriptive research and used secondary research methods.The researcher used up-to-date historical research approach and get evidence through case study evidence and electronically research report of companies relate to Software and Construction /Engeerning industry for example Standish Groups Third Quarter Research Report 2005 states Roughly 70% of projects were failed and the rout cause of the failure of these projects was There was no connection between strategy and projects. RESEARCH METHODOLOGY This section is divided into five categories ,which explain the research process of each category in detail. Research methods This research sought data collection using the multi-method, or combination of quantitative and qualitative methods. Basically, the quantitative approach is used facts and continues where researchers wish to acquire the statistical truth. Information about the Topic/industry is gathered mainly by secondary sources and script analysis. Secondary sources which I used include Text books, websites [ such as Gartner research Standish Groups ], analysie the work done by some researchers on Institute of Project Management in Dublin [importance of HRM in SPM ] . online surveys, newspapers, journals/articles ,research reports , media and personal experiences. I did not use primary source because my chosen topic [ SPM] cover the many huge compines who operate in different sectors so this was difficult to get primary information of eatch company. Ethics will be taken in to consideration while gathering information and if any issues arise, they would be disclosed and resolved. Research out come In general, following findings have been obtained from research report. Some individual projects are considered tactical but organisational project management [ manage projects in alignment with strategic objectives ] are strategic advantage for the company. SPM and PPM provide great advantage to the organisation which help to identify those projects which add value. There are great advantages for an organization to review its PM function and upgrade and operate into SPM practices involved in the selection of projects. The concept of Organizational Project Management based on the sense that a relationship exists between the organizational skills in project management, program management and portfolio management and efficiency in implementing the strategy. Importance of the human factor in SPM as they help to achieve common strategic goal of organization such as project completion on time, within cost and to the quality laid down in the initial specification Industory backround I have chosen software and construction/engeerning industries for undertaking my research report such as gartner research and Standish Groups Research Report. According to these reports there shoud be a link between PM, PPM and Strategy for overall success. I analysed the wordk done by some researchers on Institute of Project Management in Dublin who found , how organisations transfers their project management capabilities into a strategic asset? LIMITATIONS Research shows there are many Organizations that ignored the important fact or alignment projects with corporate strategy. Primary source was ignored so not all research report is reliable Due to short time period I couldnt prepare a perfect research report at high quality I didnt choose one specific industry and my research methods also limited to some companies. Conclusion In fact, senior leadership management should participate in defining the selection and prioritization of projects and all projects should have measurable targets development of guidelines for organizations to ensure alignment with the strategic vision of the organization. REFEREBCES Callahan Brooks (2004) Standard for Portfolio Management

Marketing proposal for a new product Essay

Antwerpen Imporor Co., Ltd, a leading import company in Belgium, received the sales license of a new high-class make of shoes named Lightfoot recently. The Lightfoot was developed to significantly improve the way of today’s life style. Lightfoot will be positioned as a high-end product both in fashion style and comfort. The product will be sold via company website, and 5 stores located in Brussels, Antwerp, Ghent, Brugge and Leuven. The product will be launched to market by August 2003. The potential market for Lightfoot is very promising in Belgium. Belgium has the 6th highest per capita income in the world. In 2002, Belgium had a per capita rate of approximately $22,941. As a result, Belgians enjoy a high level of disposable income and have the financial means to consider life style, the strongest growth sector in the Belgian expenditure. Future consumption market should still continue to increase. The financial projection for year 1 is a net margin of 2,825,000.00 EURO. The management and sales force team members have a strong background in the fashion industry. The General Manager was former the former business development manager for Shoeslock, the Director of Sales and Marketing was formerly chief sales manager for Nike Belgium. Objectives Mission: To lead the market of quality shoes/fashion industry in Belgium with an aim of achievement in both brand names and profit. Target: In the first fiscal year lto reach the medium selling price at an average of 225.00 Euro for ladies, and 265.00 Euro for Gentlemen respectively lto reach the total sales of 8,675,000.00 Euro as the turnover lto reach a 75.00 Euro of net margin for Ladies, and 85.00 Euro for Gentlemen respectively lto occupy a 30% of the market share lto build the public brand awareness in the fashion industry of Belgium In the second fiscal year lto reach a 20% increasing of the sales lto reach a 20% of the net margin lto occupy a 35% of the market share Value The product is definitely out to address the needs of the high-end consumer, who is willing to pay more for quality. In the particular market, the Lightfoot provides consumer, who cares about design and quality of life style, a combination of highest quality product and excellence of design, at a relatively high price. Measure of Success The minimum price of sale will be at 225.00 Euro for Ladies and 265 Euro for Gentlemen. The turnover for the first year will be 15,000 pairs of lady shoes and 20,000 pairs of man shoes with a net margin for 75 Euro per pair of ladies and 85 Euro per pair of gentlemen. Methodology Our sales strategy is based mainly on making the right information available to the right target customers. We can’t afford to sell people on our expensive product, because most do not have budget. What we really do is to make sure that those who have budget and appreciate the product know that it exits, and know where to find it. The marketing has to convey the sense of quality and fashion in every picture, every promotion, and every publication. We can’t afford to appear in second-rate catalog with poor illustrations that make the product look less than it is. Promotion Strategy The product will be promoted heavily at the 2003 Fall fashion Show in October, to begin to build brand awareness in the overall fashion market. A special open invitation session and cocktail reception will be held at the end of day of the fashion show to introduce and demonstrate the product, focusing on its design and value. A direct mail campaign will begin immediately following the fashion show with special limited pricing discounts for those on the mailing list who also attend the special demo session.

Rick Solon, CEO of Orion Bus Company

Regarding your concern about whether historical bidding data can benefit future bids for our bus contract, this is to introduce and recommend a more effective bidding model which could help predict the winning bid and maximize financial returns of the company during bidding process. Firstly, how does the model work? Based on the analysis of the past industry bid data, I discover from the Regression Model (See Exhibit 1) that a strong correlation exists between the winning bid price and several objective factors including Orion cost per bus, the number of units to be purchased, and the bus model, 35’ or 40’, while it has little to do with the condition whether it is diesel-powered or high-floored. Although it’s still hard for us to determine whether to increase the volume of sales or to increase margin at the same volume and produce an absolute price to win the bid due to complex situations, the model does help us gain access to the winning bid price prediction and provide us with an optimal price by taking profit, expected value and winning probability into consideration. Specifically, the highest expected value is the best bidding choice to maximize financial returns. Secondly, how can we apply it in the bid for Louisville, KY bus supply contract? With the aid of the above model, a suggested range of winning bid price is generated which is between $248,001 and $278,189, implying the best choice lies within the interval. Further, Exhibit 2 shows an opposite direction between profit and winning probability, that is, the more profit, the less probability to win, and vice versa. As a result, the key point is how to achieve a best joint between them. Thanks to the model, we can easily arrive at the bid price $259,000 for the contract with the highest expected value $15,034, which is the optimal theoretical bid price with maximum returns in this case. In addition, other subjective factors such as estimates of competitors’ bids should also be considered before making the final decision. The above analysis reveals a significant impact that historical bidding data exerts on the success of our future bid. Accordingly, it’s strongly advisable to collect more information and build database so that more factors could be considered and analyzed for the future bidding. I’m always at your service if you’re interested in in-depth discussion.

Should Corporal Punishment Be Banned Schools - 975 Words

It has only been 17years ago when the director of American Samoa Department of Education (DOE), Laloulu Tagoilelagi issued the order to ban the practice of corporal punishment in schools, yet discussions are now re-surfaced to bring it back. While Corporal punishment is currently banned in schools in American Samoa, it is widely administered at home and tolerated in other social settings such as in church communities, sports events, or wherever children under the age of eighteen are present. Before I expand on my stance in this matter; let’s take a glimpse at the definition of Corporal punishment first of all. The term corporal punishment refers to physical discipline of various sorts accomplished by such instruments or by hands often appears to involve the use of birching, flogging, belting, or other tools. According to the United Nations committee that enforces the Convention on the Rights of the Child, they define â€Å"corporal† or â€Å"physical† punishment as any punishment in which physical force is used and intended to cause some degree of pain or discomfort, however light. Most involves hitting (â€Å"smacking†, â€Å"slapping†, â€Å"spanking†) children, with the hand or with an implement - a whip, stick, belt, shoe, wooden spoon. Other forms of this method can also include kicking, shaking or throwing children, scratching, pinching, biting, pulling hair or boxing ears, forcing children to stay in uncomfortable positions, burning, scalding or forced ingestion (for example, washingShow MoreRelatedCorporal Punishment Should Be Taught Essay856 Words   |  4 PagesCorporal is derived from the Latin word corporÄ lis bodily which is equivalent to corpor meaning, â€Å"of the human body; bodily; physical†, as defined by the dictionary. T he Merriam-Webster dictionary defines corporal punishment as, â€Å"punishment that involves hitting someone: physical punishment†. The Committee on the Rights of the Child in the General Comment No. 8 defines ‘corporal’ or ‘physical’ punishment as, â€Å"any punishment in which physical force is used and intended to cause some degree of painRead MoreCorporal Punishment Should Be Banned1459 Words   |  6 Pagescourse, it is no surprise that corporal punishment against school going children is one of the most controversial topics throughout the globe, including within political, academic, and general public debates at large. A detailed review of available literature on the topic reveals that the academic discussion is divided into those who argue that corporal punishment is effective and necessary in schools, and those who argue that the risks and disadvantages of corporal punishment far outweigh its benefitsRead MoreEssay on Abolishing Corporal Pu nishment in the United States Schools755 Words   |  4 PagesCorporal punishment is a discipline method in which an administering adult inflicts pain upon a student (usually using a paddle) in response to a students offensive behavior. Nowadays regulations have been created as to how many â€Å"swats† can be inflicted, by whom, and with what instrument. It is still used in many U.S. schools as a disciplinary method against disobedient or defiant students. Although corporal punishment is no longer tolerated in the military, prisons, or mental institutions, 21 statesRead MoreThe Pros And Cons Of Corporal Punishment707 Words   |  3 PagesWhat is corporal punishment and what is being done about it? Corporal punishment is in layman’s terms is a physical discipline of a child such as slapping, hitting, whipping, and paddling, along with other types of physical contact. Forty-three countries have laws against corporal punishment and more than one-hundred countries have r ecognized it is wrong but has not banned it. The reason the ban is effective is it limits the parents from the vague guidelines that are set and prevents them from becomingRead MorePurpose Of Corporal Punishment1151 Words   |  5 PagesCorporal Punishment is the intentional act of disciplining by inflicting physical pain as retribution for an offense or wrongdoing. The purpose of corporal punishment is to prevent the offense or wrongdoing from happening again by instilling or associating fear with these undesired acts. Corporal punishment may be divided into three main types: parental or domestic corporal punishment, school corporal punishment and judicial corporal punishment which closely related to prison corporal punishmentRead MoreEssay on Corporal Punishment in Schools1007 Words   |  5 PagesCorporal Punishment Beat the students! Beat the students! Beat the students! The way most school systems want to discipline their students in the school system, is to beat them. This is the concept most schools look at corporal punishment. Corporal punishment has been used in school for centuries. Many schools have limited the use of corporal punishment but most schools continue to use corporal punishment. Corporal punishment is defined as â€Å"physical pain inflicted on the body of a child as a penaltyRead MoreCorporal Punishment Is Defined As The Utilization Of Physical Force1459 Words   |  6 PagesThe term corporal punishment is defined as the utilization of physical force with the intention of causing a child to experience pain, yet not harm, for the purpose of correction or control of the child’s behavior. Seven nations Sweden, Finland, Denmark, Norway, Austria, Italy and Cyprus-have laws making it illicit for parents to utilize physical discipline on their children. Corporal punishment in schools has been banned in every one of the nations in Europe, South and Central America, China andRead MoreCorporal Punishment And Its Effect On Children1587 Words   |  7 PagesThe term corporal punishment is defined as the use of physical force with the intention of causing a child to experience pain, but not injury, for the purpose of correction or control of the child’s behavior Seven nations Sweden, Finland, Denmark, Norway, Austria, Italy and Cyprus-have laws making it illicit for parents to utilize physical discipline on their children. Corporal punishment in schools has been banned in every one of the nations in Europe, South and Central America, China and JapanRead MoreIs Corporal Punishment Child Abuse?841 Words   |  4 Pagesthat corporal punishment is a part of the list of child abuse. Corporal punishment should not be considered child abuse whether in the home or in public schools, because it has long been used in society for hundreds of years and has proven to be an efficient and suitable punishment for children. Corporal Punishment- punishment of a physical nature, such as caning, flogging, or beating. (Farlex). Corporal Punishment is mainly thought of only in schools but can also include a kind of punishment inRead MoreCorporal Punishment in Schools Should Be Abolished1125 Words   |  5 PagesCorporal punishment in schools should be abolished Corporal punishment has been used in schools as a way of handling disciplinary problems. It refers to school rules which allow students to be punished using physical pain without causing injury. It is believed that using punitive method can promote students’ obedience and reduce problematic behaviour. As a result, it can decrease the number of disciplinary cases and maintain order inside the classroom. Indirectly, it will help to build students’