PPMP20013 Project Management for Operators of Large Assets

Why do we need to document everything?

• It is not just for the sake of quality
• Or for the sake of governance
• Or for efficiency and good decision making

What is this assurance process?

• Designating an internal contract compliance or audit group or outside advisers to provide assurance;
• Making sure that all parties comply with their respective obligations;
• Identifying early potential challenges and risks and managing those issues.

Answer:

Reading samples Learning outcomes of the unit Learnings from your weekly study, experience, this and prior unit readings and assignments Supporting documentation including any prior learning

Review using clear terminology the key areas and processes of project, program and portfolio management practices as applies to asset rich organisations. Asset allocation: long-term mix of assets has been one of the key to effective portfolio management that has been based on the knowledge about the different types of the assets and their nature of volatility and concert.

Diversification: it is a process of identifying the large scope of the identified assets or class of the assets that has been a spreading of the rewards and risks among asset class.

Rebalancing: Returning the portfolio into real target location within an interval of a year can be described as the key actor for the PPPM. Reflecting on the investor’s return or risk profile is a crucial aspect for the retaining the asset mix. PPMP20013 Unit Profile

Have you any insights you can add from other units you have studies or readings you’ve made?

Optional Readings

• Pinto, J. K. & Kharbanda, O. P. (1995);
• Diekmann, J. E. & Girard, M. (1995).

Discuss the relevance of tools and techniques for investigating and describing project process related to developing new workings, facilities, equipment, plant and processes for justifying, designing, developing, or maintaining existing facilities and equipment within the context of their technological and asset lifecycle status. Equivalent annual cost comparison: this comparison is helpful in comparing the quantitative value of the cost comparison and managing the other constraints based on this finding.

Compiling the capital budget: capital budget compilation is always an effective approach towards analysing the present value of the intellectual property and assets available to the organization.

Return on Investment calculations: It is an estimation of the output gained through the investment made throughout the project lifecycle that alternatively helps in managing the asset lifecycle PPMP20013 Unit Profile

Have you any insights you can add from other units you have studies or readings you’ve made?

Optional Readings

• Pinto, J. K. & Kharbanda, O. P. (1995);
• Diekmann, J. E. & Girard, M. (1995).

Case Study

• QBCC. 3.Present and interpret major processes that are based on sound policy, information, and research that enable project justification, tenders, contracts, and selection criteria to occur in an asset rich organisation. Following are the major processes involved in the sections mentioned in the question:

Determining the tender process that will consider the opening tender, select tendering, multi-stage tendering, and invited tendering.

Requesting for the preparation of the tender, tenders being already invited, response of the suppliers, Selection after evaluation, debriefing after notifying about the tender, and finally, contracts establishment and management. These processes can play very crucial role in the fulfilment of the requirements those are necessary for the project enabling, contracts, tenders, justification and selection criteria. PPMP20013 Unit Profile

Have you any insights you can add from other units you have studies or readings you’ve made?

Mandatory Readings

• Smith Chapters 4, 15 & 20;

Optional Readings

• Pinto, J. K. & Kharbanda, O. P. (1995);
• Diekmann, J. E. & Girard, M. (1995).

QBCC. 4.Critically analyse management strategies and operational activities from a broad perspective to ensure safety and quality, to avoid overruns or rework, to manage variations and claims, and to make decisions to discontinue or close projects. Following are some of the operational activities management strategies those could be helpful in contributing the management of the constraints mentioned in the left column:

Identifying the emerging trends, and Gaps is an effective approach towards the estimation of the strategies those can drag the project towards success.

Implementation of the changes in smooth manner: Changes are the behaviour of the project and should be implemented within the project in manner motivate them towards the set objectives and goals.

Project evaluation helps in identifying the efficiency and effectiveness of the project those needs to be manipulated for the successful delivery of the project

Risk Management helps in managing the impact of the risks at the minimum level

Quality Management ensures that the delivery of the project is of high quality

Have you any insights you can add from other units you have studies or readings you’ve made?

Mandatory Readings

• Smith Chapters 4, 15 & 20;

Optional Readings

• Pinto, J. K. & Kharbanda, O. P. (1995);
• Diekmann, J. E. & Girard, M. (1995).

Case Study

QBCC. 5.Demonstrate an effective, professional level of teamwork and communication and support collaborative peer group learning. As mentioned above, changes are always viable approach towards motivating the delivery of the project as per the expected output and deliveries. However, it has two perspectives on which the entire change can be turned into an asset or disaster. Proper management strategies can lead towards the successful implementation of the change and bring out necessary positive outcomes. On the other hand, if the identified change brings dispute in the project delivery it can be turned towards the legal systems and court rooms. Thus, consideration of the effective and efficient approach is most valuable aspect in the overall delivery of this project. PPMP20013 Unit Profile

Have you any insights you can add from other units you have studies or readings you’ve made?

References

Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.

Jeston, J. (2014). Business process management. Routledge.

Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (Volume 1) (pp. 1-29). Springer, Cham.

Verzuh, E. (2015). The fast forward MBA in project management. John Wiley & Sons.