OPMA 407 Lecture Notes - Lecture 1: Work Breakdown Structure, Payback Period, Cash Flow
23 May 2018
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Lecture 2- Chapter 1 cont. and 2
Quiz 1- 10 MC & 1 mandatory question, 7 other questions- have to do 4 questions. 5 marks each
TIME: 1h 30mins
Material Review Question #6
Project Management- Advantages & Disadvantages
Advantage
• Useful tools- (scope statement, WBS, budget, schedule, earned value analysis, etc.) that can
iproe a orgaizatio’s ailit to pla, eeute, ad otrol the perforae of atiities ad
the utilization of resources when doing nonroutine work.
• Budget- Many practitioners of project management have reported that the use of project
management has resulted in shorter development times, reduced costs, better quality, and
higher profit margins.
• Shorter Time line
• Work breakdown structure
• Use interdisciplinary teams- The use of interdisciplinary teams to make decisions and solve
problems generally improves the quality of the result.
• Better problem solving- The focus on managing a project can provide an end-to-end view of the
effort required to provide an effective solution capable of solving real needs of the customer.
This focus can facilitate effective conflict management by giving stakeholders access to
appropriate tools and techniques for balancing competing demands for performance, time, and
costs.
Disadvantage
• High energy levels- A high level of energy and commitment is often required of the project
manager and the project team in order to communicate about and coordinate the execution of
the projet’s solutio. I a ases, projet partiipats ill lak eperiee ad traiing in
effective tools and techniques for project integration and control.
• Complexity- The level of organizational complexity may increase as members of the performing
organization seek to balance the competing demands of routine work with the nonroutine work
of a project.
• Chance of violating organizational policy- There is an increased probability that project teams
will violate organizational policies, unless the project manager acts appropriately.
• Tools can cost a lot- If an organization attempts to use the tools and techniques of project
management to manage the wrong type of work, the organization will probably experience
increased managerial difficulties, higher costs, and lower utilization of resources.
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Document Summary
Quiz 1- 10 mc & 1 mandatory question, 7 other questions- have to do 4 questions. This focus can facilitate effective conflict management by giving stakeholders access to appropriate tools and techniques for balancing competing demands for performance, time, and costs. Disadvantage: high energy levels- a high level of energy and commitment is often required of the project manager and the project team in order to communicate about and coordinate the execution of the proje(cid:272)t"s solutio(cid:374). Project selection criteria and models organizations should use consistent and rational tools to select among the myriad of projects from which they have to choose. There are many models for the selection process to choose from as well. Technical 4 parts: a proposal should be responsive to the solicitation document that the buyer prepared during the solicitation process. A profitability model will assess the financial gain on the use of capital during a period of operations.
