Earned Value Project Management Project †Free Samples to Students

Question: Discuss about the Earned Value Project Management Project. Answer: Introduction: The discipline of using the procedures, policies, and principles that are established for managing the project from beginning to completion can be defined as Project management. The planning, organizing, and implementation of a particular project are directed by project management. A project is the one which is undertaken with a detailed start along with the end parameters which has been designed to produce the outcomes that are defined (Burke, 2013). From the ongoing processes, a project is completely different like it might be a governance program or an asset management program. The project management plan is expected in providing the guidance to the project phases effectively and efficiently from start to end by having the ideal goal of delivering the result with the given budget and on time. The project charter can be defined as the statement of objectives in a project. In this statement, the goals, roles, and responsibilities of the project are detailed, where even the main stakeholders are identified, and the level of the authority given to the project manager is set out. It will act in the form of a guideline for the projects in the future along with being the significant material in the knowledge management system of an organization (Fleming Koppelman, 2016). It can be referred to as the short document which will consist of the new request offered or the proposal request. The organizational strategies will be defining the goals of the organization. However, the operations management team will be managing the operation plan of the project in achieving the goals of the organization. Projects are composed so that it will help in achieving the actions that are defined in the operations plan (Flyvbjerg, 2013). It is very much important to look at the relationship between the project and the organizational strategies and goals in a broader way since in the light of the theoretical models it will be lining the relationship and the methods of obtaining the outcome in the desired time and budget. The scope management in the project will include the processes that are necessary for making sure for the completion of the project successfully. For completing the project successfully,it includes all the work that is required (Gido, Clements Clements, 2014). In the project scope management, there are five processes involved such as: Collect requirements: It is the first process which defines and documents the needs of stakeholders for meeting the project activities. Define scope: It this process in which the project is described in detail along with the product that is being industrialized. Creating the WBS: The work breakdown structure is created with the help of the technique called decomposition. Verify the scope: It is the process in which monitoring of project and the control process group is involved. Scope control: In this process project status is monitored besides the project scope and along to the baseline of the scope the changes are managed. Project governance can be defined as the framework which will allow the making of decisions in the project effectively. The focus would be on the key decisions which will be helpful in shaping the project and its direction (Hegazy, 2013). It constitutes of three components. The following are the components of the project governance framework such as: The structure of decision making. The people involved within the structure. The information that is informed to them. It can even be defined as the set of processes, function, principles, policies, regulations, responsibilities and procedures which will be defining the management, control of projects, establishment, portfolios. The decomposition of the projected can be defined as the choice of methodologies for breaking the objectives of the project into the project deliverables that are achievable. It can be termed as a breakdown of the work of the project into smaller elements or pieces based on the roles and functions of each of the defined elements that are used within the project. It aims at classifying the project with the help of work items and leading to the development of a bigger view of the picture of the project management process (Kerzner, 2013). In the planning process, project decomposition is considered to be one of the major steps. The actual meaning of the decomposition of the project is planning of the major elements of the work related to project by creating a hierarchy that is based on project activities. Such kind of hierarchy will be including various levels, which will be defining the key activities that are related to certain goals and objectives of the project. Among all one of the most common methods for decomposing the project is with the help of creating the WBS is also known as work breakdown structure. In most kinds of the project, this method of WBS is used widely. This is especially, created in projects related to construction and engineering, which are having the hierarchy of activity-based work (Larson Gray, 2013). The following are the hierarchical levels into which the projects are decomposed traditionally such as: The various stages and different phases. Streamlines procedures and differential activities. Defining the milestones. Defining deliverables and tasks. In the process of project management, these four levels can be regarded as the key elements for breaking down the activities of project so that project deliverables can be achieved. Throughout the length of the project, these are the things which the process is required to manage (Leach, 2014). In the scope management, the deliverables of the project is again subdivided into the smaller and more number of components that are manageable till the time the work and the deliverables are defined to the level of the work package. The project team and the manager of the project will be having one shared goal; in order to execute the project work and for the purpose of meeting the objectives of the project. Every project will have a beginning, a mid-period during which the activities that are carried out will push the project towards the completion, and the ending (Mir Pinnington, 2014). Typically the following four phases are included under a standard project such as initiation, planning, implementation, and closure. By considering all the phases a path taken by the project is represented by it from the start to the end. This is referred generally to as the life cycle of the project. Initiation phase: The primary phase where the objective of the project and/or its requirement will be identified. In a project, a response that is appropriate to the requirement is documented with the options of solutions that are recommended. By conducting the feasibility study on each of the available options for investigating the one that is addressing the project objective is determined. The feasibility and justification issues are addressed. Planning phase: It is the next step where the solution for the project is developed further in much detail to the possible extent. For meeting the objectives of the project t steps that are necessary are planned. All the work that has to be done is identified by the team. Implementation phase: It is the third phase where the plan of the project is put into execution and the work of the project is achieved. During the implementation, it is significant in preserving the control and has to be communicated as it is desirable. The progress is monitored continuously and the modifications that are appropriate are enabled and are noted. Closing phase: It is the final phase in which the releasing of final deliverables to customers, giving the documentation of the project to the business, terminating the contract suppliers, releasing of the resources of the project and communicating the stakeholders about the closing of the project are emphasized. From the planning phase to the closing of activities which completes the work a project life cycle incorporates everything. Projects are known to be temporary who will have the specific end dates defined for completion. The activities of project closure will make sure that the product that has been created is meeting the requirements of the project (Phillips, 2013). The closure period of the project will enable to review the successes and limitations for reference in future. The two main aspects of finalization are transferring the deliverable goods and analyzing the project. Transferring the Deliverable Goods: Based on the nature of the project one of the main aspects of the closing process is delivering the product to the client. For instance, for a specific client if a new software program is developed, delivering of that software is essential for closing the project (Schwalbe, 2015). A project of this kind of nature will be requiring the training on the use of the goods that are delivered. Analyzing the project: Another, important aspect of project closure is analysis. In the analysis part looking at the success and failures of the project by the project members is involved. A meeting has to be conducted for the people who have participated in the project for reviewing the project outcome. Employee conflict is a common occurrence in the workplace, which will be subsequent from the personalities and the values differences in the employees (Shields Rangarajan, 2013). The employee conflict has to be dealt in a timely manner since it is very much important for maintaining a healthy workplace environment. Poor communication: Poor communication is considered to be one the key causes of conflicts between the employees in the workplace. It can be a result of differences in styles of communication or failure to communicate. Differences in personalities: The other key cause that results in workplace conflict are differences among employee personalities (Verzuh, 2015). There are employees who come from various experiences and backgrounds which plays an important role in shaping their personalities. Accommodating: It has to be applied when you are uniting to a high level and it might be at your own expense which actually works against the objectives, goals, and the outcomes that are desired by you. This is effective when the opposite party has the better solution Avoiding: It is when the issue is avoided simply. Neither the other party is not helped in reaching the goals nor own goals are pursued (Walker, 2015). It works if the issue is small or when there is no chance of winning. Collaborating: This is when both the parties unite or collaborate in achieving the goals collectively. This is how the win-lose paradigm is broken and win-win paradigm seeks. It would be effective in the complex scenarios for finding out the novel solution. Competing: This is the approach of win-lose. An individual acts in a very assertive way of achieving the goals without having intention to cooperate with the opposite party. Compromising: This is the scenario of lose-lose approach where neither of the parties will attain of what they have expected for. A reasonable level of assistance and firmness is required. Reference Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA. Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute. Flyvbjerg, B., 2013. From Nobel prize to project management: getting risks right.arXiv preprint arXiv:1302.3642. Gido, J., Clements, J. and Clements, J., 2014.Successful project management. Nelson Education. Hegazy, T., 2013.Computer-Based Construction Project Management: Pearson New International Edition. Pearson Higher Ed. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Larson, E.W. and Gray, C., 2013.Project Management: The Managerial Process with MS Project. McGraw-Hill. Leach, L.P., 2014.Critical chain project management. Artech House. Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success.International journal of project management,32(2), pp.202-217. Phillips, J., 2013.PMP, Project Management Professional (Certification Study Guides). McGraw-Hill Osborne Media. Schwalbe, K., 2015.Information technology project management. Cengage Learning. Shields, P.M. and Rangarajan, N., 2013.A playbook for research methods: Integrating conceptual frameworks and project management. New Forums Press. Verzuh, E., 2015.The fast forward MBA in project management. John Wiley Sons. Walker, A., 2015.Project management in construction. John Wiley Sons.