N821 : Project and Event Management : Analysis and Findings

Answer

Project Management of an Event

Introduction:

I can reflect on my learning and point out several aspects which come into play towards awarding success to projects. I would also utilise these aspects in management of future projects like launching of a new products in the market. I can point out from my experience that business firms carry out these projects under leadership of their apex management. The apex management appoints project managers to supervise and lead the projects towards the predetermined goals. I can also point out that successful projects are outcomes of efficient management of several factors like project life cycle, budget and time management. Projects have positive impacts on the companies and its stakeholders which profit from the projects. However, the projects do have negative impacts as well which to be mitigated and management. The aim of the paper is to delve into these aspects of projects which I have experienced and learnt from my observed.

Analysis:

I have learnt that there are several factors which lead to success of projects that business organisations hold to specific business targets. I can point companies today are faced with several challenges like boosting their sales generation, capital generation and revenue generation. This challenges which business organisations face are the outcomes of macroeconomic changes like change in economic conditions and customer preferences. I can reflect that projects have to pass through four stages in order to meet with success namely, project initiation, planning, project execution, project monitoring and project closure. The first factor which leads to success of projects is efficient project planning. The managers present case documents which outline and explain the challenge which the business organisation is either facing or liable to face in the future like rise of new competitors. This is supported by the feasibility studies like financial feasibility studies and technological feasibility studies. The managers based on the project case documents and feasibility study are able to determine the benefits which the project would usher into the organisation. The apex management sanctions funds towards the projects which sets in the next stage project planning, the second success factor. The project managers at this stage prepare efficient planning to lead the project. The planning breaks down the aim outlined in the project initiation stage into milestones which are the main activities which have to be achieved. The milestones are again broken down into further sub-activities which have to be completed to complete these milestones. The project managers assign resources both in terms of material, equipment and human resources to each of the sub tasks. They also assign specific portions of the total project costs which each of these sub tasks or costs centres would attract based on the budget allocated. This is followed by acquisition of the resources according to work breakdown structure. I can reflect that mere forming project planning is not sufficient to award success to projects. I have further learnt that project managers today use software like MS Project to manage projects. The third project phase which leads to success of the projects is efficient project execution. The project managers manage projects stringent to ensure utilisation of resources to optimum levels to ensure that there is minimum cost overrun. The project managers have to ensure that every section of the project scope is carried out in appropriate manners. The project managers have to monitor and control the project stages to ensure the success closure of project, the final stage.I can reflect that successful execution is not dependent on completion of these five stages alone.

Appropriate leadership of the apex management and support of stakeholders also play significant roles in ensuring success of projects. The support of stakeholder groups like management, employees and project managers play very important role in execution of projects.

I can reflect that ranges, nature and process of organisation of projects depend on the objectives which the business organisations hosting the project seek to achieve. For example, if the aim of the project is to boost the marketing of a company, the range of steps in the execution stage would revolve around marketing. Again, if the aim of project is to generate more capital, the range of activities would stress on the investors. I have opine that the processes which are followed in the projects are also dependent on factors like aim of the project, resources allocated and budget. Similarly I can point out that the nature of the project is also dependent on the aim of the project wants to achieve. For example, if I want to launch a product in the market, the project would aptly take the form of a marketing project by nature.

Findings:

I learnt from the project that every project has positive as well as harmful impacts. First, the beneficial impacts on the side companieswhich I would like to point out upon evaluation is, that the companies was able to boost their sales and revenue generation. The next benefit is, create employment generation because project management companies hire labour to execute their projects. Further, I have also learnt that projects also lead revenue for companies making software which are rampantly used in modern projects. Thus, I can infer projects bring about revenue generation and economic development by creating employment opportunities.The projects also have negative impacts on the stakeholders, especially the society. This is because projects lead to disposal of waste material in large amount which lead to environmental pollution. The wastes clog water ways, thus having negative impacts on aquatic habitats.

I can suggest two improvements to project management companies which I would also also implement while operating as a project manager. The first improvement is that the project management companies should manage the projects to ensure minimum budget and time overruns. The second improvement which I can suggest is that project management companies should manage wastes before releasing them into the environment. This would reduce environmental pollution to a greater degree.

Conclusion:

I can finally conclude that attending the project events greatly increased my knowledge about project management. I learnt that success of projects depends on factors like planning, stakeholders’ support and efficient execution. I also learnt that projects have both beneficial and detrimental effects. I would use these learning in my career while serving as a project manager and leading project teams.