PRINCIPLES OF PROJECT MANAGEMENT
Summary
The majority of organisations have several successful projects; a business can't perform all tasks. Research by Elhameed, (2018), demonstrates that projects require actual information and resources. Align project objectives with the long-term corporate strategy for maximum success. Collaboration that works strives to cut costs, increase efficiency, simplify processes, and boost revenue (Hermano, 2019). Based on the business case, project selection chooses which project to pursue.
This case study will first provide a brief analysis of HP’s enterprise business project selection techniques that the project management office should research, then it will examine when each technique should be used and analyse the steps necessary to put it into practise. Staff and paperwork for the initiation will be covered in the study (PMI, 2011).
a. Background of the project
Having a clear objective and plan of action is essential for success in any endeavour. A shared vision inspires employees to work together toward a common goal and keeps them energised over the course of the project's duration (Hermano, 2019). The HP programme and project management curriculum is developed in collaboration between Learning & Development and HP's global and regional councils. Due to the PMP's well-defined advancement opportunities for project and programme managers, a substantial percentage of HP's Enterprise Business unit's leaders and members are PMP certified (Mesly, 2016).
The learning and development team at HP helps employees improve by giving them the information and abilities they need to pursue and succeed in the project management career path offered by the organisation (PMI, 2011). Workers have access to a variety of knowledge that can assist them in developing new skills and increasing their knowledge in fields that are directly connected to their professions. The way the courses are set up will help students improve their technical, interpersonal, and business proficiency, among other abilities.
We periodically review the portfolio to see if there is anything we can do to make it better, and then we take action. HP is able to swiftly and effectively determine what their key stakeholders need, choose whether to build or buy a new solution, and provide training solutions to their global audience by using a “Best in Class” learning strategy. According to Varajao, (2017), “the goal is to keep learning alive and to keep up with challenges and advancements in the sector.” To ensure that all topics are covered, we will keep returning to the course outline during the training.
b. Reasons for the project
Generally, HP’s enterprise will start a project selection process if there aren't any good projects. Some of these kinds of limits have to do with money and time. The project manager keeps an eye on every person who takes part in the selection process that the PMO runs. Wysocki, (2014), say that NPV (net present value) and issues of sustainability should be taken into account when deciding which projects to fund first. Profitability and market value will go up in the long run because of this strategy.
c. Project objectives
The initial phase of your assigned project is complete; you can now move on to the next phase, which is planning (Hermano, 2019). As you evaluate the project's significance and the problem it's resolving for the organisation, it's crucial to plot out a continuance and goals for the HP’s enterprise business project.
d. Proposed PM approach or methodology/methodologies
Determining HP’s enterprise projects to continue is essential to good project management. Businesses invest time and money to choose the best infrastructure project. Each type of project within an organisation produces unique benefits and utilities, but an inappropriate adaptation can lead to substantial obstacles and hazards. Several indicators can assist firms in choosing the optimal project for their purposes, taking into account operations, activities, and other factors (Burke, 2010).
PM Methodologies
Agile:
This strategy emphasises finishing simple tasks quickly, as the name suggests. If a method fails, it must be tweaked and retested. It values flexibility above strict conformity to rules (PMI, 2011). The assessment at each level may impede the process, but adaptation is good. It's also unacceptable to ignore the big picture in favour of the minutiae without any strategy.
Scrum:
The focus is on meeting or exceeding deadlines while finishing the work. Small teams check off pieces of work at regular intervals. A Scrum Master leads daily meetings to monitor progress and handle issues, ensuring teams fulfil their deadlines. It works effectively in creative contexts where personnel may lose track of time trying to improve output. Through these talks, the Scrum Master may minimise team barriers and assure on-time delivery. Regular reviews help the team shift course and react quickly (Burke, 2010).
Kanban:
The project's activities are listed in a variety of states, such as completed, pending, in progress, etc. According to their status, the tasks are moved across the board, providing a quick overview of the project's health and problem areas (PMI, 2011). It can be used for both diagnosis and correction. The adaptable, visual method is simple to comprehend. Although the strategy is described, tasks rather than the whole project and goal are the main focus. It might not be the best for difficult tasks.
Six Sigma:
The technique, which is developed, seeks to remove “defects” from a process by means of repeated, incremental improvements (Varajao, 2017). It's more of a mindset than a set of rules; it aims for perfection through systematic, data-driven, never-ending improvement. Defining, measuring, analysing, improving, and regulating are all parts of the process.
Waterfall:
Waterfall is based on precise preparation and detailed checklists, while Agile focuses on improvisation. Follow the instructions in order (Nokes, 2007). This strategy encourages a team's attention to detail, but a single mistake can be fatal. It's useful for making pricey physical goods, which requires planning and precision (Serra, 2014).
e. Constraints, limitations, and risks
As an example of technical hazards of HP’s enterprise, use the best software to search and fully utilise the system (Burke, 2010). The project faced technological dangers such security checks, payments, etc.
Your assumptions and limits shape your work. They must be found, handled, and monitored. An assumption is something you take at face value, but a constraint must always be followed. Throughout the project's lifecycle, assumptions and limits must be realistically analysed. If you don't track your assumptions and constraints, your project won't go well (Cattani, 2011).
f. Leadership structure
All responsibility for a project's successful conclusion lies with the project manager of HP’s enterprise (Cattani, 2011). The onus of making sure everything is done on schedule and under budget rests squarely on the project manager's shoulders. An important part of a project manager's role is fostering productive connections between the team members and stakeholders involved in the projects they oversee (Cardona-Meza, 2017).
Sponsor
The project's supporter removes hurdles and advocates at the highest levels. She requires the authority to cooperate with the CEO and other important actors, allocate finances, and accept or reject results. Having “skin in the game” is also important (Cardona-Meza, 2017).
Team Leader
Larger projects frequently include a dedicated team leader who reports to the project manager directly. On smaller projects, it is usual for a single project manager to serve in both capacities. The team is more likely to succeed when the leader does not act like the boss.
Team Members
An organization's members are its lifeblood and primary source of motivation. For this reason, it's essential to bring in the right players (Hermano, 2019).
The Project Steering Committee
One such measure is the creation of a steering committee made up of the sponsor of the project and the leaders of the major organisations included in the ecosystem of the project (Elhameed, 2018). This committee is in charge of approving the project's charter, obtaining the required funding, and deciding on any requests to drastically change the project's fundamental specifications (Hermano, 2019).
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g. Project risks and their mitigation
HP’s enterprise encounters new challenges; these challenges might arise at any point in a project's lifespan and delay its completion. This costs firms money and time. Each member of the project team has access to risk mitigation measures that can assist complete the project on time and without difficulties, saving the firm money (Elhameed, 2018).
These strategies protect project outcomes and reduce undesirable repercussions. Before, during, and after the project, the team identifies, monitors, and evaluates risks. Five strategies can reduce risks. Includes:
Accepting the Risk
Before beginning with the project, team members should identify all potential dangers, characterise the poor outcomes of each risk, and select which risks may be tolerated (Burke, 2010). This risk acceptance practise raises team members' awareness of potential threats to the project's success.
To do so, they hunt for dangers' weaknesses. This action's danger will cost money. It can also be used to determine how a risk might affect the project schedule, which shows the group's progress toward goals. Several factors could jeopardise the project's completion (PMI, 2011).
Avoiding the Risk
As part of “avoid the risk,” team members lessen the threat. Here, we compare the benefits of avoiding certain risks vs accepting them. Groups anticipate problems, make backup plans, and install safety measures to prevent injury (Hermano, 2019).
Assigning work based on team members' skillsets could reduce performance issues. At this stage, team members should anticipate and resolve project timeline issues. Same goes for cost-cutting. Every dime is planned, so spending can't go overboard (Serra, 2014).
Controlling the Risk
The team must lessen the impact of a threat if it cannot be entirely removed. When they identify threats, they reduce or eliminate them so they can't be ignored or avoided (Wysocki, 2014). To cut costs, the team can work within the current budget. A precise schedule could prevent project delays. Monitoring the project's quality and giving clear day-to-day direction are essential to preventing obstacles (Varajao, 2017).
Transference of Risk
Risk transfer reduces susceptibility, a third party, such as insurance, assumes risk and its implications (Hermano, 2019). If the project demands for the creation of a product and a few minor errors get through, the corporation can take full responsibility or blame a supplier. This puts the responsibility for scheduling errors on the individual. This risk shift has increased the budget and finance teams' workload (Varajao, 2017).
Monitoring the Risk
The project's success and punctuality could be jeopardised if these improvements aren't implemented. Potential hazards must be monitored (Mesly, 2016). Each team member must watch for emerging hazards and report changes in existing ones. Project risk management involves monitoring and identifying changes that may affect risk severity. Best project review plans follow this method (Wysocki, 2014).
h. Project stakeholders and how to interact with them
“Stakeholder” means everyone interested in a project's outcome or an HP’s enterprise survival. “Stakeholder” refers to someone affected by a project or organisation (Mesly, 2016). To involve all stakeholders, tailor your messages to their needs and priorities. Email, newsletters, webcasts, and video conferences can reach your audience. Casual lunches or social events might also help create relationships (Varajao, 2017).
Figure.1. Stakeholder management / project stakeholders (Ref: Varajao, 2017)
i. Vision and type of the project team use to promote
This study has the vision to show that HP’s enterprise project team and organisation has distinct members that approach difficulties differently and value different things (Elhameed, 2018). Familiarities with the field help a project manager gain support and negotiate bureaucratic mazes. Project managers interact with people from many cultures (PMI, 2011).
A project manager will interact with an organization's core culture, the subcultures of other departments (such as R&D, sales, or manufacturing), and their external customers' core cultures. Without a goal and plan, any endeavour will fail. Having a shared goal fosters collaboration and motivates people to do their best (Varajao, 2017).
This study is an excellent resource for anyone interested in learning more about project management and gaining a technical understanding of the many facets and management processes involved to HP’s enterprises (Hermano, 2019). This study provides a technical and logical explanation for why adequate allocation of methodologies, tools, and approaches is crucial to the successful launch and completion of a HP’s project, and why failure to do so will result in poor performance and an inability to deliver on time (Elhameed, 2018).
j. References
Abd Elhameed, A. T. (2018), Analyzing the Project Management Body of Knowledge (PMBOK) through theoretical lenses: A study to enhance the PMBOK through the project management theories. PM World Journal, 6, 1-31.
Cardona-Meza, L. S., and Olivar-Tost, G. (2017), Modeling and simulation of project management through the PMBOK? standard using complex networks. Complexity, 2017. Retrieved from; https://www.hindawi.com/journals/complexity/2017/4791635/
Cattani, G.; Ferriani, S.; Frederiksen, L.; and Florian, T. (2011), Project-Based Organizing and Strategic Management . Advances in Strategic Management. Vol.?28. Emerald. ISBN ?978-1780521930 .
Burke, R. (2010), Project Management Techniques. US: Burke Publishing.
Hermano, V., and Martín-Cruz, N. (2019), Expanding the Knowledge on Project Management Standards: A Look into the PMBOK? with Dynamic Lenses. In Project Management and Engineering Research (pp.19-34). Springer, Cham. Retrievedfrom;
Herman, B. and Siegelaub, J. (2009), Is this really worth the effort?: The need for a business case. Retrieved from https://www.pmi.org/learning/need-business-case-6730 .
Mesly, Olivier (2016), Project Feasibility: Tools for Uncovering Points of Vulnerability. ISBN ?9781498757911 .
Nokes, Sebastian; Kelly, and Sean (2007), The Definitive Guide to Project Management: The Fast Track to Getting the Job Done on Time and on Budget. ISBN ?9780273710974 .
Project Management Institute, (2011), Taking Project Management Learning to a Higher Level. PMI Legal department, 041-037-2011(2-12).
Serra, C. E. M.; and Kunc, M. (2014), Benefits Realisation Management and its influence on project success and on the execution of business strategies . International Journal of Project Management. 33 (1): 53–66. Doi :10.1016/j.ijproman.2014.03.011 .
Varaj?o, J., Colomo-Palacios, R., and Silva, H. (2017), ISO 21500: 2012 and PMBoK 5 processes in information systems project management. Computer Standards & Interfaces, 50, 216-222.
Wysocki, R. K. (2014), Effective project management: Traditional, agile, extreme (7th ed.). Indianapolis, IN: Wiley.