Project Management Toolsets of Project Management †Free samples

Question: Discuss about the Project Management Toolsets for Usage of Project Management. Answer: The Toolsets described by Project Managers and their Benefits and Limitations Risk Management This toolset consists of items that tend to form a coherent group and they all are directly related to the risk management. It proves to be beneficial in identifying the risks, ranking the risks and then planning the strategies to either avoid the risk or mitigate the risks identified (Besner Hobbs, 2006). However it is a complex process of assigning the responsibility for high ranked risk to a risk owner and then representing the risk information on the graph for analysis. Basic Project Management Software Functionalities This toolset is intended towards meeting the specific needs and the functionalities are grouped into two forms. One form involves the basic functions whereas the other form involves the advanced functions. The project management software used for monitoring the schedule and task scheduling do not require much support from the organization and so they can be used independently by the practitioners. However it also involves some complexities like the project management software used for scheduling the resources is complex and requires organizational support. Advanced Project Management Software Functionalities The items incorporated in this toolset are more difficult to use since it demands organizational initiative to implement a system in order to support such functionalities (Blomquist et al., 2010). However, once an organization implements the system to use any one of functionalities, the addition of other functionalities become easy. Multiproject Management This toolset involves the items that are capable of managing multiple projects at the same time. However the use of this toolset mainly depends upon the resources that are available to the organization. Databases This toolset demand a technological infrastructure and thus requires high support from the organization (Bani Ali et al., 2008). However if the organization successfully implements the database system, it becomes easy for the organization to use the infrastructure for different needs. Initial Planning This is most widely toolset since it involves activities that are carried out during the initial plan of the project. It is a complex process that needs to be accomplished efficiently since a single mistake in this phase can drive the project out of track. Bidding and fixed price contracts This toolset is mainly centered upon contract administration in general and fixed price contracts in particular. However it is also the fact that the items incorporated in these toolset posses the highest variance in terms of usage. Business case definition This facilitates the project sponsor in securing the necessary support and the resources from the top level of the organization (Dai et al., 2004). The tools and techniques incorporated in this set exhibits moderate level of use. Business benefits measures This toolset emphasizes upon the financial metrics of valuating the project. However it mainly emphasizes upon the medium term post evaluation of the success of the project rather than short term efficiency. Baseline change management This toolset puts forward the fact that the change management mainly depends upon the baseline identification and it should be related to the initial approved plan (Besner Hobbs, 2008). Network planning average This is among the least used toolset. However in comparison to the initial planning toolset, it involves the tools that are time related, mathematical and analytical in nature. Financial evaluation This toolset is effective in cases where costs and revenues involved in the project are readily measured. However in case of projects where the benefits are less easily measured, this toolset cannot be used. Team management This toolset is used extensively but it does not put forward the importance of the human role in project management and the impact of the human on the projects (Collins, 2011). Variable price contract The administration of this toolset requires careful specification of the requirements and also requires close monitoring of the performance. Again, the cost plus contracts are to some extent more common in project management but it also re quires close monitoring of the performance. Project closure This toolset facilitates in analyzing the satisfaction of the client once the project has been completed and it also facilitates in analyzing the quality achieved. Monitoring progress This is the most fundamental function of the project management and this toolset consists of the tools that are most extensively used in almost all the contexts while monitoring the progress of the project. Project analysis This toolset facilitates in analyzing the undertaken project to identify its success or failure and it is also the fact that each element of this toolset can be looked upon as a toolset in itself (Maylor, 2010). Cost estimation It facilitates in analyzing the cost involved in the project and the tools involved are easy to use. Quality This facilitates in analyzing the whether the project that has been completed has met the quality standards or not. Project Management Toolsets employed While working as a project manager in my current organization, I was in charge of a the project to successfully implement the ERP software for functional departments like the inventory, finance and HR department with a limited budget and limited time without hampering the other operations within the organization (Mehta, 2007). Thus while accomplishing the project, it emphasized upon employing various tool sets as follows: Initial Planning This facilitated me in planning the entire project i.e. the team to be formed, the resources required and the blueprint of the project. Risk Management This facilitated in analyzing and identifying the potential risks that I might encounter while accomplishing the project and thus plan the strategies accordingly. Team management This facilitated me forming the required team that included the project manager, SAP consultants, database administrator, SAP GUI designer, SAP consultants and the members from the functional departments and thus leading the team efficiently. Network planning average This facilitated me in planning the activities that need to be accomplished (Besner Hobbs, 2006). Financial evaluation This facilitated in setting the budget for the undertaken project (Patel, 2008). Project closure It facilitated in analyzing the satiation level on the part of the project stakeholders through survey. Quality It facilitated analyzing the whether the project accomplished meet the specific quality standards and requirements or not. Toolsets helpful in Managing Global Projects The toolsets that are helpful in managing global projects include the following: Initial planning Business case definition Team management Financial evaluation Toolset that have been used in Project Management Initial Planning Toolset The initial planning toolset mainly consists of the following items: Kick-off meeting Milestone planning Scope statement Work breakdown structure Project charter Responsibility assignment matrix Communication plan As per the article by Benser and Hobbs, (2008), the items involved in this toolset have high level of usage in the project management and the average level of use of the toolset is the highest among all the toolsets. So this toolset can be compared to the Swiss Army knife of planning and this is mainly because of the fact that it emphasize upon integrating the scope, time, communication and the responsibility planning tools that are most common in the initial phase of project planning. The project charter facilitates the project manager with the authority to conduct the project. It tends to integrate the several outputs of the other tools of the present set. Categorization or Classification of the Initial Planning Toolset The initial planning toolset can be categorized into different activities that include: Kick-off meeting It facilitates in discussing the entire project with the top management of the organization and the team members and then agree upon the budget and time frame together with the specific requirements and the quality standards. Milestone Planning The milestone planning proves to be beneficial in setting short term goals which facilitates in assessing the progress of the project (Bani Ali et al., 2008). Scope statement This facilitates in setting and determining the project goals, the deliverables, the deadlines and the costs involved. Work breakdown structure It facilitates in dividing the entire project into set of activities i.e. setting the activities that need to be carried out efficiently for the successful completion of the undertaken project. Project charter This facilitates the project manager with the authority of conducting the project (Niebecker et al., 2008). Responsibility assignment matrix This proves to be beneficial in assigning the team members with their respective responsibilities. Communication plan This facilitates in determining the line of authority within the project team for effective communication. The above classification of the toolset facilitates in meeting the specific requirements of the project so that the goals and objectives can be achieved successfully. Benefits and Limitations of Initial Planning Toolset The initial planning toolset facilitates in laying down the foundation i.e. the base of the project. Again it facilitates in discussing the analyzing the specific need of the orgaznaition and putting forward the solution that initiates the need to undertake the project (Papke-Shields et al., 2010). As for example, in case of above mentioned ERP implementation project, the situation that was identified was the organization used to invest a huge cost in managing and stocking its inventory and it also failed in delivering the right products to the right place at the right time leading to business loss. Thus in order to manage this problem, the toolset was used to propose the ETP project. It also facilitates in setting the project objectives as in this case some of the objectives were to deliver high quality products to the consumers on time, to minimize the cost involved in inventory management and etc. and this keeps the team focused. It facilitates in defining the scope of the project that proves to be beneficial in reducing the anxiety and uncertainty on the part of the employees and thus reduces the resistance to change (Thamhain, 2007). On the other hand in case of limitations, it can be said that it is a complex process and involves time and effort from both the team members and the management of the organization. Efficiency and expertise is required since even a single mistake in planning the project might lead to undesirable outcomes. Strategy to overcome the limitation In order to overcome the limitation of the initial planning toolset i.e. the requirement of the expertise and efficiency, the management and the project team should emphasize upon conducting meetings to discuss the various aspects of the project. As in case of ERP implementation, I emphasized upon conducting regular meetings with the management to understand their specific requirements together with involving the team members so that they also become aware of what is required. The communication need to be effective so that there does not exist any uncertainty or confusion and t he team members should be encouraged to take active participation in the decision making process and put their feedbacks since it would lead to the development of innovative ways to accomplish the project objectives (Pinto Slevin, 2006). References Bani Ali, A. S., Anbari, F. T., Money, W. H. (2008). Impact of organizational and project factors on acceptance and usage of project management software and perceived project success. Project Management Journal, 39(2), 533. doi: 10.1002/pmj.20041 Besner, C., Hobbs, B. (2006). The perceived value and potential contribution of project management practices to project success. Project Management Journal, 37(3), 3749. Besner, C., Hobbs, B. (2008). Discriminating contexts and project management best practices on innovative and noninnovative projects. Project Management Journal, 39(S1), S123S134. doi: 10.1002/pmj.20064 Blomquist, T., Hllgren, M., Nilsson, A., Sderholm, A. (2010). Project-as-practice: In search of project management research that matters. Project Management Journal, 41(1), 516. doi: 10.1002/pmj.20141 Collins, R. (2011).Project management. New York: Nova Science Publishers. Dai, C. X., Wells, W. G. (2004). An exploration of project management office features and their relationship to project performance. International Journal of Project Management, 22(7), 523532. Maylor, H. (2010).Project management. Harlow, England: Financial Times Prentice Hall. Mehta, R. (2007).Project management. Jaipur: Aavishkar Publishers. Niebecker, K., Earger, D., Kubitza, K. (2008). Improving cross-company project management performance with a collaborative project scorecard. International Journal of Managing Projects in Business, 1(3), 368386. Papke-Shields, K. E., Beise, C., Quan, J. (2010). Do project managers practice what they preach, and does it matter to project success? International Journal of Project Management, 28(7), 650662. doi: 10.1016/j.ijproman.2009.11.002 Patel, V. (2008).Project management. Jaipur, India: Oxford Book Co. Pinto, J. K., Slevin, D. P. (2006). Critical factors in successful project management. IEEE Transactions of Engineering Management, 34(1), 2227. Thamhain, H. J. (2007). Integrating project management tools with the project team. Paper presented at the 29th Annual PMI Seminars and Symposium, Long Beach, CA.