Project Management

Project Management Theory and Practice

Project Management Theory and Practice Below is a summary of a critical Project Managment document in Australia – The document Project Management Theory and Practice –  the focus of the review will be on the initiation and planning stages of the document. It outlines some of the major documents required - Love reading and learning about Project Management - visit the website for more information. Background In 2010, the first edition of this book was released, with the current edition, the third edition recently published in 2018. The third edition, written for students, gives them a broad idea of project management and it is not particularly focused on any one industry. The publication takes an in-depth look at the Work Breakdown Structures (WBS), Earned Value Management (EVM), Portfolio Management (PPM), enterprise project management, professional responsibility an ethics, and agile life cycle. The text also includes a section written by industry experts sharing their insights and expertise on the challenges and changes facing the industry (Richardson & Jackson 2018, pp. xxi-xxii). The reason I have chosen to include this book in my assignment is because of the authors’ motivation to help simply the language used in project management materials. One of the authors was teaching project management at the University of Houston and found that there were not many texts available then that students could easily understand. The authors went on with the objective to create a resource that supports the PMBOK Guide so that it can help students who are studying for the various project management certifications (Richardson & Jackson 2018, p. xxi). As a student with no project management experience, I heavily rely on this resource to help me understand the project management processes and concepts and have found the simple language used to be very beneficial in helping me grasp the complex project management concepts. Summary on the initiation and planning stage This text explains that the reason why the initiation stage is important is because the primary goal of this stage is to have an idea dissected and investigated before determining if it is one worth pursuing and is in line with organisational goals. It enjoins that this is the phase where stakeholders are first consulted, the business case is developed and reviewed, and the Project Charter is signed off (Richarson & Jackson 2018, p. 96). The publication also writes that the initiation stage plays a critical part in the project management process as it ensures there is a clear understanding of what the project is and what its requirements and goals are (Richardson & Jackson 2018, p. 103). The book further outlines that in the initiation process of the project, the preliminary scope statement is developed – this statement turned the vision into quantitative specifications that gives a better understanding of the technical requirements of the project (Richardson & Jackson 2018, p. 102). The reason why the planning stage is important as this is the stage where each knowledge area is identified and addressed during this stage (Richardson & Jackson 2018, p. 106). The planning stage of a project commences once the initiation stage is approved and the book describes in great detail that this stage is about figuring out what is required and how it is going to be achieved. The text also explains that this stage is the opportunity to look at what potential hazard may arise and prepare for them to give the project the best chance of success (Richardson & Jackson 2018, pp. 105-110).  Read Review on Project Management for dummies here. Documents are created to address the knowledge areas. The documents vary depending on the project but the following are some of the common artefacts included in a project plan:

  • Approved scope definition
  • Work Break Down Structure
  • Baseline performance testing and user acceptance plans
  • Estimate of materials and time
  • Sequence of work order
  • Risk and stakeholder and Commnications management plans (Richardson & Jackson 2018, p. 109)

By user23395, ago
business

What I Wish I’d Known When I Started My Business

I can’t believe it is now almost 4-years since I launched my business and it has been one hell of a ride! There have been days where we were riding on a high and exceeding our sales and customer expectations, and there have been days where we were really worried about whether we would be able to meet our payment obligations and just couldn’t get a sale over the line to save our lives. Business, if you get into it for the right reasons, can be highly rewarding. Even on days where you are not meeting your sales targets. If you get into business just to make money though, you will be in for a huge shock. To avoid this shock or do your best to minimize it think about studying  a Business diploma – course info available here or using the number of resources provided by the Australian government. No success occurs overnight. Success takes time, hard work, perseverance, and determination. It takes the right team to bring out the best of the business, to bring the business to great heights, and to help the business rise up and overcome its hurdles. There were times I really wished I knew some of the things I know now, and I want to share this with you. Hopefully, it can help you cut out a lot of heartbreaking moments and sleepless nights, and help you achieve successes in your business much quicker than I did!

Know your market inside out

This is business basics. Knowing your market inside out, knowing your customer intimately and knowing what they need and what their triggers are can help you build an irresistible offering. Do not ever underestimate the need to know your market inside out. Take insurance startup – Huddle. They saw the crisis of trust customers had with insurers and saw the gap in the market. They pounced on this opportunity and used all the information they could get about their market to market, sell and improve on their offering! Thanks to this, they now provide over $1 billion in insurance coverage for about 500,000 members!

Test out your commercial strategy

Research, analyse, build. Research, analyse, amend. Now, keep repeating this. Your commercial strategy is not a set-and-forget aspect of your business. You need to constantly make sure you have as much intimate details about your market as possible. Even sometimes down to how many times they call their mum! The market is constantly changing and not reviewing and your strategies, your policies and your processes on a regularly basis is a death sentence.  Sometimes, change happens overnight and your business must be ready for it. A good example of this is driverless cars. If you a business that is currently depending on drivers and you don't adapt to the new technology your business will be out of business very soon. A good starting point would be to create a touchpoint strategy. Consider what media you will use to reach your target audience, and what your message will be. Every touchpoint you have with your prospect is a potential to build a relationship and sell, sell, sell; regardless of the market changes. When a customer is loyal to you, and they have a reason to stay loyal to you, even when the market changes, they will continue to buy from you. Give them a reason to stay loyal to you.

Getting your pitch right

If your business is at the capital or fundraising stage, be sure to get your pitch right and practice it with your family and friends before facing potential investors. Family and friends are great at giving you honest and brutal feedback on how you went and what you can improve on. When designing your pitch, you need to make sure you have refined and tested your business plan, and most importantly, know it like the back of your hand. You will be heavily grilled on your business plan by savvy investors and you need to know your strategies, your market, your research, and your projections (as well as how you have arrived at your projections) insanely well. Find out what is the characteristic of a good business here. If your business has already started and you are lacking traction, interview your customers and find out why they have bought. You might need to change your marketing strategy, or your price point, or even your offering itself to serve your market! If your business hasn’t started, be sure you have already tested that your product is something the market needs and that your marketing strategy is going to be viral! Most importantly, your passion needs to show in the delivery of your pitch! Show them how involved and in love you are with your offering! Show them how much your product or service can revolutionise the marketplace! Show them how you are in this for the long run and are ready for the challenges you may face! Don’t show any sign of weakness, especially not knowing your market or your offering well enough. This will put any investor off investing a single dime in your business. Employees also play a big part which is outside the scrope of this post but if you are interested visit this site. You might also want to look at if working from home is really a good idea.

By user23395, ago