Implication of Budgeting on Contemporary Project Management

2022 ◽  
pp. 183-200
Author(s):  
Poonam Rani ◽  
Sangeeta Dharyan
Keyword(s):  
Project Management ◽  
Cost Control ◽  
Project Manager ◽  
The Other ◽  
Direct Impact ◽  
Introduction History ◽  
Financial Feasibility ◽  
Agile Approach ◽  
Specific Project

It is the total sum of money allocated for the specific project for a specific period of time. The goal of the project budget is to cost control. The objective of this chapter is to give the implication of budgeting on contemporary project management. The main focus of this chapter is to discuss the introduction, history, agile approach, etc. It has a direct impact on the company's financial feasibility. The research would discuss the approaches for the projects budget estimation and various steps for cost control. There are two types of reserves against risks: one is the contingency reserve for identified risk, and the other is the management reserve for unidentified risks. The project manager needs to be aware of existing resources acquisition policies, guidelines, and procedures. The author discusses the procedures for project budgeting and methods for evaluation of project budgeting.

scholarly journals Project Management Yinyang: Coupling project success and client satisfaction

2017 ◽  
Vol 4 ◽  
pp. 5523
Author(s):  
Greg Stewart Usher ◽  
Stephen Jon Whitty
Keyword(s):  
Project Management ◽  
Lived Experience ◽  
Client Satisfaction ◽  
Project Success ◽  
Project Managers ◽  
Project Manager ◽  
The Other ◽  
Language Games ◽  
Tightly Coupled ◽  
Paradox Theory

Our research applies paradox theory to a project management construct to help project management researchers and practitioners understand the tensions that can exist between project success and client satisfaction. Our research highlights that although project success and client satisfaction are both present within a project management construct, they also belong to different functional systems. Project success and client satisfaction have different systemic-discourses and use different language games to convey information. These distinctions can create latent and sometimes salient tensions within the project management construct that project managers must understand, embrace, and work with.We have used a Grounded Theory (GT) methodology to explore the lived experience of project managers, and from this have identified a phenomenon which we have termed project management yinyang.Project management yinyang is the state that exists when both project success and Client satisfaction are tightly coupled within the project management construct. Project management yinyang highlights that these two phenomena cannot be viewed as separate elements because the ‘seed’ of each exists within the other. And to truly achieve one, you must also achieve the other.Our findings indicate that in order to create project management yinyang the project manager must embrace a paradoxical yet holistic philosophy. They must understand the complementarity, interdependency, and structural coupling that exists between the positivist and interpretivist paradigms within the project management construct. They must understand how satisfaction (Yin) and success (Yang) are created through focus. Furthermore, they must understand how project management yinyang is separate from, but borne from, the convergence of the other two elements.

Project Manager’s Competencies in Renewable Energy Projects

2017 ◽  
Vol 6 (3) ◽  
pp. 19-25
Author(s):  
Екатерина Логинова ◽  
Ekaterina Loginova
Keyword(s):  
Renewable Energy ◽  
Project Management ◽  
Project Managers ◽  
Project Manager ◽  
The Other ◽  
Professional Experience ◽  
Engineering Project ◽  
Engineering Project Management ◽  
Energy Projects ◽  
Job Advertisements

This research examines renewable energy (RE) project manager competencies required by USA labor market using the analyses of project manager Internet job advertisements. It was realized by collecting and coding the requirements from the job advertisements in April 2017. 1500 vacancies were found by the website, but only 150 of them were relevant for this work (they were filtered according to some formal criteria). From the data obtained from advertisement analyses, the pool of job candidate’s competencies required by the market was compiled. The most common requirements were compared with IPMA and SOVNET competency standards for project managers. The research shows that companies are seeking a candidate with bachelor degree in engineering, project management and specific sectorial certificates, 6 years of professional experience related to project management. Some competencies coincide with the standards and the other are referred to specific RE skills.

scholarly journals Analysis of the Available Project Management Methodologies

2018 ◽  
Vol 23 (3) ◽  
pp. 1 ◽  
Author(s):  
Petar Jovanovic ◽  
Ivana Beric
Keyword(s):  
Project Management ◽  
Management Practice ◽  
Project Manager ◽  
Project Team ◽  
The Other ◽  
It Projects ◽  
Project Completion ◽  
Agile Methodologies ◽  
Complex Projects ◽  
The Right

The paper is an analysis of the available project management methodologies from the standpoint of their applicability. Our aim is to establish specific characteristics of the today available methodologies (PMS, APM, PRINCE2, YUPMA, etc.) that can ensure realistic foundations on which an adequate methodology for a certain group of similar projects can be defined. The use of an adequate project management methodology brings a numerous advantages and benefits to project manager and project team and it shows them the right route towards project completion. This paper gives a review of the most recognizable methodologies proposed and implemented in the project management practice. Specific features of these methodologies were analysed bearing in mind the possibilities of implementation. It was found that general characteristics of traditional methodologies (PMI, IPMA, APM,YUPMA) make them more adequate to be implemented in larger and more complex projects such as: investment, military, manufacturing, overhaul, etc. projects. On the other hand, general characteristics of agile methodologies lead to a conclusion that these methodologies are more suitable to use for IT projects as well as for some smaller and less complex projects, such as devising various studies, project reports, etc. The research presented in this paper should be treated as a basis for further research oriented towards defining specific methodologies adequate for certain groups of similar projects.

ERP Implementation

2013 ◽  
pp. 110-127
Author(s):  
Vladimir Kovacevic
Keyword(s):  
Oil And Gas ◽  
Well Being ◽  
Project Manager ◽  
Lessons Learned ◽  
High Rate ◽  
Direct Impact ◽  
Leadership Communication ◽  
Erp Implementation ◽  
Erp System ◽  
Specific Project

Considering the high rate of failures in ERP implementation projects, there is an urgent need to identify the causes of such failures and the preventing actions associated with these causes. ERP practitioners and academics are unanimous that competencies and abilities of the ERP project manager have a direct impact on the project and its well-being. In fact, it is widely accepted that specific project manager’s attributes such as oversight, leadership, communication, problem solving, and conflict-resolution are critical to the success of ERP projects. This case highlights some of the important issues and challenges that the author has encountered as a project manager of ERP system implementation in an Oil and Gas company in Kuwait. The focus of the case is on lessons learned and tips that can be handy and useful for people who may resume this important role in implementation projects.

PROJECT MANAGERS' RESPONSIBILITIES IN MULTIDISCIPLINARY COLLABORATION PROJECTS: A CASE STUDY IN EDUCATION

2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Silvia Mazzetto
Keyword(s):  
Project Management ◽  
Project Success ◽  
Project Managers ◽  
Project Manager ◽  
The Other ◽  
Close Correspondence ◽  
Collaborative Project ◽  
Multidisciplinary Collaboration ◽  
College Of Engineering

The success of a project is not only built upon the performance of the team involved but also on the contribution of the project manager and the other participants such as the client, stakeholders, consultant, suppliers, and authorizing bodies. In particular, the project managers' contribution in coordinating and leading the participants is fundamental to the project success. The research hypothesis addressed in this paper is to investigate how a multidisciplinary collaboration experience between two departments, using a Work-Based Learning (WBL) method, can improve students' training while handling responsibilities in project management. This paper presents a practical approach to the teaching of Project Management, based on multidisciplinary collaboration protocol developed by the College of Engineering at Qatar University. Collaboration between two Project Management courses was repeated for two years, involving students of both disciplines in a joint assignment (a collaborative project). During the experience, the project managers' responsibilities were analyzed and evaluated by the students. Outcomes of the study show that because there is a close correspondence between project manager's skills, interpersonal action, and readiness to take responsibility, the success of a project is strongly influenced by the capabilities of its leader. The paper meditates on the contribution of the multidisciplinary experience in developing students' capabilities and responsibilities when working on a collaborative project, improving entrepreneurship's performance and building new ways of collaboration in higher education.

scholarly journals EVALUATION OF CRITICAL SUCCESS FACTORS FOR CONSTRUCTION PROJECTS – AN EMPIRICAL STUDY IN LITHUANIA

2013 ◽  
Vol 17 (1) ◽  
pp. 21-31 ◽  
Author(s):  
Neringa Gudienė ◽  
Audrius Banaitis ◽  
Nerija Banaitienė
Keyword(s):  
Project Management ◽  
Literature Review ◽  
Construction Projects ◽  
Critical Success Factors ◽  
Success Factors ◽  
Project Manager ◽  
Management Team ◽  
Team Members ◽  
Critical Success ◽  
Survey Results

This paper aims to identify a comprehensive list of critical success factors for construction projects in Lithuania. Based on the available literature review, this paper identified 71 success factors under 7 broad groups. Based on the survey results, ten factors including project manager competence, project management team members' competence, project manager coordinating skills, client clear and precise goals/objectives, project value, project management team members' relevant past experience, project manager organising skills, project manager effective and timely conflict resolution, client ability to make timely decision, and project manager experience were determined as the most important success factors for construction projects. These critical success factors are of great significance both to researchers and industry practitioners.

scholarly journals Managing an Integrated Project - Experiences from the Realigning Agriculture to Improve Nutrition project

2016 ◽  
Vol 3 ◽  
pp. 5035 ◽  
Author(s):  
Kai Matturi ◽  
Chris Pain
Keyword(s):  
Project Management ◽  
International Development ◽  
Project Manager ◽  
Management Approach ◽  
Development Projects ◽  
Donor Funding ◽  
New Approach ◽  
Working Together ◽  
Common Goals ◽  
Integrated Project

Over the last number of decades there has been a tendency within the international development sector to privilege the management of projects in a siloed manner. This translates to projects managed in a narrow way according to pre-defined parameters of say the education or health sectors. As a project manager you are held accountable for delivering education or health outputs. A shift in donor funding to focus on development projects that are considered easy to administer partly explains this siloed approach to project management within the development sector. However, there is a gradual kick back against the siloed project management approach. Instead we are seeing a return to an integrated managerial approach.An integrated managerial approach involves bringing together various technical specialists to work on common objectives in a coordinated and collaborative manner. A growing number of development actors such as Concern Worldwide are embracing this ‘new approach’. For Concern Worldwide integrated projects are interventions which address multiple needs through coordination across a variety of sectors and with the participation of all relevant stakeholders to achieve common goals. Integrated projects are about sector projects working together with the same target group in the same area in a coordinated manner. This paper reflects on Concern’s experience and evidence to date with integration drawing on the agency’s work in Zambia. The Realigning Agriculture to Improve Nutrition project in Zambia highlights the practical challenges and lessons of managing an integrated project.   

scholarly journals ROLE OF EFFECTIVE PROJECT MANAGEMENT IN REDUCING DRUG DEVELOPMENT COST

2017 ◽  
Vol 10 (3) ◽  
pp. 53
Author(s):  
Faisal B A Zaidi ◽  
Salma Ahmed ◽  
Munish Makkad
Keyword(s):  
Project Management ◽  
Drug Development ◽  
Site Selection ◽  
Late Phase ◽  
Critical Role ◽  
Project Manager ◽  
Development Cost ◽  
The Cost ◽  
Patient Enrollment

ABSTRACTPharmaceuticals are passing through the difficult phase due to increasing numbers of patents expiry along with increasing cost of drug development.Protocol design, regulatory cycle time, site selection, patient enrollment and monitoring are some of the cost contributing elements for late phaseclinical trials. This paper applies the principles of project management and suggests means to reduce the cost of late phase drug development. It alsothrows light on the critical role that a project manager can play in overall drug development process.Keywords: Cost of drug development, Effective project management, Reduction in cost of drug development.

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