Question
In: Operations Management
Considering the application of project management, it is not surprising that project managers need a variety...
Considering the application of project management, it is not surprising that project managers need a variety of unique skills. Identify these skills and explain their application to a project manager in a production and operations management environment.
Solutions
Expert Solution
For any project to be successful, the project managers need to have skills such as following
- Negotiation skills - Any project can face unplanned challenges during its operation. Often, it causes a delay or increases the cost of the project. A project manager who has good negotiation skills can successfully negotiate the terms with the parties involved and upgrade them to meet the new challenges. This would help in reducing conflicts between the parties involved in the project.
- Controlling costs - As discussed above, a project can face challenges that are bound to increase the cost of the project. But a project manager who possesses skills of controlling costs can ensure that the budget of the project is not majorly affected by external challenges.
- Critical thinking - As the project carries on, a project manager needs to think critically and weigh the advantages/disadvantages of various solutions being proposed to solve the errors/issues at hand. A critical thinker will be able to find the best solution to meet the requirements of the project.
keosha answered 4 months agoRelated Solutions
It is essential that project managers not only have a strong understanding of project management concepts...
It is essential that project managers not only have a strong
understanding of project management concepts and available tools
but also learn from past experience to avoid pitfalls in the
future. In doing so, project managers can recognize areas of
improvement in ongoing projects and implement procedures to enhance
efficiency based on knowledge and lessons learned. Additionally,
project managers can be mindful of these actions while planning for
future projects.
After reading the case study that you did not select...
Managers of CVS Pharmacy are considering a new project. This project would be a new store...
Managers of CVS Pharmacy are considering a new project. This
project would be a new store in Odessa, Texas. They estimate the
following expected net cash flows if the project is adopted. Year
0: ($1,250,000) Year 1: $200,000 Year 2: $500,000 Year 3: $400,000
Year 4: $300,000 Year 5: $200,000 Suppose that the appropriate
discount rate for this project is 7.7%, compounded annually.
Calculate the net present value for this proposed project. Do not
round at intermediate steps in your...
Managers of CVS Pharmacy are considering a new project. This project would be a new store...
Managers of CVS Pharmacy are considering a new project. This
project would be a new store in Odessa, Texas. They estimate the
following expected net cash flows if the project is adopted.
Year 0: ($1,250,000)
Year 1: $200,000
Year 2: $500,000
Year 3: $400,000
Year 4: $300,000
Year 5: $200,000
Suppose that the appropriate discount rate for this project is
5.2%, compounded annually.
Calculate the net present value for this proposed project.
Do not round at intermediate steps in your...
1. Managers of CVS Pharmacy are considering a new project. This project would be a new...
1. Managers of CVS Pharmacy are considering a new project. This
project would be a new store in Odessa, Texas. They estimate the
following expected net cash flows if the project is adopted.
Year 0: ($1,250,000)
Year 1: $200,000
Year 2: $500,000
Year 3: $400,000
Year 4: $300,000
Year 5: $200,000
Suppose that the appropriate discount rate for this project is
6.7%, compounded annually.
Calculate the net present value for this proposed project.
Do not round at intermediate steps in...
1. Managers of CVS Pharmacy are considering a new project. This project would be a new...
1. Managers of CVS Pharmacy are considering a new project. This
project would be a new store in Odessa, Texas. They calculate that
the NPV for this project is -$300,000. What decision should the
managers make, and why?
A. Accept the project, because NPV is positive.
B. Reject the project, because NPV is negative.
c. Accept the project, because NPV is negative.
D. Reject the project, because NPV is positive.
2. Olympus Property Management owns two million square feet of...
Case study Project planning stage is the most challenging phase for a project manager. Managers need...
Case study Project planning stage is the most challenging phase
for a project manager. Managers need to make an educated guess
about resources needed to complete the project. A project manager
need to also plan and establish communications and procurement
activities, in addition he or she need to contract suppliers.
Select any project that you like (i.e. stating any type of
business). This is NOT a paper style of case. You are to report the
following issues as titles and...
Cash management is a very important function of managers. Companies need to manage their operations in...
Cash management is a very important function of managers.
Companies need to manage their operations in a way that they can
sustain growth and yet not run out of cash.
Consider the case of the Extensive Enterprise’s Corporation:
Extensive Enterprise’s Corporation has forecasted sales of
$30,000,000 for next year and expects its cost of goods sold (COGS)
to remain at 80% of sales. Currently, the firm holds $3,200,000 in
inventories, $1,900,000 in accounts receivable, and $2,600,000 in
accounts payable.
Approximately...
Cash management is a very important function of managers. Companies need to manage their operations in...
Cash management is a very important function of managers.
Companies need to manage their operations in a way that they can
sustain growth and yet not run out of cash.
Consider the case of Black Sheep Broadcasting Company’s:
Black Sheep Broadcasting Company’s is a mature firm that has a
stable flow of business. The following data was taken from its
financial statements last year:
Annual sales
$9,900,000
Cost of goods sold
$6,732,000
Inventory
$2,900,000
Accounts receivable
$2,200,000
Accounts payable
$2,600,000...
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Compare leadership and management? Provide examples of the
skills for both leaders and managers need to be successful? Can an
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Orcid Berhad is considering a project which requires an investment of RM200,000, and the managers are...
Orcid Berhad is considering a project which requires an
investment of RM200,000, and the managers are somewhat confident of
their estimates of all the project’s cash flow variables except for
unit sales.
Further, they consider a drop in sales below 30,000 units or a
rise above 50,000 units as being extremely unlikely.
The selling price per unit is RM20. The labor costs per unit are
RM8 and the material costs per unit are RM3. The fixed costs are
RM50,000 per...
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