Evaluates the Theories and Models

wood, and other big consulting firms. In addition, the chapter also helps in evaluating the significance of Project Management Institute (PMI), which is used by project managers to enhance their knowledge and understanding. Furthermore, rise in membership from 93,000 to 434,000 mainly depicts the demand of project management system among potential organisations. Furthermore, chapter 1 also helps in depicting that the US government each year is spending around $2.5 trillion in new projects.

In addition, chapter 1 also provides different examples that could be helpful in understanding the significance of project management, which could be used in schools, small shops and homeless youth centres. Moreover, companies to launch new services or products into new or existing market mainly use project management system. Furthermore, as stated by PMI, project is mainly a venture taken by individuals or organisations to develop or create a new product or services. On the other hand, other researchers mainly stated that project management mainly loses its friction if adequate individuals are not in charge in developing plans for the project.

Furthermore, the chapter effectively helps in evaluating and understanding the major characteristics of a project, which are mainly considered by organisations. In addition, with adequate establishment of objectives organisations are able to define a specific beginning and end of the project. Moreover, identification of individuals, time, cost, and performance required also helps organisations to depict an adequate project plan to support their future endeavours.

Figure 1: Showing the project life cycle and objectives

(Source: Larson and Gray 2011)

Chapter 1 effectively depicts the project life cycle shown in figure 1 and help in understating different stages of a project. In addition, the chapter also depicted different objectives that support various stages of the project life. These identified objectives mainly help in improving project viability and authenticity.  Moreover, the chapter also helps in evaluating the significance and role of a project manager in completing the overall project in time. In addition, the chapter also helps in providing details about the current drivers of project management, which could be used by managers to improve quality of the project. Furthermore, the chapter also provides examples of different projects, which are being conducted by different companies all around the world.

Moreover, the use of project management system on small projects could eventual help in maximising profitability of the organisations. In addition, chapter 1 also provides theories on project alignment with organisation strategy, to understand its significance and overall increase profitability of the company.  Lastly, the overall chapter mainly depicted the critical skills that are mainly used by the project management in developing adequate plan and budget for a particular project.  

Chapter 2 mainly helps in portraying the organisational strategy and project selection process, which are used by companies to make adequate investment decisions. In addition, the chapter also helps in understanding the significance of strategy, which could help in improving profitability of the organisation. In addition, the significance of understanding the organisational strategy is essential for any project manager, while choosing adequate investment opportunity for the company. Moreover, the chapter also provides details about the strategic management process, which helps organisation to scan the external and internal environment affecting their business process.

Figure 2: Showing the activities of strategic management process

(Source: Larson and Gray 2011)

In addition, the overall figure 2 mainly helps in depicting the activities of strategic management process, which helps organisations to reduce risk from their investments. In addition, the chapter effectively uses examples of HP and Watson to evaluate the significance of strategic management process implementation in an organisation.

Figure 3: Showing the organisational problem

(Source: Larson and Gray 2011)

Moreover, chapter 2 also helps in providing details about Project Portfolio Management System, which could reduce organisational problems.  In addition, the above organisational problems could eventually be reduced with help of adequate Project Portfolio Management System. Moreover, it could also help in choosing adequate projects and prioritize activities, which could increase profitability of the company.

In addition, the chapter also help in depicting the overall uses of effective investment approval techniques, which could be used in choosing the best investment opportunity for the company. Moreover, the use of Net Present Value (NPV) and Payback period is effectively explained in the chapter with the help of adequate examples. The financial criteria for choosing adequate investment opportunity are mainly depicted as NPV and payback period. Whereas, non-financial criteria is mainly mentioned as checklist and multi- Weighted Scoring Models, which could be used in making adequate investment decisions. In addition, the overall theories and models mainly help in understanding the risks that encircles a project. Moreover, the chapter also helps in defining the overall project screening process, which mainly is used in selecting viable projects for the company.

Conclusion:

The overall report mainly helps in depicting the significance of organisational strategy and project management system that are currently being used by organisations. In addition, the study also helps in portraying the overall project life cycle that could help organisation to increase their profitability. Moreover, both the chapters mainly suggested the significance of adequate project management system, which could help in improving productivity of the company. In addition, the chapters also portrays the significance of NPV and Payback period, which might help organisation to chose viable projects that could improve their overall income.

Reference:

Garel, G., 2013. A history of project management models: From pre-models to the standard models. International Journal of Project Management, 31(5), pp.663-669.

Hwang, B.G. and Ng, W.J., 2013. Project management knowledge and skills for green construction: Overcoming challenges. International Journal of Project Management, 31(2), pp.272-284.

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

Larson, E.W. and Gray, C.F., 2011. Project management: The managerial process.

Meredith, J.R. and Mantel Jr, S.J., 2011. Project management: a managerial approach. John Wiley & Sons.

Salerno, M.S., de Vasconcelos Gomes, L.A., da Silva, D.O., Bagno, R.B. and Freitas, S.L.T.U., 2015. Innovation processes: Which process for which project?. Technovation, 35, pp.59-70.

Serra, C.E.M. and Kunc, M., 2015. Benefits Realisation Management and its influence on project success and on the execution of business strategies.International Journal of Project Management, 33(1), pp.53-66.

Walker, A., 2015. Project management in construction. John Wiley & Sons.