Question

In: Operations Management

summarize the importance of project management team and how they impact a project. 1 page please.

summarize the importance of project management team and how they impact a project.

1 page please.

Expert Solution

Project management teams are backbone of any project and they are the intellectual asset of the project. Their main functions are project planning, analysis, selection of resources, financing, implementation and review. Below are the more summarized contents for each function,

Project Planning:

· Planning of Capital investments. Type and phases of Capital investments.

· Determine required skills and resource needed.

· Defining and measurement of project and it’s sub projects.

· Develop schedule and budget. Manage quality and risk.

· Establish Level of Decision making.

· Facts of project analysis.

· Key issues for major investment decisions. Identification of weakness to deal with project.

· Strategies for resource allocations. Strategies consists, Capital budgeting, Diversification debate, Portfolio strategies and Business strategies.

· Generation and screening of ideas. How well we can plan the operational sequence, material management, locations etc. and how it will serve better to costumer as well as to business.

Project Analysis:

· Market and Demand Analysis. Situation analysis and specification of objective, collection of information through survey, forecasting and uncertainties.

· Technical Analysis. It consists, material input and utilities, operational sequence and work layout, environmental aspects, equipment, alternatives for each resources and methods.

· Financial estimate and projections. It consists, cost of project, means of finance, estimates, cost of project, working capital requirement and its financing, profitability projection, Balance sheet etc.

· Project risk analysis. The time value to money.

Financing:

· Typical project configurations, contacts, establish financial structure and governance.

· Management of working capital advance.

· Venture capital and privet properties.

· Vendor management.

Implementation and Improvement:

· Client review for major issues by scheduled or unplanned meeting.

· Development of project network. Identification of improvement areas.

· Time and cost estimation and review.

· Determination of critical path with resources optimization.

Review and Control:

· Control of work in progress jobs.

· Pre and post audits.

· Abandonment analysis.

keosha answered 3 months ago

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