Project Management Essay Example

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As a global content agency, we present you an example of Project Management Essay, written by our expert writers. Look at the below paragraphs to deepen your knowledge and analyze the sample essay, titled as “Product Design and Development.”

Project Design and Development

Project Management Essay: Introduction

This paper discusses the projects' architecture, the layout of the task networks, and the effect of the projects on the customer. It also addresses early beginning dates, latest finishing times, vital ways and market relationships of lead time and prices in depth. Throughout the article, it is clear that the design of a project is a significant factor in a company's performance, and the appropriate resources and approaches should be used, and consumer demand is taken into account.

Project Design

The planning of projects plays an essential part in supporting project managers, sponsors, teams, and stakeholders through other project phases. The plan is necessary to define target goals, minimize costs, avoid missing deadlines and eventually deliver the excellent service or result decided upon. Project efficiency is almost inevitably assured to fail without proper preparation. The Center for Project Management reports that by 2017, with every $1 billion spent, the organizations lost $97 million due to lousy project performance (Gray & Dodge, 2008). The project preparation involves a broader mission to be split into assignments, a project manager, and a timeline to be accomplished. In this process, within the overall project, one must set smaller targets such that everything is completed within the period.

The preparation and scheduling of projects is an integral part of project management independent of the technique used. The former team information related to the new project can be easily obtained using management schemes. Project managers can also conveniently establish a consistent management plan and prioritize project success tasks. Tasks like allocating resources, identifying dependencies, setting deadlines, and project deliverables can quickly be completed in no time using project management software (Gray & Dodge, 2008). Every useful project management tool has the features to ease planning while a good start sets the groundwork for a productive project.

Activity Timeline

Sometimes it is more than obvious why a project is behind schedule, but this is not always the case. If one doesn't correctly define that the project is behind budget, the actions one follows to get ahead could be incorrect, and the outcome may be catastrophic. In some way, one doesn't give the patient an aspirin if the gastritis is present, which only aggravates his situation (Lynam, 2011). The same thing can't be achieved with project management if one doesn't know what he is working with.

The choices differ according to the reasons why the project is behind schedule. The options listed here are in no apparent order, and one or more of them can be used in certain situations (Lynam, 2011). Many or all of them are also often possible, but the results differ, and in this case, the task is to find the best solution that could be the least unlikely choice.

Perform overtime: Overtime is always the only way to keep up with it, mainly when the delay is slight. Start with this calculation if overtime for a brief duration is scheduled, and it doesn't cost much. All you need could be overtime.

Extend the time limit: If there is no way to delay and pay, one can seek to prolong the deadline. This is possible in many cases, mainly if the delay results from a force major that no one could foresee (Lynam, 2011). When the date is delayed, but, neither customer nor manager loves it, they only embrace it because it is the least inconvenient.

Table 1. The sequence of the activities along with slack calculations

Activity Duration(Days) Earliest Start Date Latest Finishing Date Slack Time
A 10 0 10 10
B 14 0 14 14
C 11 10 31 21
D 5 14 34 20
E 15 14 34 20
F 20 14 34 20
G 8 31 39 8
H 12 19 31 12
I 16 39 60 21
J 10 39 60 21
K 21 39 60 21
L 6 39 45 6
M 9 49 69 20
N 12 45 57 12

Figure 1. Activity Network Diagram

1 3

Figure 2. ESD and LFD

2 3

Figure 3. Gantt Chart

3 2

Figure 4. Critical Path

4 1

Customer Influence

Often, businesses view production as a cost center that aims to minimize prices and to operate productively. Simultaneously, the promotion is evaluated as a demand regulated sales center and other promotion elements. It's not always a successful technique, though (Palaka & Kropp, 1998). Dividing an organization into separate divisions for calculating accounting results will result in misaligned rewards and poor system performance. Production and marketing incentives need to be aligned with the company goals and objectives. When manufacturing and marketing work together to achieve objectives according to customers, business performance is improved.

Both departments' decisions and actions involve the two prominent aspects of customer service, price and lead-time. Leadtimes and cost controls are two "necessary cooperation but a potential conflict" areas for marketing/manufacturing (Palaka & Kropp, 1998). All too often, the various divisions of large companies fail to report on important business decisions.

John C. Wu discusses the strategic value of organized promotions and activities. Former Kozmo.com President Kozmo.com was a web dealer promising in one hour to deliver every order. Despite the high cost of delivery arising from their service dedication, competitive rates were provided to consumers. Kozmo.com went out of service. Not surprisingly. According to AMR Report, price management firms are leading the way by centralizing their pricing role and changing sales opportunities to provide profit and not just quantity.

Lead-times and Price Decisions

Although shorter lead times can attract more customers and generate more demand; its production resources are under pressure. On the other hand, if cheaper rates are given, consumers might be able to wait longer. Hence, the company can find it more desirable to sell consumers shorter lead times at the cost of higher pricing ranges and vice versa, based on business dynamics and their present workload. To capture price-time trade, demand can be modeled by customer pricing and customer lead time sensitivity (Palaka & Kropp, 1998). Depending upon their rewards (objective functions), the decentralized environment makes the output a lead-time subject to a service-level restriction, whereas marketing opts for a profit.

The model in which development and commercialization/sales agree on lead time and quality, particularly for proven production processes with fixed capacities, is applicable in a variety of sectors. In practice, the primary input (or decision) for the lead-time quote usually comes from production, even if it is notified via sales/marketing to customers and the price quota (Palaka & Kropp, 1998). On the other hand, as the chief, before transmitting the allowance to the consumer, the marketing will influence the first time deciding on the production through its price determination based on potential demand produced.

Project Management Essay: Conclusion

In summary, this paper examined project design, activity network diagram, and customer influence on the project design. It also discussed the earliest start dates, latest finish dates, critical paths with illustrations and lead time price relationship in detail. Throughout the article, it is evident that project design plays a vital role in the success of a product, and while designing necessary tools and methods should be used. Customer demand should be taken into consideration.

References

Gray, R. M., Cook, M. B., Natera, M. T., Inglis, M. M., & Dodge, M. L. (2008). Project Management: The. In Managerial Process”, McGraw-Hill.

Lynam, J. R. (2011). U.S. Patent No. 8,063,904. Washington, DC: U.S. Patent and Trademark Office.

Palaka, K., Erlebacher, S., & Kropp, D. H. (1998). The lead-time setting, capacity utilization, and pricing decisions under lead-time dependent demand. IIE transactions.

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Baris Yalcin
Baris Yalcin
Content Editor at Tamara Research. Movie and music addict. Bachelor's degree in Translation and Interpreting.

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