BTM 406 Project Management For Marketers and Risk Impact
Questions:
Question One
Project team is not readily assembled but needs to be built through negotiation with the functional managers (Pinto, 2007). Use a suitable diagram to discuss the life cycle of a project.
Question Two
List and briefly explain the categories of risk as proposed by Project Management Institute.
Decision-making in risk management falls under three main categories. As a manager of a GET Fund project at Koforidua Technical University, identify and discuss these categories in risk management.
Question Three
With the aid of a suitable diagram discuss the types of project. .
What is Statement of Work (SOW) in project management? Give any one scenario where as a result of misinterpretation of (SOW) a contractor has been asked by the law court to pay for the damages caused. .
Question Four
There are many distinguishing features between leadership and management. Identify any ten of them.
Write short notes on the following
Transformational Leadership
Transactional Leadership
Instructional Leadership
Answer:
The negotiation process should be initiated with the functional manager for the assembling of the team members. It helps in pre-determining and setting of goals for the team members to give accurate and productive results of their work. The duties, roles, and responsibilities of the team members should be aligned with the project objective for meeting the requirement of the organization and completing the assigned task within the mentioned time and budget (Katz, Kochan, Colvin, 2016). The team members and the functional manager should be satisfied with the distribution of the work. The productivity of the organization can be effectively improved with the inclusion of happy and satisfied work force.
The different phases of the project life cycle for managing the negotiation process between functional manager and the team members are stated below:
Phase 1: Preparation of the negotiation process
Information gathering process: the information gathering processes focuses on analysing the problem identification and the required work to be calculated from the work force. It helps in identifying the issues and conflicts which are associated with the employees so that it can be resolved for avoiding distraction.
Evaluation of the leverage process: It helps in identifying the assigned work for improving and diminishing the leverage on the working parties (Tsay, and Bazerman, 2010).
Involvement of the work force: The negotiation process provides an opportunity to provide their grievances for the working condition
Rapport: It helps in identifying the cooperation of the working opponent parties
Setting of objectives: The division of roles and responsibilities helps in setting out the goals and objectives of the working employees
Type of negotiation process: The negotiation process can be done through the face to face interview, inclusion of the mediator, fax, emails, or on a phone call.
Phase 2: Opening phase
The opening phase provides an opportunity to the employees to perceived and present their grievances to the top executives for initiating a healthy work environment and division of work according to their skills and expertise (Brown, 2015).
Phase 3: Bargaining phase
It helps in setting out the division of work according to the requirement and expertise of the work force. It helps in completing the demand of the work force according to the requirement of the project
Phase 4: Closure Phase
The closure phase focuses on satisfying the requirement of the team members and the project scheduled activities for finishing the given tasks with excellence (Wertheim, 2016). The negotiation process helps in providing the roles and responsibilities to the working employees according to their expertise.
The following diagram stated the project life cycle:
Answer 2:
Part a
The following table shows the different Categorise of risks and their impact of the project completion process:
|
Categorisation of risks |
Risk Identification |
Probability |
Risk Impact |
Risks Mitigation plan |
|
Operational Risks |
Limitation in the supply of resources and information according to the demand raised by the employees
Inaccuracy in the information provided
Inefficiency of the employees to complete the task |
High |
Inefficiency of completing the business process |
Pre-scheduling of the resources and information for managing the supply and demand of resources
Training and development program for the employees |
|
Technical Risks |
Limitation in the technical equipment
Advancement in the technology deployed for use
Inefficiency of the employees to handle the tasks |
High |
Demotivation in the working employees
Lesser productivity of the organization |
Training and Development program should be arranged for enhancing the skills and expertise of the employees according to the new technology employed in the working program of the enterprise |
|
Legal Risks |
Software Licensing to use for working of the project
Legal Issues |
Medium |
Restriction in completing the process
Breakdown of the business process |
Legal obligations should be eliminated by paying the subscription fees at regular interval of time (Kobo, 2011) |
|
Social Risks |
Grievance of the employees
Chaos and conflicts at work place |
Medium |
Lesser productivity of the organization
Breakdown of the business process |
Providing a open communication platform where the employees feel free to post their grievances for the organization and the working employees (Rabechini, and Carvalho, 2013) |
|
Communication risks |
Inefficiency in sharing of information and generation of new ideas |
Low |
Innovative ideas are not generated for improving the flow of business process |
Deployment of social Networks
Initializing the communication plan for the starting the project work |
|
Short term Strategic Risks |
No clear setting of the milestone for the completion of the every project processes |
Medium |
Breakdown of the business process |
Clear identification of the milestone should be set with the defined time and cost
Analysis of the critical activities in the project schedule |
|
Long Term Strategic Risks |
No clear setting of the project goal |
High |
Delay in the completion of the project for handover to operation |
Clear determination of the goal and mission of the business |
|
External Risks |
No communication with the external parties |
Low |
Inefficiency in the retrieval of the information |
Deployment of social Networks
Initializing the communication plan with the external parties |
|
Internal Risks |
No communication between internal parities |
Medium |
Inefficiency in the generation of new ideas and on-time completion of the business process |
Deployment of social Networks
Initializing the communication plan with the internal parties |
Part b
Decision making capabilities of the project manager falls can be influenced by following three risks which are discussed below:
- Risks associated with Signing and Approval of the project charter: The risks associated with the signing and approval of the project charter can be minimised by arranging periodic meetings with the top executives for knowing their requirement according to the undertaken project goal and mission
- Risks associated with Financial funding due to over-budgeting of the resources: The financial funding risks can be minimised by conducting preliminary market research for determining the cost associated with the resources undertaken because It helps in reducing the difference in the market price and estimated price of the resources and develops an appropriate budget for the organization
- Risks associated with the Differences in the requirement specification plan and expected outcome: This risks can be reduced by determining project activities according to the requirement specification plan and performing pilot testing of the project schedule for analysing the difference in the requirement specification plan and expected outcome
Answer 3:
Part a
The projects are categorised according to their expected outcome and requirement. In general, the projects can be categorised into six types which are classified as technical projects, Research projects, social projects, economic projects, and organization projects. The technical projects are designed for completing the infrastructural changes in building and organization for the renovation according to the latest trends and market demand (Youkar, 2016). For example, the organizations are looking forward to deploy changes in their infrastructure for digitization by making use of ICT technologies. Research projects are designed for expanding the innovation to satisfy the future demand of the people. For example, research conducting on the use of IOT technology for the development of smart cities. The social projects focus on betterment and welfare of the society. Economical procedures are related to the financial planning and insurance policies for improving the wealth creation of the people. The organization projects focuses on enhancing the business process of the enterprise, manufacturing of the products, providing facilities and services to the customers, and others
Part b
Statement of Work in project management
The statement of work helps in defining and setting of the project activities, managing their key deliverables, and association of time and costs with the undertaken activities.
|
Statement of work Criteria |
Description |
|
Purpose |
The purpose helps in defining the clear goal of the responsibilities provided to the employees. The goal of the individual work should be aligned with the organization mission (Miller, 2016) |
|
Scope of Work |
It helps in defining the in-scope activities which should be undertaken for completing the task such as availability of the hardware, software, and network connectivity. |
|
Location of work |
It helps in identifying the location where the specified responsibilities and tasks should be performed |
|
Performance period |
The starting and the finishing time should be clearly defined for the undertaken project activity |
|
Schedule of the key deliverables |
It helps in determining the key deliverables of the project activities and completion date of the deliverables |
|
Standards used for measuring quality work |
Policy framework for analysing the quality of service should be determined |
|
Acceptance criteria |
The key deliverables should be accepted if they are aligned with the organization goal and required quality of service |
|
Requirement |
Requirement of resources and authorities should be clearly defined for completing the tasks |
|
Signing of contract |
The contract should be signed for providing quality of service |
The contractor company ABC IT Solution Company was asked to pay for the damages caused due to the misinterpretation of the statement of work signed with the Green Grocery Private company. The Green grocery private limited company had to pay huge financial loss. The ABC IT Solution Company was hired for developing an e-commerce website for the Green Grocery Private company to connect it to the global market for increasing the sale of the business. All the requisites and resources have been provided to the ABC IT solution but due to the negligence on the requirement specification plan and statement of work, a worthless project had been designed by the company which results in the wastage of time, resources, money, and work force. The project designed was not able to meet the requirement specified by the Green Grocery Private company in their requirement specification and statement of work signed with the ABC Company. The client company was looking forward to increase their sale of grocery product at the global level through the e-commerce website which helps in increasing the turnover and profitability of the enterprise. The website developed by the ABC Company was on the sale of flowers shop. It creates a bad impact on the client company and they put a legal obligation on the contractor company on the basis of negligence to the statement of work, misinterpretation, and handing over wrong product (e-commerce website). The ABC Company had to refund back all the payment done by the Green Grocery Private company to resolve their legal obligations put by the law court. The undertaking of the project should be duly signed after analysing that their company will be able to provide the quality product to the client or not because it can directly affect the reputation of the company.
Answer 4:
Part a
Leadership and management are the key terms used for synchronising the work schedule of the working employees and motivate them towards the completion of the projects. Leadership quality of the manager is helps in guiding and influencing the employees for finishing the work with accuracy. Management helps in guiding and educating the employees for completing the activities within the required time. These two terms are interrelated but different in their applications. The similarity between the two terms is that both focus on guiding and motivating the employees to finish the assigned task with excellence for increasing the profitability of the enterprise.
Leadership:
The leadership quality of the manager helps in guiding the sub-ordinates for finishing their tasks with excellence. It helps in bringing connectivity of the work force with the organization goal and mission. The subordinates want to follow the same behaviour and characteristics as their leader do. The creative thinking of the employees can be enhanced by motivating them to bring perfection in the assigned tasks and responsibilities. The leadership quality of the manager helps in motivating the employees to a gain expertise and skills for enhancing their working capabilities and productivity.
Management:
The management term is the amalgamation of four terms which are categorised as man, age, man, and technique. It helps in synchronising the activities according to the management of men, material, machine, and methods to achieve the organization goal with efficiency. The manager is responsible for setting the required activities for the completion of project development life cycle and division of roles and responsibilities among the working employees. The project life cycle management process is composed of five phases which are categorised as planning, organizing, staffing, leading and directing, and controlling and coordinating. The management of the activities focuses on the scheduling of the activities for completing the project within time and associated cost. The preparation of the estimated budget helps in resolving the issues related to the financial risks of the project. The efficiency of the project completion can be judged on the decision making capabilities of the manager in assigning the tasks and duties to the working employees.
Difference between the leadership and management is described in the table below:
|
Particulars |
Leadership |
Management |
|
Definition |
Leadership quality helps in guiding and influencing the employees for finishing the work with accuracy. |
The management term is the amalgamation of four terms which are categorised as man, age, man, and technique. It helps in synchronising the activities according to the management of men, material, machine, and methods to achieve the organization goal with efficiency. |
|
Power |
Works on influencing the employees from the behaviour and working schedule of the leader |
Works on the development of policy framework, scheduling of activities, and division of roles and responsibilities with associated authorisation and resources |
|
Focus |
The leadership practice focuses on directing, motivating, and guiding employees to sharpen their skills and expertise for achieving the required quality of work from them (Alghatani, 2014) |
It focuses on achieving the organization goal and long term sustainability plan for the enterprise |
|
Strategic approach |
It is proactive determining and bringing excellence in the employees productions and capabilities |
It is reactive for taking associated decision to determine the critical activities which can delayed the completion of the project |
|
Formulation |
It works on principles, guidelines, moral, behaviour, ad ethical consideration taken by the leader in his behavioural approach |
Works on the development of policy framework, scheduling of activities, and division of roles and responsibilities with associated authorisation and resources (Koech, and Namusonge, 2012) |
|
Perspective |
It is a long term perspective plan because it helps in increasing the efficiency of the employees for long term sustainability and upcoming projects |
It is short term perspective because it focuses on the scheduling of activities for the undertaken project |
|
Stability |
It helps in achieving the long term stability of the employees by enhancing their skills and expertise |
It helps in achieving the successful completion of the undertaken project |
|
Emphasis |
It emphasis on motivating and influencing people to bring perfection in their activities |
It emphasis on scheduling of activities for completing the project within assigned time and cost |
|
Basis |
It believes in making trust and confidence among the employees |
It focuses on management and control policies for increasing the efficiency of the work flow |
|
Responsible authority |
Project Leader |
Project Manager |
Part b
i) Transformational leadership:
The transformational leadership style is used for analysing the need and requirements of the subordinates to develop a vision of duties for completed the assigned tasks within given time and budget. It helps in motivating the employees by setting moral principles for improving the job performance to get quality of work. The leader should set some role model to the employees for inspiring them to analyse their strength and weaknesses by aligning their tasks and performances. The characteristics of the transformational leadership are providing intrinsic motivation for the followers, developing moral standards and ethical principles, setting priorities, initializing moral values for the co-workers, formulation ethical code of practice in work environment, cooperation and coordination in the working employees, authentication and consistency in the work provided, and freedom of placing grievances (Iqbal, Anwar, and Haider, 2015).
ii) Transactional Leadership:
Transactional leadership is the leadership style which focuses on improving the performance of the working employees according to the requirement of the organization project. The process of providing rewards, awards, bonus, and punishment for improving the performance of delivery of work. It is the responsive leadership style which focuses on improving the performance after analysing the gaps which exist in quality of work of the subordinate. This leadership style motivates the employees to present their expertise in completing their work because of the reward and award presented to them for their good work (Chowdhury, 2014). The transactional leadership practice focuses on directing, motivating, and guiding employees to sharpen their skills and expertise for achieving the required quality of work from them. The manager is responsible for setting the required activities for the completion of project development life cycle and division of roles and responsibilities among the working employees. It helps in managing active participation of the employees for completing their assigned tasks with excellence to get effective reward and awards from the top executives.
iii) Instructional Leadership:
The instructional leadership helps the subordinate in guiding and finishing their task with excellence by setting clear goal and mission, allocation of the resources and authorities according to the requirement of the given task. The implication of the instructional leadership helps in determining the resources and authorities required for completing the tasks and duties within the time and budget. The efficient deployment of the communication platform between the leader and subordinates helps in guiding and developing creative ideas and innovation for the completion of the tasks with excellence and expertise, The set of agendas and goals should be created for guiding the co-workers to accomplish the goal and mission of the organization. The visibility and accessibility in managing resources, conducting behavioural approach, and learning objects can be effectively improved with the deployment of instructional leadership.
References:
Miller, M. (2016). Statement of work in project management: Definition and example. 1st ed. [ebook] Online. Available at: https://study.com/academy/lesson/statement-of-work-in-project-management-definition-example.html [Accessed 16 May, 2018].
Chowdhury, R. (2014). A study on the impact of leadership style on employees motivation and commitment. 1st ed. [ebook] Online. Available at: https://www.dypatil.edu/schools/management/wp-content/uploads/2015/11/A-study-of-the-Impact-of-Leadership-Styles-on-Employee-Motivation-and-Commitment-An-empirical-study-of-selected-organisations-in-Corporate-sector-Rima-Chowdhury.pdf [Accessed 16 May, 2018].
Iqbal, N., Anwar, S., and Haider, N. (2015). Effect of leadership on employees performance. 1st ed. [ebook] Online. Available at: https://www.omicsonline.org/open-access/effect-of-leadership-style-on-employee-performance-2223-5833-1000146.php?aid=58917 [Accessed 16 May, 2018].
Koech, P., and Namusonge, G. (2012). Effect of leadership on organization performance. International journal of business and commerce, 2(1). Online. Available at: https://www.ijbcnet.com/2-1/IJBC-12-2106.pdf [Accessed 16 May, 2018].
Alghatani, A. (2014). Are leadership and Management different? A review. 1st ed. [ebook] Online. Available at: https://jmppnet.com/journals/jmpp/Vol_2_No_3_September_2014/4.pdf [Accessed 16 May, 2018].
Youkar, R. (2016). Major types of projects based on product of project. 1st ed. [ebook] Online. Available at: https://www.maxwideman.com/guests/typology/projects.htm [Accessed 16 May, 2018].
Katz, H., Kochan, T., Colvin, A. (2016). The negotiation process and structure. 1st ed. [ebook] Online. Available at: https://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=2055&context=articles [Accessed 16 May, 2018].
Tsay, C., and Bazerman, M. (2010). A decision making perspectives to negotiation. 1st ed. [ebook] Online. Available at: https://www.hbs.edu/faculty/Publication%20Files/10-002.pdf [Accessed 16 May, 2018].
Wertheim, E. (2016). Negotiating and resolving conflicts: An overview. 1st ed. [ebook] Online. Available at: https://www.europarc.org/communication-skills/pdf/Negotiation%20Skills.pdf [Accessed 16 May, 2018].
Brown, T. (2015). Preparing for conflicts and negotiation. 1st ed. [ebook] Online. Available at: https://www.jhsph.edu/research/centers-and-institutes/womens-and-childrens-health-policy-center/MCHLDS/M4CaseStudy.pdf [Accessed 16 May, 2018].
Kobo, F. (2011). Enterprise risks management strategy. 1st ed. [ebook] Online. Available at: https://www.hsrc.ac.za/uploads/pageContent/3411/HSRC%20ERM%20Strategy%20Volume%20I%20-%20Methodology.pdf [Accessed 16 May, 2018].
Rabechini, R., and Carvalho, M. (2013). Understanding the impact of project risks management on project performance: An empirical study. 1st ed. [ebook] Online. Available at: https://scielo.conicyt.cl/pdf/jotmi/v8s1/art06.pdf [Accessed 16 May, 2018].
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