Report
Student’s Name
Institutional Affiliation
Report
Executive Summary
This analytical project was undertaken at Manawatu George to provide the executive team with the necessary recommendations, which helps in improving the project management within the institutions. The report provides different approaches that can be used by the executive teams in improving business performance. Approaches discussed in the study include effective communication channels and responsibility assessing and assigning approach. Besides, the report provides a critical analysis of the different ways of selecting projects which are more productive, thus leading to overall performance improvement. In ensuring the success of any project, the project management team is supposed to adopt and embrace the best project option, which leads to optimal returns. In determining the most effective project option, it is essential to consider different factors such as project durability and possible return. This could only be achieved through estimation methods, as well as cost management. Lastly, the report will provide a conclusion on the most sustainable project management approaches basing on its ability towards improved production and risk reduction.
Introduction
An Executive team comprises of different high ranked personnel with an institution which is tasked with responsibilities of ensuring overall performance improvement within the institution. The team is always responsible for ensuring effective company management as well as its resources. In ensuring overall performance improvement, the executive team is supposed to remain responsible for their daily operation, thus leading to increased satisfaction level and efficiency. A study conducted by Silvius, Schipper, and Planko (2012) stated that the executive team is mandated to implement different strategies that ensure the business achieves its set goals. However, in undertaking their responsibilities, the management is faced with different challenges that hinder them from achieving the necessary goal. For instance, every project differs depending on the possible outcome and required resources. Therefore, project management is supposed to be well equipped in ensuring the effectiveness and efficiency of the specific project.
Actions
Stakeholders management approaches
Stakeholders play a crucial role in ensuring the success of the business since they contribute directly or indirectly. In project management, the stakeholders are involved in decision making, especially on specific projects. The stakeholders are categorized into internal and external stakeholders.
- Proactive mitigation
In the management of stakeholders, it is essential to consider their importance in the business as well as triggers, thus helping in the preparation of the mitigation plan. According to Silvius and Schipper (2014), understanding how individuals or groups behave in a different situation helps the organization to set strategy and policy, which helps the stakeholders to set a project depending on the Influence and importance of stakeholders. Stakeholders are categorized into internal and external; therefore, in determining the source of Influence, it important to separate depending on the category of the stakeholders. For instance, the Influence of source could be indicated by Hierarchy, Influence, environment, and strategic resource control, while external stakeholders’ sources include; knowledge and skills possession through internal links, among others.
- Monitoring and manage stakeholder’s relationship
In stakeholder management, it is essential to determine and monitor the relationship of stakeholders. According to Crawford (2005), the stakeholder relationship can be managed through ensuring adoption of different principles such as open and effective communication, acknowledgment of all stakeholder and avoidance of activities which could jeopardize inalienable rights of human beings.
Project Selection approaches
Müller and Jugdev (2012) defined project selection as the process through which specific project ideas are assessed, and the project with the highest priorities is selected. Generally, the projects under the project selection stage are selected based on the brief description provided. In ensuring effective project management, the project selection is considered a crucial stage towards the identification of the most suitable projects. There are different approaches that can be used to improve project selection. In selecting the project, the project to be executed, it is essential to consider its importance as well as its potential return and the time taken to complete the project.
- Benefit measurement
In ensuring the best project selection, the management needs to consider different factors about the productivity of the project. In considering the most suitable projects, there are several factors that need to be considered. For instance, Cost to Benefit Ratio, scoring model, discounting cashflow, and scoring model, among others. The cost to benefits ration helps in determining the total amount, which require to be an investment for any investment against the potential benefits, which is expected from the project. A study conducted by Burke (2013) stated that the most suitable project is considered as the project with low investment cost and higher benefits.
The scoring model is termed as the method which helps in assessing different components about any project. The methods categorize the project depending on the score level. The most suitable project is considered to have a high score. Discounted cash flow and Net present value (NPV) are considered as a crucial factor in project selection. The methods consider different factors such as inflation rates and taxation, thus making it suitable in determining the most suitable project (Morris & Pinto, 2010).
- Time Consideration
The success of the business is determined by the time taken to accomplish the set goal. In improving the project selection, it is essential to consider the time takes by business to return the initial investment. In most cases, the potential investors are never interested in projects which take them a long time before returning the initial investment. In determining the time take in project selection, there are different factors that are considered (Kerzner, 2017). For instance, the payback period. The payback period is considered as benefit measurement strategy, which helps in determining the time taken for the project to pay back its initial investment. In determining the most suitable project, the project management team is supposed to consider the project with the lowest payback time. The shorter payback period indicates that the project will be able to return its initial investment.
Project sustainable approaches
- Environment damages and waste elimination
In project management, there are different external and internal factors that could affect its efficiency. An effective project is supposed to have minimal costs and higher projects. Elimination of the wastes helps in reducing the increment in costs incurred for the projects. Besides, it is essential for the organization to work towards the reduction of possible damages from the environment (Silviusab, Schipperb & Nedeskia, 2013). For instance, the project management at Apiti wind farm is supposed to ensure minimal impacts from the external environment. This can be identified through the fast track of the possible factors affecting the project.
- Project risk mitigation
Project success is strongly affected by different risks. A study conducted by Martens and Carvalho (2016) defined risk mitigation as the process of plan development, which helps in avoidance, reduction, and reduction of risk associated with any project. In project management, risks are considered critical factors that might lead to the failure of any project. Besides, the project risk can lead to increased expenditure in any project as well as the extension of time for the project. In project management, the project managers are entitled to the responsibility to mitigating or reducing the possible risks for any project. As a senior project manager, I have complete authority in reducing the possibility of risk occurrence. Generally, the execution of the project could only be achieved, effecting proper effective planning. The contingency planning is considered a suitable alternative plan to prevent the risk occurrence.
Conclusion
The above discussion has offered different factors that need to be considered for the purpose of improving the project at Manawatu Gorge. In ensuring the success of any project, it is essential to consider shareholders as an essential factor. Under stakeholders, it is essential to consider and monitor their relationship with the project. Besides, it is essential to set up proactive mitigation to help identify the importance and Influence of shareholders on the project. Secondly, in improving project management, it is essential to consider project selection. In project selection, it is essential to consider the project’s benefits measurement as well as time consideration factors. Lastly, in ensuring effective project sustainability, it’s essential to consider different factors such as project risk mitigation and elimination of damages from the environment.
Recommendations
- I would recommend that thorough evaluation of risk throughout the projects, thus improving the efficiency of the project through risk mitigation. As the project manager, I recommend that the business adopts different measures such as environmental analysis to help in the reduction of unnecessary waste, thus leading to improved performance.
- Before the selection of any project, I recommend that the business conduct different analyses to help determine its future flexibility, potential returns, and competitiveness. Understanding such factors would help choose the most suitable project. For instance, Manawatu Gorge is supposed to consider adopting different methods such as payback period, Net present value, and scoring model to determine the viability of the project. Adopting the project with a higher score increases the chances of the project’s success.
- For Manawatu Gorge, shareholder’s involvement is an essential factor towards the success of any project; therefore, I recommend the introduction of effective measures, which leads to effective communication to all shareholders. Besides, the organization is supposed to focus on increased transparency and timely communication, thus making shareholders up to date. Lastly, the organization is supposed to ensure a healthy relationship between stakeholders and projects. For instance, involving them in project management makes them part of the project, thus increasing success.
References
Silvius, A. J., & Schipper, R. P. (2014). Sustainability in project management: A literature review and impact analysis. Social Business, 4(1), 63-96.
Müller, R., & Jugdev, K. (2012). Critical success factors in projects: Pinto, Slevin, and Prescott‐the the elucidation of project success. International Journal of Managing Projects in Business, 5(4), 757-775.
Morris, P., & Pinto, J. K. (Eds.). (2010). The Wiley guide to project organization and project management competencies (Vol. 8). John Wiley & Sons.
Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA, 26.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Crawford, L. (2005). Senior management perceptions of project management competence. International journal of project management, 23(1), 7-16.
Silvius, G., Schipper, R. O. N., & Planko, J. (2012). Sustainability in project management. Gower Publishing, Ltd.
Silviusab, A. G., Schipper, R., & Nedeskia, S. (2013). Sustainability in project management: Reality bites1.
Martens, M. L., & Carvalho, M. M. (2016). The challenge of introducing sustainability into project management function: multiple-case studies. Journal of Cleaner Production, 117, 29-40.