PROJ6000 Principles Of Project Management 5 : Essay Fountain

Question:

Context:

A project is a temporary endeavour undertaken to provide an expected and beneficial outcome. A project life cycle is the series of phases that a project passes through from its initiation to its closure. Project goals should align with organisational goals such as improved operations or increased revenues, reducing costs or improving efficiencies.

Before resources can be committed to a project, the reason for its proposal and the benefits it is expected to deliver need to be understood by people in positions empowered to make decisions about the expenditure of an organisation’s resources. The selection of organisational projects is typically performed through a method of classification and review of the project’s business case. That method of course should be applied consistently to all project proposals.

Instructions:

For this assessment, you research different methods of selecting projects and examine the initiation process. You also consider the Project Management Body of Knowledge (PMBOK) guide and, more specifically, explore the initiation documents.

 

Answer:

Selection Of Project And Initiation Methods

The modern day business organizations are identified to achieve their scope as well as objectives that are set by the management team of the respected organization. The overall management of the businesses as well as to achieve potential success for the associated project it is duly necessary for the management team of the organization to deal with the significant methodologies that will intend to help the managers for selecting the project effectively (Project Management Institute, 2017). This document will focus on the potential methods that are related with the effective selection of the project as well as the methodologies that are to be followed for initiating a project.

The PMBOK guide effectively suggests that there are mainly five important sections or points that are to be kept in mind by the project management team of an organization that will effectively help the organization to deal with the selection of a project. As a project is identified to align the successful objectives as well as goals of an organization, it is very important that the project selection must be facilitated with the important points. According to the project management guide, it is depicted that the selection of the project is to be carried out by the adherence of the five key points (Nonino, 2017). These points will be discussed in the further parts of this document.

The fist key point that is to be potentially focused in respect to the selection of the project is depicted as the assurance of the potential project that is to be perfectly aligned with the overall strategy of the specified organization. The managing authority of the specified organization sates the objectives as well as the goals of the project. Therefore, it is duly necessary for the organization that there should be effective meetings as well as efficient communication to be carried out for the selection and execution of the significant project (Huang & You, 2017). The effective communication will help the overall stakeholders associated with the organization to effectively deal with the project requirements thus selecting the right project for the specific organization.

The second key point that is to be undertaken by an organization for selecting the relevant project is depicted to be the procedure of identifying the potential champion of the project. This point mainly includes the fact that the organization will effectively reach the level of success related with the project thus adhering the commitment as well as the potential project delivery (Project Management Institute, 2013). The efficient delivery of the project is related with the efficiency of the stakeholders associated with the project thus adhering the success of the project that is to be selected. The identification of the potential resources within the organization is to be identified in an effective manner thus defining the success to the selected project.

 

The third key point that is to be focused while selecting a project for the specific organization is depicted as the conduction of the organizational as well as environmental assessment that is related with the project. The critical assessment that is to be carried out with respect to the selection of the project must combine the potential assessment of the factors related with the environment and the organization (Zhu et al., 2015). This will intend to provide a clear overview to the points that will help the organization to select the project thus achieving success of the selected project. The effective assessment in respect to the success of the project will help the organization to deal with the management of the objectives and the goals of the organization.

The fourth point that is to be focused by the managing team of the organization while selecting a project is identified to be the field of assessment regarding the resources. The assessment of the needs and the requirements that will help the organization to successfully accomplish the project is to be potentially identified for the selection of the project (Staples, 2019). If the requirements of the project are not successfully present within the resources of the organization then it will be significantly difficult for the organization to achieve success for the selected project. Thus, the key resources are to be effectively focused by the management team of the organization while selecting a potential project for themselves.

The last point that is to be focused for the selection of the project deals with the proper identification of the significant parameters that will help the project to be a successful one. The requirements of the project are to be critically assessed that are associated with the project success of the organization (Liu et al., 2019). The inclusion of the potential parameters as well as the critical assessment of the relevant factors that will help the organization to achieve success are to be analysed by the management team of the project thus which will further intend to provide success to the project, which is selected by the organization.

After a project has been successfully selected by, the efficient management team of an organization including or focusing the five key points that are stated above, the organization will intend to initiate the project by the potential evaluation of some important factors. These factors will help the organization to achieve success in the relevant project associated with the organization (Ding, 2016). The initiation of a project depends on the relevant project initiation document that identifies the key sections, which will help the organization to achieve success in the selected area of the project. The significant specifications of this initiation document will be analysed in the further parts of this document.

The document that is potentially focused in respect to the overall management of the requirements as well as the resources, which are necessary for the project is depicted to be adhered for achieving success of the project. The noteworthy document that is focused by the management team of the organization is known as the Project Initiation Document (PID), which includes the requirements as well as the resources that are necessary for the success of the project (Weninger & Huemann, 2015). The business case is analysed to be effectively maintained within this PID as it helps to clearly state as well as focus on the requirements of the project. According to Weninger & Huemann (2015), the PID is stated to be a detailed and analytical version of the project start up. This is also sometimes referred as a compiled brief regarding the selected project.

The noteworthy points or areas that are adhered by the PID are identified as the scope of the project, the management procedures related with the project, the success criteria that is incepted regarding the project, the collaboration of the different stakeholders and the successful delivery of the selected project. The project execution team adheres the aspects adhered within the PID to execute as well as manage the project thus providing success to the organization. The information stated within the PID helps the related project managers to considerably manage the project thus intending to help the organization’s project manager to monitor the success as well as progress of the individual levels of the project.

The main sectors that are included within the PID are stated as follows:

  1. a) The goal of the project.
  2. b) The size of project, which will help the organization to deal with the present resources as well as the resources that will be adhered from the third party vendors.
  3. c) The organisation of the related steps or procedures within the project.
  4. d) The limitations of the project as well as the risks.
  5. e) The stakeholders associated with the project that will help the organization to reach success to the project.
  6. f) The overall reporting of the frame as well as the constant checks in respect to the execution procedures of the project is depicted to be critically stated within the PID.

Thus, it can be depicted that the organization which are relevantly using the selection methods for selecting the project will potentially adhere the overall aspects of the PID to achieve success to the associated project.

 

References

Ding, R. (2016). Defect-Free Project Initiation. In Key Project Management Based on Effective Project Thinking (pp. 95-119). Springer, Berlin, Heidelberg.

Huang, X., & You, Y. (2017, June). Optimal Mixed Project and Security Portfolio Selection under Reinvestment Strategy. In 2017 International Conference on Industrial Engineering, Management Science and Application (ICIMSA) (pp. 1-5). IEEE.

Liu, F., Chen, Y. W., Yang, J. B., Xu, D. L., & Liu, W. (2019). Solving multiple-criteria R&D project selection problems with a data-driven evidential reasoning rule. International Journal of Project Management, 37(1), 87-97.

Nonino, F. (2017). Project Selection Frameworks and Methodologies for Reducing Risks in Project Portfolio Management. In Project Portfolio Management Strategies for Effective Organizational Operations (pp. 245-263). IGI Global.

Project Management Institute. (2013). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newtown Square, PA: PMI.

Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK guide) (6th ed.). Newtown Square, PA: PMI.

Project Management Institute. (n.d.). Code of Ethics and Professional Conduct. Retrieved from https://www.pmi.org/About-Us/Ethics/Code-of-Ethics.aspx

Staples, C. (2019). Project Initiation and Army Design Methodology: A Structured Approach to Project Success (Doctoral dissertation, The College of St. Scholastica).

Weninger, C., & Huemann, M. (2015). Project initiation: investment analysis for sustainable development. In Banking, Finance, and Accounting: Concepts, Methodologies, Tools, and Applications (pp. 1-17). IGI Global.

Wysocki, R. K. (2014). Effective project management: Traditional, agile, extreme (7th ed.). Indianapolis, IN: Wiley.

Zhu, W. D., Liu, F., Chen, Y. W., Yang, J. B., Xu, D. L., & Wang, D. P. (2015). Research project evaluation and selection: an evidential reasoning rule-based method for aggregating peer review information with reliabilities. Scientometrics, 105(3), 1469-1490.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Order your essay today and save 25% with the discount code: THANKYOUPlace Order
+