BUS402: Unit 1 Discussion Questions

bus402

#1

BUS Unit 1: Discussion Questions

QUESTION
According to PMBOK (2008), what is a project? What is project management?

ANSWER:
A project is “a temporary endeavor undertaken to create a unique product, service, or result” (PMBOK, page 5, 2008).

Project management is “the application of knowledge, skills, tools and techniques to project activities to meet the project requirements. This is accomplished through the appropriate application and integration of the 42 logically grouped project management processes comprising of the 5 Process Groups”
(PMBOK, page 6, 2008).

QUESTION
What is your experience as a project manager? What key skills should a successful project
manager have?

ANSWER
My experience as a project manager is very little, but my experience working with project managers is approximately 2-3 years. I have studied project management principles for many years, but never took the studies seriously until now. The key skills a project manager should have are (1) open communication, (2) negotiation skills, (3) good planning skills/tools, (4) hands on experience, (5) exceptional leadership abilities, and (6) reliable – “what I say is what I plan to do.”

QUESTION
What factors do you need to consider when you start to prepare a project feasibility report?
Please describe key factors and provide a few examples for each.

ANSWER
The factors to consider in a feasibility study include (Kanda,2008):

Looking at the market for the product/service;
Determining if there is a demand for the product/service;
Considering the financial aspects of the project;
Considering the current economic environment for the project;
Reviewing the technical needs for the project;
Reviewing the socioeconomic and ecological impacts of the projects.

An example would be a project to develop a virtual environment for students to study for tests. Teachers
upload study guides and pre-quizzes and students study and take the pre-quizzes.

A feasibility plan for this project may include:

The market would have to be researched if there are products available or if the services have to be developed using programmers. The demand for the service would have to be determined by meeting with stakeholders/customers to determine if the need is there. The financial aspects of purchasing the product or developing the service would have to be determined and budgeted. The return in value and capital investment within the current economic environment would need to be researched to determine if it is worth the time and money to buy or create. The technical needs for the projects (i.e., servers for hosting, servers for developing, platform choices, programmers) would need to be determined in relation to cost of using the product or cost of hosting/developing the service. Last the impact on a specific socioeconomically group of individuals could be researched to provide this service to low-income schools or to a specific ecological area that does not have the capacity for Internet, computers, or resources for
education.

Sources for Post:

PMBOK (digital edition). 2008. Pennsylvania: Project Management Institute, Inc.

Kanda, Arun. 2008. “Lecture - 4 Project Appraisal: Part 1.” YouTube.com, Posted April 28, 2008.


#2

Q1: According to PMBOK (2008), what is a project? What is project management?
Project: A temporary endeavor undertaken to create a unique product, service, or result is known as Project.
Project Management: The application of knowledge, skills, tools and techniques to project activities to meet the project requirements is called Project Management.

Q2: What is your experience as a project manager? What key skills should a successful project manager have?
Ans: Well as a fresh graduate student, I don’t have any experience of managing a project. but during the final year we had a task to do a project which was necessary for our graduation. So, on a low level I have experience of Project Management of making a smaller robot. and everyone of us had a different task of creating chassis, designing and programming the robot.
A Project Manager should have these qualities
!) Integrity
2) Competence
3) Cool Under Pressure
4) Team Building Skills
5) Problem Solving Skills

Q3: What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.
A Project feasibility report includes

  1. Market and demand analysis
  2. Technical analysis
  3. Financial analysis
  4. Socio economic analysis
  5. Ecological analysis
    Example:

FEASIBILITY REPORT
TO: Saylor.org
FROM: Saidam
DATE:1st Oct, 2015
SUBJECT:Recreation Building Grounds Resodding
Because the remodeling of the Golden Lakers Condominium recreation building has resulted in grass damage to the surrounding common area, I have investigated the feasibility of re sodding these areas.The criteria for the project include

  1. adequate sod for a twenty-square-foot area,
  2. a price within the $4,500.00 budget,
  3. a guarantee.
    Three landscape companies have estimated the project

Comparative Bids for Recreation Grounds Re sodding Project
Company: Green Company
Price($): 3500
Length(days): 3
Guarantee: No

Company:Landscape
Price($): 3370
Length(days): 3
Guarantee: Replacements at no cost

Company: K-Mart Professional Crew
Price($): 3500
Length(days): 4
Guarantee: 6 Inspections in 12 months, Professional Replacements at no cost…

Conclusion
While all three prices are within our budget, the K-Mart Professional Crew offers the best guarantee at a price comfortably below our budget for the re sodding.I recommend we contract the K-Mart Professional Crew in as much as the guarantee offers six inspections over a full year with sod replacement as necessary within that period at no extra cost. Further, the contract should be awarded contingent that the work can be completed before November 20,when the northern owners return south for the winter.


#3

According to PMBOK (2008), what is a project? What is project management?

PMBOK defines project management as he application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

What is your experience as a project manager? What key skills should a successful project manager have?

I have never served as a project manager, and have no skills in that area…

What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.

Technical, Economic, Legal, Operational, and Scheduling.

Technical - Having an understanding of the technical resources of the organization and the expected needs of the proposed system. It includes an evaluation of the hardware and software and how it meets the need of the proposed system.

  • building a new baseball stadium, designing a new library system

Economic - Deals with the factors that can be quantified, measured, and compared in monetary terms

  • determining the SWOT of developing a new convenience store in a saturated retail area

Legal - Understanding any legal considerations to ensure that the project does not run into unexpected roadblocks in its implementation.

  • developing a new tax software without approval from the IRS

Operational - Understanding whether the proposed system will solve the business problems, or take advantage of the opportunities in day-to-day operations of the organization.

  • creating a tax software that will increase the efficiency of tax preparation and office systems

Schedule - Estimating how long the system will take to developed and completed in a given time period

  • Constructing a new school before the start of the school year and around seasonal inclement weather.

#4

1, According to PMBOK (2008), what is a project? What is project management?
A temporary endeavor undertaken to create a unique product, service, or result is known as Project.

The application of knowledge, skills, tools and techniques to project activities to meet the project requirements is called Project Management.

2. What is your experience as a project manager? What key skills should a successful project manager have?
I have little experience as a project manager. I manage the one project in my previous company, For that project I constantly working with client and their requirement.

Skills required for successful project manager:

  • Interpersonal skills (Communication, Leadership, Negotiation, Influence, Motivation, Problem Solving)
  • Technical expertise
  • Adoptive

.3.What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.

Marketing ( Need to conduct market survey before starting a project)
Cost, Budget (A project should be voiable in cost and budget)
Technology (Adopt a technology that suits current requirements and lowering the cost and time)
Social impacts (Consider the social factors concerned with project like political views and society objections)


#5

1, According to PMBOK (2008), what is a project? What is project management?
A temporary endeavor undertaken to create a unique product, service, or result is known as Project.

The application of knowledge, skills, tools and techniques to project activities to meet the project requirements is called Project Management.

  1. What is your experience as a project manager? What key skills should a successful project manager have?
    I have little experience as a project manager. I manage the one project in my previous company, For that project I constantly working with client and their requirement.

Skills required for successful project manager:

  • Interpersonal skills (Communication, Leadership, Negotiation, Influence, Motivation, Problem Solving)
  • Technical expertise
  • Adoptive

.3.What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.

Marketing ( Need to conduct market survey before starting a project)
Cost, Budget (A project should be voiable in cost and budget)
Technology (Adopt a technology that suits current requirements and lowering the cost and time)
Social impacts (Consider the social factors concerned with project like political views and society objections)


#6

According to PMBOK (2008) a project is a temporary endeavor undertaken to create a unique product, service or result. The temporary nature of a project indicates a definite start and end. The end is reached when the objectives of the project have been achieved or the projected ended because the objectives will not or cannot be reached or when the need for the project no longer exists.
A Project Management, according to the same source is the application of knowledge, skills, tools and techniques to project activities to meet project requirements.

What is your experience as a project manager? What key skills should a successful project manager have?

experience as a project manager is somewhat limited, I supervise rehabs and new construction for Habitat for Humanity, so I use many of the skills a project manager uses. I must be able to plan out work being done, and arrange for the supplies we need to get those tasks complete and on time and within budget.
I work closely with people of a diverse background with home buyers who are working on site to earn sweat equity working alongside regular volunteers from all walks of life from church organizations to law firms along with a core group of senior volunteers who are out on site with us every build day that include several of our board members. My position requires good communication between the Construction Manager and myself and our volunteer. I am also responsible for conducting team build events, where corporate entities send their employees out to build with us as a team building exercise. as well as keeping other staff aware of what we are accomplishing and what we need from them.
All these skills make for a good project manager. Planning, expediting, team building, good communication, motivating and political sensitivity are all important skills for a Project Manager to have and are skills I use on a daily basis in my current job.

What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.

Before embarking on the planning of a project it is important to research the feasibility of the project. In order to prepare the feasibility report there are some things that need to be considered. First the market needs to be looked at, what would the demand for the results of the project be, do past and current demand trends show the outcome of the project is warranted. What would be the market share, the nature of competition be? You need to also consider production possibilities and constraints, distribution channels, administrative, technical and legal constraints.
Technical reports will assess available resources like raw materials, choices of appropriate machines, and optimal scale of operations need to be look into. If a new mining facility will be developed, at what level of operation does it need to function to be viable if the price of the ore drops suddenly. Socio-Economic feasibility includes a cost benefit analysis. Would the costs of the project outweigh the impacts on the investments in society. Would building a new hospital in a blighted area be feasible if no one wants to go into the area it is planned for. Ecological feasibility needs to look at the impact the project may have on the quality of our air, water, noise, vegetation or human life. For example, would building a new highway increase noise levels to neighboring homes or would a power plant create spill off into waterways.
Once these are look into, and researched a financial feasibility report needs to be created. Estimates of time and cost of the project, cost of capital and planning horizon need to be look at and reviewed. You need to know at what point the project would meet it’s internal rate of return and what the payback period would be.


#7

Q1. According to PMBOK (2008), what is a project? What is project management?

A1. According to the PMBOK, a project is, “a temporary endeavor undertaken to create a unique product, service, or result.”

According to PMBOK, project management is, “the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.”

Q2. What is your experience as a project manager? What key skills should a successful project manager have?

A2. I’ve done some sort of requirements gathering, project coordination, or project management since my first job in 2006. In my experience, the best projects managers are:
Detail-oriented
Process-Driven
Effective communicators
Inspiring leaders
Persuasive negotiators
Good listeners

The best project managers not only had a good grasp on the technical and business aspects of a project, they understood the individual team members’ unique strengths, goals, and interpersonal dynamics. They were able to make sure that everyone’s needs were met AND the “job” (e.g., finishing the project) got done to everyone’s satisfaction.

Q3. What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.

A3. According to the course resources, the factors to consider in a feasibility study include:
Market and demand analysis
Technical analysis
Financial analysis
Socio economic analysis
Ecological analysis


#8

QUESTION
According to PMBOK (2008), what is a project? What is project management?

ANSWER:
A project is “a temporary endeavor undertaken to create a unique product, service, or result” (PMBOK, page 5, 2008).

Project management is “the application of knowledge, skills, tools and techniques to project activities to meet the project requirements. This is accomplished through the appropriate application and integration of the 42 logically grouped project management processes comprising of the 5 Process Groups”
(PMBOK, page 6, 2008).

QUESTION
What is your experience as a project manager? What key skills should a successful project
manager have?

ANSWER
My experience as a project manager is very little, but my experience working with project managers is approximately 2-3 years. I have studied project management principles for many years, but never took the studies seriously until now. The key skills a project manager should have are (1) open communication, (2) negotiation skills, (3) good planning skills/tools, (4) hands on experience, (5) exceptional leadership abilities, and (6) reliable – “what I say is what I plan to do.”

QUESTION
What factors do you need to consider when you start to prepare a project feasibility report?
Please describe key factors and provide a few examples for each.

ANSWER
The factors to consider in a feasibility study include (Kanda,2008):

Looking at the market for the product/service;
Determining if there is a demand for the product/service;
Considering the financial aspects of the project;
Considering the current economic environment for the project;
Reviewing the technical needs for the project;
Reviewing the socioeconomic and ecological impacts of the projects.

An example would be a project to develop a virtual environment for students to study for tests. Teachers
upload study guides and pre-quizzes and students study and take the pre-quizzes.

A feasibility plan for this project may include:

The market would have to be researched if there are products available or if the services have to be developed using programmers. The demand for the service would have to be determined by meeting with stakeholders/customers to determine if the need is there. The financial aspects of purchasing the product or developing the service would have to be determined and budgeted. The return in value and capital investment within the current economic environment would need to be researched to determine if it is worth the time and money to buy or create. The technical needs for the projects (i.e., servers for hosting, servers for developing, platform choices, programmers) would need to be determined in relation to cost of using the product or cost of hosting/developing the service. Last the impact on a specific socioeconomically group of individuals could be researched to provide this service to low-income schools or to a specific ecological area that does not have the capacity for Internet, computers, or resources for
education.


#9

Question1: a project is a temporary endeavour undertaken to create a unique product ,service or result.
Project management is the application of knowledge,skills,tools,and techniques to project activities to meet the project requirements.
Question2: l have no experience being agraduate but a successful project manager should b
1:creative
2:problem solving
3:tolerate ambiguity
4:flexible in management style
5:effective in communication
Question 3:
Market analysis
Financial analysis
Technical analysis
Socio- economic analysis
Ecological analysis


#10

Question 1: Project is a temporary en devour under taken to create a unique product or service and also it has a beginning and an end.
Project management is the application of skills, knowledge, tools, and techniques to a project activities to meet project requirement.
Question 2: I had taken this course when I was studying engineering before twenty years. I have been working for this position for the past ten years especially on the beverage industry and the key skills for a project manager is good communication, team building, planning, motivating others, credibility, flexible management style etc
Question 3: Factors to consider for project feasibility are markating, technical, financial, socio economic and ecological factors etc
Examples Markating ( Total demand and markate share, Financial(ROI, pay back and RII etc), Socioeconomy (affecting society at large), and ecological ( we have to worry about the environment)


#11

Unit 1: Discussion Questions

Q1: 1. According to PMBOK (2008), what is a project? What is project management?

Project: a temporary endeavor undertaken to create a unique product, service, or result.
Project Management: the application of knowledge, skills, tools and techniques to project activities to meet the project requirements.

Q2: 1. What is your experience as a project manager? What key skills should a successful project manager have?

As a student I don’t have experience as a project manager. However, during our study we had to do several projects together with other students.

5 characteristics that a project leader should have:

  1. Credibility
  2. Problem solver
  3. Tolerance for ambiguity
  4. Flexibility in management style
  5. Effectiveness in communicating

Q3: 1. What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.

  • Market analysis (doing a market research before you start the project, for instance demand)

  • Financial analysis (making sure it is financially achievable)

  • Technical analysis ( making use of technology that suits current requirements and lowers the cost and time)

  • Socio- economic analysis (is the economy prosperous)

  • Ecological analysis (what is the impact on the environment)


#12

Q1: According to PMBOK (2008) what is a project and what is project management?

Answer

The project management body of knowledge (2008) factors in the two main characteristics of a project by defining it as follows:

A project is a temporary endeavour undertaken to create a unique product, service or result.

These two main characteristics differentiate a project from everyday business operations. A project is temporary in nature which means it has a definite start and end date, and a project creates a unique and new product or service that has never existed before.

Furthermore: project management is defined as the application of knowledge, skills, tools and techniques to project activities to meet project requirements.

Q2. What is your experience as a project manager? What key skills should a successful project manager have?

Answer

My experience in project management revolves around the five years I have been a website designer using Wordpress content management platform. In the course of my work, I discovered that the process from meeting the client and actually designing a website to be used by the client follows a structured process every time. This got me excited in prospects of project management. My curiously stermed from the idea that if I could understand the structure behind a creating a website for a client, the whole process will flow seamlessly without it feeling like too much work.

From my experience as a website designer, I have come to understand the following as key skills that every website designer must have in order to be successful. These include:

Excellent relationship and negotiation management skills

Excellent communication and understanding skills

Good planning skills

Good knowledge and practice skills

Very good time and stress management skills

Q3. What factors do you need to consider when you start to prepare a project feasibility report? Please describe these factors and provide examples for each.

Answer.

A feasibility report is a study that evaluates the practicality and desirability of a project before a company or an investor can invest time and money into a project. The feasibility report analysis the market potential and evaluates if the project is achievable and if the investment will be recoverable

In creating a feasibility report, a review of environmental factors that will affect the business is a major factor that must be considered.These factors includes:

  • Political factors

  • Economic factors

  • Socio-cultural factors

  • Technological factors

  • Environmental factors and

  • Legal factors

  • Political factors: this has to do with how and to what extent a government intervenes in the economy e.g. government policy, political stability, tax policy, labour law, trade restrictions, etc

  • Economic factors: these include factors such as economic growth, interest rates, exchange rates, inflation, etc

  • Socio-cultural factors: this involves areas that entail shared belief and attitudes of consumers e.g. age distribution, health consciousness, moral and religious affiliations etc

  • Technological factors: this affects the market in 3 ways; new ways of producing goods and services, new ways of distribution of goods and servicer and new ways of communicating with target markets.

  • Environmental factors: this factor involves the relationship between an organization and the immediate environment in which it operates. Pollution target, scarcity of raw materials, ethical concerns, etc

  • Legal factors: this includes health and safety, equal opportunities, standards and consumer rights and laws. Companies need to know what is legal and what is not in order to trade successfully


#13

Q1: According to PMBOK (2008), what is a project? What is project management?

Answer: The Project Management Institute (PMI) defines project as a temporary undertaken activities to create a product, service, or result that is unique.
According to the Project Management Institute (PMI), project management is the application of knowledge, skills, tools and techniques to meet project requirements.

Q2: What is your experience as a project manager? What key skills should a successful project manager have?

Answer: My experience as a project manager is that managing a project requires great commitment
and patient.

  Leadership skills
  Problem solving skills
  Ability to work with a team
  Time management skills
  Good communication skills

Q3: What factors do you need to consider when you start to prepare a project feasibility report? Please describe key factors and provide a few examples for each.
Answer:

  1. Environment (Example: establishing a computer business center in an institutional environment)
  2. Cost (Example: The cost require to start the business is $4000)
  3. Consumer/Customer (Example: The individuals that will patronize the business are students)