Q2 Strategies for adressing the project issue

Project management

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Q2: Strategies for addressing the project issue

These are problems that face many projects in the real world today. Thus, to solve these issues, a project however small should at all times ensure that they carry out project planning before the project commences. This ensures that everything is set in place. The project will be able to set clear the amount of finances that have been set in and thus take account of any of the profits that have been made. Alternatives should also be set so as to ensure that in case of a recession or any economic situation, the project will find a way through it. The business will also be able to make any improvements that will be necessary as the project will be monitored in its progress (Lipovetsky et al 1997).

The following are the core components that are required for project management so as to ensure its success.

It is important to define the necessity of the project

There is need to capture the requirements of the project, making specifications of the deliverables quality, estimating the timescales and resources

Making a justification of the investment by preparing a business case (Munns, & Bjeirmi, 1996).

Securing corporate funding and agreement

Development and implementation of a management plan for the business

Taking part in the motivation and leading of the management team

Managing the issues, risks and any changes that may occur in the project

Monitoring the progress of the project against the set plans

Managing the budget of the project

Maintaining constant communication with the project organization as well as the stakeholders

Closing the project when appropriate and in a controlled fashion (Kerzner, 2013).

The above mentioned components if put in place however large or small a business is, can be of great benefit in ensuring that the project executes all its objectives successfully. The investment in an effective project management will ensure that there are several numbers of benefits that’s are realized to the people involved as well as the host organizations who are involved in delivering the project. This will ensure the increased possibility in achieving the results that are desired. It will also ensure the best value of use as well as efficient used of the allocated resources. Finally, this will also ensure that the needs of the stakeholders is satisfied.

References

Kerzner, H. R. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Lipovetsky, S., Tishler, A. Dvir, D., Shenhar, A. (1997). The relative importance of project success dimensions. R&D Management, 27(2), 97-106.

Munns, A. K., & Bjeirmi, B. F. (1996). The role of project management in achieving project success. International journal of journal management, 14(2), 81-87.