Mgt5Pmt | Project Management | Assessment Answers

  In other projects there is also a management process which includes different stages; initiating the process, the setting up process, executing process, the monitor, and control process and the final process. The first process which is the initiating process is the process in which activities, dreams and skills are combined so that a project begins. This includes the set up of all permits, work orders, and authorization. In this process, the initial budget is produced, and the quality of output is stated. The planning process is where ideas and strategies to maximum output are tabled. In this process, the goal is set at the different stages of the project. The executing process Is the stage where teams are managed effectively with timeline expectation and the benchmarking of the goals. The monitoring and controlling process is the stage where the budget is adjusted, and unforeseen risk are carted for before any type of risk affects the projects (David, 2011). Project managers at the different stages of the project make sure that the project is running effectively. The closing process group this is the successful closure of the project over the specified period. In this group, the task and objectives of the project have been met (Danilovic &Browning, 2009).

Tools in project management

For better management of projects managers running the projects must be very skilled and have the ability and power to run the projects effectively. Projects need dedication, persistence, and hard effort. To management projects, definite attention has to be directed to the map of the project, the development and the kind of solution to be offered. Tools used in management consist of analyzing the project and coming up with disincentives and incentives. After Rolls Royce made a poor set of results in two consecutive years 2015 and 2016 it had to make incentives (Turner, 2014). The poor set of results had led to a drop in the number of sales and the number of profits slashing the company’s dividends bolstering its finances. Rolls Royce had to make very fast incentives. Therefore, the chief executive officer, Mr. East had to fire one in five managers of the company. Incentives define the goals, and objectives of each party in a project. Each party is responsible of achieving its targets this is important because the management team is able to control and monitor the performance of the project closely (Hass & PMP, 2010). The incentives and disincentives should be put into practice with an immediate effect if need to use them comes by like in the case of Rolls Royce.

The management should have an arrangement when it comes to solving conflicts and disputes in the project. The management of a project can facilitate fro minimum disputes and conflicts by coming up with an agreement in the form of a memorandum that will indicates on how all kinds of disputes will should come to an end without affecting any party. This memorandum should be of low cost (Highsmith, 2013). In a project the management team should create a panel which the main function will be to empower the mission of the project and the agenda of the organization. The leadership team and the general management are responsible of solving risk before they occur (Thamhain, 2013).  For an instant, at the Rolls Royce Company, there is a policy that manages conflict of interest. It applies to all the employees in the company and any other representative of the company. If there is a conflict of interest, then a report of conflict of interest has to be made stating the nature of the conflict in interest and the resolutions available for such a conflict.

Rolls Royce has been a company that produces a large number of engines; it needs to work with the clients to know what to work on as per the consumer complains. In this way, the company can increase its engine production efficiency (Kazda & Caves, 2010). Due to the large production of engines that cost approximately 41 billion Rolls Royce has come up with strategies that will share the losses within case some risks occur (Brown, 2012). The company has developed a risk and revenue sharing partnership with other leading companies and organizations. This way the company can minimize the number of losses, it will bear in case of risks occur. In very project the management must make sure that it has some amount saved for unexpected risks and uncertainties which may arise in the course of the working period of the project (Nota & Gregorio, 2010). This can be done by ensuring that in every sub project there is a workshop chamber. These project workshop chambers will facilitate for efficiency and effectiveness in running the sub project. The workshop chambers will focus on eliminating any forms of risks and uncertainties in ach sub project. The chambers are also to come up with solutions to certain projects affecting the subprojects. If an organization takes into place this consideration then it will reduce the amount of losses from undetected risks and uncertainties (Dalkir, 2013). Strategies and reforms to deal with permit problems and issues should b put into place.  The strategies should be flexible such that they do not take long to solve permit issues. This facilitates for consumer satisfaction when it comes to delivering products to them. This therefore ensures the general success of the project (Gomes,Yasin & Small, 2012).

Organization management should be very flexible when it comes to adapting to both internal and external changes. Adapting to changes ensures that projects run efficiently. For instance the Rolls Royce Company adapts to changes in technology even now and then. This ensure that the company product better products to their clients which improves their reputation worldwide (Çetindamar, Phaal & Probert, 2016). Collaboration with both the external and internal teams is very important. Collaboration can facilitates for effective transmission of information through the sub projects fixing the issue of poor communication. Collaboration with externals teams and institution can facilitate for the transfer of ideas and information. This leads to new innovations in the project thus bringing benefit to the organization (De Reyck, Grushka-Cockayne, Lockett, Calderini, Moura & Sloper, 2015). Rolls Royce has come up with a specialist academy in which the main purpose of the academy is to investigate the usage of smart, adaptive and adaptable fixtures. After the investigation, the academy then reports and gives back recommendations.

Portfolio Management

Introduction

This is the process through which project managers and officials come up with technologies and strategies which help them analyze a project by observing the key characteristics of the project. The portfolio managements main fuction is to determine what raw resources are to be put into place to make sure an organization delivers both its operational goals and its financial objective. The operation goals and financial objectives have to be met according to the consumers’ expectations, the main purpose of the objective and other factors and standards which are required internationally (Jeffer & Leliveld, 2004). For an organization to make sure that it achieves such a target it has to have a portfolio manager. A portfolio manager is a specialized person who has the right and responsibility to make investment decisions at the same time make sure the investment activities run smoothly on behalf of another party. The portfolio manager works with a team of other specialized members of analysts and researchers to come up with the best investment strategies which will be profitable after they become functional. A portfolio is a set or group of programs and projects. These projects and programs are under the sponsorship of an institution or an organization and are carried out as per the rules and organizations of the organization (Turner, 2014).

Rolls Royce is doing very good in world’s most advanced engineering technology. The company has portfolio management that ensures that the company invests in research and innovation. This is because the company sets up more than 2billion us dollars to engage in the research, innovation and most current technology (Woodcock, Larsen, Bicarregui & Fitzgerald, 2009). This facilitates for that it meets consumers’ needs and expectations currently and in the future. The company focuses on improving its services by coming up with high-performance solutions, having the complete industrial knowledge and a global research program. For instance, the Rolls Royce Company collaborated with the Agency for Science, Technology, and Research and the Singapore Aero Engine Services Private Limited to come up with the Smart Manufacturing Joint Lab (Granstrand, Patel & Pavitt, 2013).  This joint project lab will play the role of developing and manufacturing the next generation of aerospace. The joint lab will also function as a repair and maintenance facility. The lab will run advanced processes in the automation section and the offer of digital technologies services (Gomes, Yasin & Small, 2012).

Objectives of portfolio management

Portfolio management is put in place to ensure that the organizations meet certain objectives. These objectives can be derived from the Rolls Royce portfolio management objectives which include; the portfolio management team ensures that all resources allocated to a certain project in the company are invested in the right projects and programs to meet their strategic goals and objectives with the risk involved and the available limited budget. Portfolio management ensures that the managers run the projects by the plan of the company. Rolls Royce expects its portfolio managers to run a project efficiently with the limited available resources and that the project can easily adapt to any change that may occur to produce better engines and cars to their consumers (Reilly &Brown, 2012). At Rolls Royce company portfolio management is essential to ensure that the intended project meets the full benefits from the investment in certain projects and programs concerning technology used in engines. In the year 2013 Rolls Royce launched a corporate laboratory with the Nanyang Technological University and the National Research Foundation of the Prime Minister office Singapore. The Corporate lab is one of its kinds on the planet, and it focuses on research. The lab focuses on the research in electrical power and control system, computational engineering and repair and manufacture of any technology (Ruggles, 2009).

Rolls Royce manages its portfolios to ensure that the projects come up with information which is used in the development of more effective and efficient services to its consumers. At the end of the portfolios, Rolls Royce expects a positive change in the transformation, standardization, and maintenance of the services and products it offers to the clients (Cooper, Edgett & Kleinschmidt, 2011). To ensure that there is standardized, transformed and maintained services Rolls Royce facilitates for a smooth transmission of documents and data across the lifecycle of a product, that the very first designs of a product are of the right quantity and value and generally increase through the lifecycle of a product, and it ensures that it uses the modern and postmodern IT technology which is user effective for an efficient engineering process (Danilovic &Browning, 2007).

Challenges and solutions faced in portfolio management

Managing portfolios can come with its challenges which cab at times affect the quality of output a project comes up with challenges (Jeffery & Leliveld, 2014). Some of the key challenges faced by the Rolls Royce Company include; the management at times does not know what to expect from the project. This makes it difficult to group the project under specific management. Portfolio management involves constant monitoring which can seem to be a micromanagement to most people, therefore, having a negative effect on culture of work, portfolio management can lead to dynamic changes which result to resistance to adoption in case of improper staff, the portfolio can be faced by the challenge of lack of senior management commitment, the budget to run a project portfolio can be limited and some of the risks involved in the portfolio are not identified early. These challenges affect nearly all of the portfolio management including the Rolls Royce Company (Ruggles, 2009).

The Rolls Royce Company has come up with standards and measures to cope with the above-mentioned challenges. Some of the solutions include; the knowledge of its capabilities. When the Rolls Royce Company wants to set up a portfolio, it has to weigh if it is capable of running the portfolio. In this way, it reduces unnecessary costs, therefore, maximizing its profits. Rolls Royce has a good channel of communication in which there is transparency in the information provided (Kazda & Caves, 2010). The makes sure that the portfolio managers are effective and accurate when transmitting information from one channel to another. This also allows close monitoring of the portfolio. Rolls Royce top management has come up with measures that ensure that similar protocols are observed throughout the projects. This ensures that there are order and plan in the projects (Meskendahl, 2010). Rolls Royce has come up with an open platform for dialogues. Ideas are shared, and the best ideas are put into practice. External consulting is also done and benchmarking of other portfolios is done. Rolls Royce has policies that ensure that there is proper documentation of all the activities been overseen. Rolls Royce has ensured that its work is divided into different phases. Innovations can also be made easily as each phase specializes in its project. These solutions have ensured that the Rolls Royce Company remains very productive in the competitive market (Danilovic & Browning, 2012).

Program Management

Introduction and phases of program management

This is the process by which several similar projects are managed. This is done with the aim of improving the performance of an organization thus resulting in a beneficial change. (Meglecz et al., 2009).The program management comprises of the following; Central Computer and Telecommunication Agency which is responsible in the coordination of a portfolio to achieve a set of objectives in business. It mainly focuses on establishing the long-term purpose of a business. The organization, therefore, identifies the projects that will help the organization to achieve the objects and implements them (Voss, 2010). The Program Management Group this concerns with the planning of allocation of resources across a project portfolio. This group also monitors the tasks of the project and makes sure that the objectives are they are met. It also focuses on the limitations of available resources due to methodologies which cannot be solved by the traditional techniques in project management. Organizations that highly benefit from program management have the following characteristics; the organizations have multiple projects taking place simultaneously, the projects are complex, projects in an organization are geographically dispersed, the presence of conflicts in priorities and change in objectives and deadlines (Moon, 2013).The Interactive Project Workout this focuses on managing the project into its main objection for a brighter future of the organization.  Association for Project Management in this part the organization should have a baseline on the management of the different projects which will result in benefits from the investments (Pant & Baroudi, 2010).

For the management to run smoothly, then the organization has to come up with a project manager. The project manager acts as a watchdog and oversees the activities of the project. The manager ensures that the intended purpose and the goals of all the projects are met(Cooper, Edgett & Kleinschmidt, 2011). The program manager has the following duties and responsibilities; governs the program through its life cycle, makes sure that the cost of the program does not exceed the provided budget, makes sure that the  limited available resources are fully utilized, the project manager also, manages risks and comes up with solutions to risks and uncertainties, creating a channel of communication throughout the different levels of parties in the project and monitoring the process to make sure it achieves its goals once it is completed (Zheng, Yang & McLean, 2010). Program management aims at bringing the best groups of a project together and coordinating them, in an appropriate manner th know they meet the goals and the mission of the program. Each program is set to bring a certain improvement to its related projects (Ludwick & Doucette, 2009).

The Rolls Royce Company aims at maximizing the performance, reliability, and effectiveness of their services. To ensure that this happens, Rolls Royce Company has been able to create employment for 16,500 engineers who are aimed at delivering products which are more effective and efficient. The company also invests heavily in development and research programs. In the past 25 years, Rolls Royce has been able to coordinate research with leading institutions all over the world. This has helped the company gain the best value from their investment in the different institutions (Turner, 2014). Rolls Royce invests a total of 1.3 billion us dollars each year in research and development programs. The company has collaborated with a total of thirty one University Technology Centers. Six hundred and seventy-two patents were failed in the year 2016, and seven advanced manufacturing Types of research centers were also recorded. Rolls Royce facilitates for a 60% graduate intake on engineering programs. The Rolls Royce Company has come up with Art program known as the Rolls Royce Art Program which aims at creating the spirit of creativity. The program is set to bring new works, perspectives, and innovations that do not know existence into existence. Rolls Royce has collaborated with the International Art community, prominent institutions and artists to make this come to a reality (Voss, 2010).

Program management objectives

Program management is a way of coordinating and controlling project management which is mainly focused on delivering the required output (Alavi & Leidner, 2011). This ensures that projects do not fail and that they meet their intended purposes. Managing related projects at the same time can be quite a difficulty. Therefore, program management is put in place to concentrate on delivering the objectives of the projects to bring certain benefits to an organization. In program management projects are divided into sub-projects that are easier to run and manage, and a post for a program manager is created (Walker & Avant, 2011). Some of the activities take place during program management includes; the setting of the baseline the program manager and its team can set baselines on what is expected of each subproject, parties in the projects agree on their roles and responsibilities to the project this ensures that there is a minimum conflict of the limited available resources. It also facilitates close monitoring of each subproject making work more effective and efficient. Through program management, the general management can identify and solve risks before they spread this help solve the problem of unplanned losses and uncertainties (Kerzner & Kerzner, 2017).

Program management facilitates progressive reporting. This is because the channels of communications have been subdivided into small channels. Information and decisions are therefore easy to flow throughout the cycle (Dear & Staden, 2011). Due to the good communication channel reports are made easier and challenges solved within a short duration of time. Program management also facilitates managing benefits and issue management.  Program management also facilitates the closure of the projects one they are completed. The project must be completed as per the requirements of the organization (Danilovic & Browning, 2007).

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