Week 1 Discussion And Project Business & Finance homework help

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 Week 1 DiscussionDiscussion Topic Well done! You have contributed to the discussion Due January 14 at 12:59 AMThe discussion assignment provides a forum for discussing relevant topics for this week based on the course competencies covered.
For this assignment, make sure you post your initial response to the Discussion Area by the due date assigned.
To support your work, use your course and text readings and also use outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format.
Start reviewing and responding to the postings of your classmates as early in the week as possible. Respond to at least two of your classmates. Participate in the discussion by asking a question, providing a statement of clarification, providing a point of view with a rationale, challenging an aspect of the discussion, or indicating a relationship between two or more lines of reasoning in the discussion. Complete your participation for this assignment by the end of the week.
Selecting the Project
Using the South University Online Library, research a real world example of a project. Based on your research and the identified project, answer the following questions:

  • What project have you selected? Explain. Provide reasons for selecting the project.
  • What kind of organization or industry does your selected project belongs to?
  • How does the project you selected fit the definition of a project?
  • Is your selected project constrained by performance, cost, or schedule? Why or why not?
  • To what extent, does the project portfolio process guide the strategy process in your selected project?
  • In your selected project, is project management different from functional management? Why or why not? Is the role of a project manager different from that of a functional manager? Why or why not?
  • Is your project independent of program management? Why or why not?

  • Week 1 ProjectAssignment Task: Submit to complete this assignment Overdue – January 18 at 12:59 AMDefining the Project
    Using the South University Online Library, research any project of your choice. You may use the project you chose for the week 1 discussion as long as it meets the criteria listed below.
    The project you select must meet the following criteria:

    • It must fit the definition of a project as described in the PMBOK® Guide glossary and text.
    • It must be real or realistic.
    • It should be large enough for a dedicated organizational commitment (preferably a capital investment) but not too large for one organization to accomplish (minimal outsourcing).
    • It must fit into one of the “nonnumeric model” categories as described in the course textbook.
    • It must be subject to evaluation through numeric models as described in the course textbook.
    • Based on your research and project selected, create a project charter as described in Section 4.1 of the PMBOK® Guide. The project charter should include the following:
    • An outline of the information indicated in Section 4.1.
    • All items indicated in the PMBOK® Guide for which at least some elemental information exists at this point.
    • Highlights on how the project you selected meets the selection criteria listed earlier.
    • A description of the major components of the strategic management process.
    • An explanation of the role projects play in the strategic management process.
    • How are projects linked to the strategic plan?
    • An explanation of the impact of classifying projects as either compliance, strategic, or operations projects.
    • An explanation as to why return on investment (ROI) should not be the sole metric used to choose projects.
    • A discussion of the pros and cons of the checklist versus the weighted factor method of selecting projects.
    • Submission Details:
    • Provide your answers in a 3- to 4-page Microsoft Word document, using APA style.
    • Support your responses with examples and research.

Project Management Process

The project management process has both a beginning and an end and typically consists of the following phases: initiation or de�ning, planning, execution, control, and

closing. Let’s look at the activities carried out in each phase.

Initiation or Defining Phase

In the beginning of a new project, we have to de�ne the tasks that will make up the successful completion of the project. This includes forming the team, developing a

business case, and doing a feasibility study.

Planning Phase

In the planning phase, we create the project plan. We can create a project plan using software, such as Microsoft Project. A project plan will include a resource plan, a

�nancial plan, a quality plan, and a risk plan. We also create a communication plan and a procurement plan that may involve suppliers.

Execution Phase

Once the infrastructure is in place, we move to the execution phase in which we implement the agreed upon deliverables. It involves coordinating people and resources,

and integrating the activities according to the plan. In this phase deliverables are produced as outputs.

Control Phase

To be successful, here we monitor and control tasks. This requires focus on time, cost, and quality management. We have to ensure that every risk to the project is

managed. If there are any changes in existing processes, the changes are made in this phase.

Closing Phase

All projects need to have closure, or an end. It is a good practice to review any areas that did not go as smooth and understand what could be done differently in the

future. There may also be some areas that went well, for which you should celebrate. There may also be some open issues which are resolved and �nally the decision is

made to close the project.

Functions are organizational units, sometimes called departments, de�ned by competencies such as marketing, �nance, or human resources. In an organization,

functional managers have an ongoing responsibility of managing a functional entity.

A project team is multidisciplinary, which is comprised of people from more than one function. But while project management, in principle, is not tied to any single

organizational function, it is a highly organized profession that cuts across all functions and industries.

The Project Management Institute (PMI) is the leading nonpro�t professional association for project managers. It has been active in establishing a set of professional

standards, sponsoring seminars and conferences, and developing educational and professional certi�cation programs. It publishes the PMBOK® Guide. The mainstay

credential offered by the PMI is the project management professional (PMP) certi�cation. The PMP certi�cation is by no means the only way to become a project

manager, but it is highly valued by employers.

Check out this link to the PMI website: (http://www.pmi.org/)

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