Principles of Project Management
Project management refers to the process in which business goals are aligned with budget and project schedules so that the best project can be delivered within a pre-determined time. The management process includes planning, control, execution, and completion of the pre-determined goals. Here, the traits of project managers shall be outlined, and a real project shall be described briefly.
Discussion topic 1- Developing Project Management Skills
Particular personal traits important for project managers
The project managers are assigned the task of managing incredibly complex projects, and therefore, they are supposed to possess an eye for detail, an analytical mind, and good organizational skills along with proper interpersonal skills (Tang, Panchal & Bradshaw, 2018). Apart from that, the key traits of an effective project manager have been outlined below-
- Technical expertise– A manager is supposed to deal with software and programs because it would help the organization achieve its performance objectives.
- Leadership traits- A manager must be capable of motivating the team and ensure optimum performance from the team members
- Negotiation skills- Conflict during budgeting or project execution can arise, and an effective manager must possess negotiation capabilities and settle issues faster.
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The difference in requirements for project managers at the local and global level
A global project is far more challenging than the local project as it demands a strategy that can bridge the geographical as well as the cultural distance. While handling a global project, the project manager is supposed to enhance communication with stakeholders. However, while handling a local project, controlling the budget, and maintaining a stakeholder relationship is far less challenging.
Discussion topic 2- Pre-project Evaluation
Brief description of a project based on research or personal experience
A real case example of American Airlines can be considered. Research suggests that American Airlines merged with the US Airways so that it can advance technologically (Isidore, 2020). However, the usage of spreadsheets for managing complex projects has been insufficient. Consequently, it started using the resource and portfolio management. Eventually, the company managed to create a million-dollar impact.
Methods used in project selection and processes
The organization used the benefit measurement method before starting the project. It has considered the cost-benefit ratio, economic value-added model, or EVA. The cost-benefit ratio can be helpful in measuring the investment costs of a project while the economic model helps in identifying quantifiable project benefits (Kerzner, 2018).
Assessment of the project
The project was successful because American Airlines managed to increase its capital from 10% of its IT labour to 20%. The result was positive for the firm as it made a multi-million dollar profit, and the results were also clear in the balance sheets of the company. The organization now has access to more reliable data, and it can make critical decisions regarding future projects.
Criteria for evaluating the project
The project has been evaluated based on criteria such as relevance, efficiency, effectiveness, impact, and, most importantly, sustainability. It can be stated that the project management technique used by American Airlines has created a long term sustainable impact on the firm.
References
Tang, C. M., Panchal, J. H., & Bradshaw, A. (2018). Project management knowledge areas and their relevance to today’s project managers. Journal of Economic & Management Perspectives, 12(1), 545-549.
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.
Isidore, C. (2020). CNNMoney. Retrieved 5 March 2020, from https://money.cnn.com/2013/02/14/news/companies/us-airways-american-airlines-merger/index.html