PROJ6000 Principles of Project Management Assignment Sample
Here’s the best sample of PROJ6000 Principles of Project Management Assignment.
1. Introduction
The project selection method is very much essential for any business organization to improve its business growth as well as productivity. An ideal project can enhance its overall performance of the business for its revenues. A project is initiated to solve several business problems in any business organization. For overcoming the business issues, the appropriate project selection may be a new initiative or an extension to the existing operations. In this study, the project “Online Library Management System” has been selected to resolve the issues of manual library management systems in the educational organization. The thesis statement is related to discuss the justification of the suitable project selection method based on PMBOK (Project Management Knowledge of Book) guidelines.
2. Justification of the suitable project selection method
The project has been selected with the help of proper methods and identification of the activities of the business organization. The project is selected after knowing the necessity of the business organization. The development of the entire project is based on the overall deliverable of the project. The deliverables are based on the project cost, profits of the organization and its overall efficiency. In the opinion of Liu et al, (2019), there is a need for a proper business case before selecting any project and the higher authorities of the organization have discussed the need of the actual project. The actual project selection method will imply the basic features of the essentiality of the project in the organization that will help the customers and the staff as well. As commented by Mohagheghi et al, (2019), the project selection method will be decided after evaluating all the perspectives of the project body including its budget and the overall gain of revenues.
There are different project selection methods like benefit measurement method and constrained optimization method. Based on the specification of the project, a proper selection method has been chosen which is discussed in the later section. In this study an online library management system has been selected for increasing the efficiency of the business organization in respect to the overall revenues. This project will reduce the extra burden from the staff by calculating all the details online. The project also increases the profit and adaptability of the business organization, thus improving the flexibility of the students as well. As suggested by Xue, Baron & Esteban (2017), the project will also help to reduce the error and time constraints for the organization. The online software also prevents the occurrence of theft that is the fundamental issue of selecting this project.
This project is also helpful for maintaining records of the individual transaction in the library and also improves the system efficiency overall. This system is more secure, scalable and reliable compared to the manual library management system. This system also offers mobile access to search the catalogue, resources of the specified books or journal. So this project has been selected for easy customization and cost-effectiveness of the organization, which has undergone the benefits measurement method. The benefit measurement method will be helpful for the quantitative analysis of the project that highlights the financial outcome of implementing the project (Herman & Siegelaub, 2009)
3. Explain the different processes of the project selection method
The project in any business organization will be selected based on the priorities of the organization, which maximize the profits and reduce manpower. There are primarily two different categories of the project selection method, that are listed below:
Benefit Measurement Method
The benefit measurement method mainly depicts the cost-benefit analysis of the project and the overall cash flow after the implementation of the project. In the opinion of Wysocki (2014), for the small size of project the benefits measurement method has been chosen for effective analysis of cost and revenues. There are different individual parameters of this method which are discussed below:
- Benefit-Cost Ratio: the cost-benefit ratio mainly states that the present inflow of cash and the total outflow of the cash after the project implementation. Projects have a higher cost-benefit ratio and have a higher chance to select. The online library management system can increase the overall revenues of the educational organization by reducing manual manpower and work pressure (NSW Treasury, 2018).
- Economic Model: the economic value-added metric describes the net profit after deduction of taxes and other expenditures. This project will decrease the labour of the staff and increase the productivity and adaptability of the business organization.
- Scoring Model: the scoring model prioritizes the projects based on their necessity and profit earnings in the business organization. As commented by Angarita & Gallardo, (2018), for any educational organization the online library management system is very much important thus it offers more flexibility to the students as well as the staff also.
- Payback Period: the payback period mainly defines the time to recover to return the money that is invested in the project. After the implementation of the project, the manpower becomes reduced and from the annual remuneration of the staff, the cost of the project can be gained easily.
- Net Present Value: the net present value of the project mainly discusses the project current value of cash inflow and the total outflow of cash. The NPV of a project must be always positive at the time of selecting the project.
- Internal Rate of Return: the internal rate of return mainly describes the difference between the cash inflow and outflow. The rate of return needs to be maximized after the implementation of the project. This project online library management system will increase the overall rate of return in the current financial year.
- Opportunity Cost: the opportunity cost is considered at the time of project selection. The lower the opportunity cost the higher chance of selecting the project.
Constrained Optimization Method:
The constrained optimization method is being useful for large project selection with complex and comprehensive mathematical calculations. As commented by Jamali & Oveisi (2016), different techniques are used for this optimization method and it consists of linear programming, integer programming, dynamic programming.
In this project, the benefits measurement method will be selected for effective cost analysis of the project.
4. Analyze the initial documentation of the project based on PMBOK standard
The PMBOK standards are the basic terminologies, protocols, practices and guidelines that have been used by many of the project management industry. The body of knowledge is constantly growing with current tools and technologies. Hence, the business organizations have implemented new rules and regulations with the updated PMBOK standards at the time of documentation of the project. In the opinion of Punt et al, (2016), the PMBOK guide has stated the use of critical path method and work breakdown structure of the individual project. This standard also evaluates the general management of the project regarding the planning, staffing, executing the project. The PMBOK standard guidelines also reveal the financial outcome of the project considering the budget, management science, organizational behavior, financial forecasting of the project.
This guide is a process-based and also structured with the other individual standards like ISO, CMMI for the different business organizations. The project online library management system also describes its financial outcomes and planning, which is based on the benefits measurement method (Project Management Institute, 2017). This project is also helpful to showcase the planning and staffing of the development team of the software. The process groups of PMBOK guidelines are stated below:
Initiating: the initiating phase states to start a new project or extend the existing project with the authorization of the business organization. The online library management system is a fresh project which will be initiated. The benefit measurement method has been chosen for implementing this project with the help of mathematical analysis. The project documentation is done as per the tools and technologies of the measurement method guidelines.
Planning: the planning must include the scope, smart objectives and action plan of the project. The scope, action plan of the online library management system will also be discussed here broadly (Kerzner, 2017).
Executing: the execution phase has stated all the needed outcomes of the project and the cost-benefit analysis.
The knowledge area must include the different individual factors like project quality management, risk management, project communication management and project resource management. For this online library management system, project the resource management, procurement management has been strictly followed (Meredith, Mantel & Shafer, 2017)
5. Conclusion
It can be concluded from the study that the project selection method is appropriate for choosing the justified project that will maximize the profit of the organization. The study also highlights the different processes of the project selection method consisting of the benefits measurement method and constrained optimization method. For this project, the benefits measurement method has been selected for the quantitative analysis of the project. The study also focuses on the different standardization and guidelines of PMBOK which is being maintained by different project management industries. The study also highlights the process and knowledge area in a broad manner that is being considered at the time of making this project. Hence the thesis statement is being proved for selecting the ideal project with the help of the project selection method and the consideration of the PMBOK standard.
Reference list:
Angarita, P., & Gallardo, R. (2018, November). Study of processes and procedures that affect the success of construction works by construction companies according to the guide to the project management body of knowledge (PMBOK Guide) in the municipality of Ocaña, Norte de Santander. In Journal of Physics: Conference Series (Vol. 1126, No. 1, p. 012052). IOP Publishing. Retrieved from: https://iopscience.iop.org/article/10.1088/1742-6596/1126/1/012052/meta [Retrieved on: 20 March 2020]
Herman, B. and Siegelaub, J. (2009). Is this really worth the effort?: The need for a business case. Retrieved from: https://www.pmi.org/learning/library/need-business-case-6730 [Retrieved on: 20 March 2020]
Jamali, G., & Oveisi, M. (2016). A study on project management based on PMBOK and PRINCE2. Modern Applied Science, 10(6), 142-146. Retrieved from: https://pdfs.semanticscholar.org/7cf6/bc6583311e0086d82fad396af945392bb67c.pdf [Retrieved on: 20 March 2020]
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Retrieved from: https://books.google.com/books?hl=en&lr=&id=xlASDgAAQBAJ&oi=fnd&pg=PR19&dq=project+management&ots=Xb8mWTR-zS&sig=5wIwNCSuYgt6Yysnri7hGYlwODM [Retrieved on: 20 March 2020]
Liu, F., Chen, Y. W., Yang, J. B., Xu, D. L., & Liu, W. (2019). Solving multiple-criteria R&D project selection problems with a data-driven evidential reasoning rule. International Journal of Project Management, 37(1), 87-97. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0263786317311067 [Retrieved on: 20 March 2020]
Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach. John Wiley & Sons. Retrieved from: https://books.google.com/books?hl=en&lr=&id=ipZXDwAAQBAJ&oi=fnd&pg=PA1&dq=project+management&ots=Qwr4tKHBmT&sig=FE_3rlPplBreWq1_ir8hnO6KZhU [Retrieved on: 20 March 2020]
Mohagheghi, V., Mousavi, S. M., Antuchevičienė, J., & Dorfeshan, Y. (2019). Sustainable infrastructure project selection by a new group decision-making framework introducing MORAS method in an interval type 2 fuzzy environment. International Journal of Strategic Property Management, 23(6), 390-404. Retrieved from: https://journals.vgtu.lt/index.php/IJSPM/article/view/10536 [Retrieved on: 20 March 2020]
NSW Treasury. (2018). NSW Government Business Case Guidelines. Retrieved from: https://www.treasury.nsw.gov.au/sites/default/files/2018-08/TPP18- 06%20%20NSW%20Government%20Business%20Case%20Guidelines.pdf [Retrieved on: 20 March 2020]
Project Management Institute. (2017). Code of Ethics and Professional Conduct. Retrieved from http://www.pmi.org/About-Us/Ethics/Code-of-Ethics.aspx [Retrieved on: 20 March 2020]
Punt, A. E., Butterworth, D. S., de Moor, C. L., De Oliveira, J. A., & Haddon, M. (2016). Management strategy evaluation: best practices. Fish and Fisheries, 17(2), 303-334. Retrieved from: https://onlinelibrary.wiley.com/doi/abs/10.1111/faf.12104 [Retrieved on: 20 March 2020]
Wysocki, R. (2014). Effective complex project management: An adaptive agile framework for delivering business value. J. Ross Publishing. Retrieved from: https://books.google.com/books?hl=en&lr=&id=cfnkCgAAQBAJ&oi=fnd&pg=PR5&dq=Wysocki,++(2014).effective+project+management:+Traditional,+agile,+extreme+(7th+ed.).&ots=SyZVYhmbpZ&sig=F2d4Lw3n905fd187oqpY6vQfuRQ [Retrieved on: 20 March 2020]
Xue, R., Baron, C., & Esteban, P. (2017). Optimizing product development in industry by alignment of the ISO/IEC 15288 Systems Engineering Standard and the PMBoK Guide. Retrieved from: https://hal.archives-ouvertes.fr/hal-01887366/ [Retrieved on: 20 March 2020]
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