This Assessment is open-book. There is no time limit, and you may use your textbooks and other supporting material for your reference and assistance.
You must write between 300- 500 words for each question.
1. What roles do traditional process management duties of planning, organizing, and controlling play in project management, if any?
The traditional managerial duties of planning, organizing, and controlling all apply to project management. Project managers must be technically well versed, proficient at administrative functions, willing and able to assume leadership roles, and above-all, goal oriented. The project manager is the person most responsible for keeping track of the big picture
Section: 1.1 What Is a Project?
3. What are options models and when should they be used to evaluate projects?
Provide an example. Options models open financial analysis to consider a greater range of alternatives to immediate investment. Organizations can factor the benefit of postponing decisions (and projects) until financial models indicate projects are worth pursuing. Examples may vary, but suppose firm A can wait until more market research is performed or until a supplier solves quality and logistics issues. The cash flows may be superior to those that would come from immediate investment if company A had to suffer through those issues with their supplier. Because company A can wait a year, the project scores better on the NPV calculations, clearing the company's predetermined financial hurdle and will just have to wait to begin rather than being counted as too great a financial risk.
Section: 3.3 Financial Models
5. Much research has been published regarding the important characteristics of effective leaders. What are five traits that surveys have found to be important and which of your five is most important?
Table 4.3 in the text lists the results of a survey on characteristics of effective leaders. The list contains these traits, listed in order of percentage of respondents: honest, competent, forward-looking, inspiring, intelligent, fair-minded, broad-minded, straightforward, imaginative, and dependable. Answers may vary as to personal importance.
Section: 4.3 Traits of Effective Project Leaders
7. How can project managers promote a sense of enthusiasm within the project team?
Project managers are best able to promote a sense of enthusiasm within the project team when they create an environment that is challenging, supportive, and personally rewarding. It is important that the environment is challenging so that each member of the project perceives his role to offer the opportunity for professional or personal growth, new learning, and the ability to stretch himself. A supportive environment allows project team members to gain a sense of team spirit and group identity that creates feelings of uniqueness with regard to the project. Finally, project team members become more enthusiastic as they perceive personal benefits from successful completion of the project.
Section: 6.2 Characteristics of Effective Project Teams
8. How do mentoring and cross-training mitigate risk?
Mentoring and cross-training are two approaches to risk minimization that train project team members. A mentoring program pairs junior or inexperienced project managers with senior managers in order to help them learn best practices. This approach mitigates risk by easing the junior members into new duties with a senior member that can answer questions and clarify problems as they get their feet wet in the project organization. Cross-training requires that members of the project team learn not only their own duties but also the roles that other team members are expected to perform. Cross training addresses more immediate needs; if a member is pulled away for some time, the cross-trained member can fill in as needed.
Section: 7.2 Project Risk Management: An Integrated Approach