Questions on projects
Question one
Factors making the process subjective
There are critical factors in the process that are shaping the process to be more personal rather than objective. For instance, the decision making is individual, and there is some project which has been canceled even before the critical performance indicator had shown that the project has been performing as expected. There is a need for the management to ensure they have objective decision making when it comes to the project to ensure they are selected on the order of the sales which they generate.
On the other hand, the management of the project has been demonstrating a subjective view which gets characterized with the believes, opinions, and also the personal feeling which have affected the project in more negative. For instance, it’s the sole responsibility of the management to ensure they demonstrate a high level of professionalism to ensure they use all the KPI and other measures to ensure the process is successful.
Question two
The selection of the value component is an important aspect when it comes to the project. Therefore, there is a need to conduct all due diligence before settling on the value of the component for the external influence. The customer should be the one to influence the element since they are the end-users of the product, which are produced in the long run. For instance, in the recent survey which was conducted, the customer is more concerned with the quality, cost, safety, and also features to ensure there is a useful value component. There is a need for the project to take into consideration the views of the customer and ensure they have been incorporated. It’s through this would provide the project is more innovative.
Question three
The value component is an essential aspect of any project, and the value could either change during the life- cycle phases. For instance, in the start stage of the process, the quality could be relatively lower. As the process continues, there could be changes that could be attributed by the customer response. The main circumstance which could cause the change changes in the metric.
Question four
Value contribution is used to help to understand when the project could be canceled and therefore reduced any loss. If the project value contribution is 1, it means its performing below par, and if the project would reach 0, it means the projects are risking failure. There is a need to ensure the value contribution of the project does not fall below par to provide all the projects are performing relatively well. Cancelation of the project would affect the sales, which are negatively made in the project.
Question five
There is a situation where the project could be allowed to continue, even if it falls below the performance. For instance, if the project value component has a high potential of improving shortly, that project will not be canceled as the management would hold to enhance the value of the project in the future. In addition to that, their team of management would opt to renew the plan rather than cancel the project since the project would redeem and make more sales in the future. If an increase in the value component could boost the value contribution of the project, then the project will not be canceled.