1. Management- What core values should well performing project managers employ?
ID: 334888 • Letter: 1
Question
1. Management- What core values should well performing project managers employ? How do these characteristics add value to a project and which attributes should managers avoid when leading a team?
2. Risk- How does risk influence the decision of organizational executives in program/ project management? What principles are likely considered when determining how risk is managed after decisions are made?
3. Project Life Cycle- The five process steps (or groups) for managing the life cycle of a project delivery are: initiating, planning, executing, controlling and closing. Please define each of these steps and how they integrate with one another throughout the life cycle of a project.
Explanation / Answer
The core values that a manager should follow in order to be able to better handle the tasks presented to them are honesty, sincerity, leadership quality, ethics, punctuality, empathy, understanding, experience, virtue and a goal-centric approach. These characteristics essentially allow the business process to be conducted with utmost precision, issues can be resolved, good communication can be employed while essentially being able to handle project deadlines, requirements for managing the staff, conducting regular performance reviews and essentially taking over all the process that a company required in order to be able to perform in a project.
Risks are an integral part of the daily business process that a manager has to mitigate in order to successfully complete the project under the assigned time. What this means is that every decision that is critical in nature involves weighing the risks and effectively manage them in order to be able to counter the effects it has.
Risk analysis and mitigation requires:-
Analyzing the situation according to the given variables.
Looking for possible options.
Comparing the different options on their merits.
The principles that will be involved are:-
Determining the type and class of risk.
Analyzing the exposure and the hazard.
Analyzing the risk on the basis of the qualitative and quantitative approach
Applying the correct procedure.
The different phases of project life cycle are;-
Initiating: can be thought of as the implementation stage, this is where the general ideas are drawn, project parameters are defined and essential decisions like project charter, project team and deliverables are defined.
Planning: can be thought of as the process of acquiring all the necessary resources, plans in order to be able to successfully complete a product. This includes the planning of intent for the purpose, why and how of product design and developing the plan, budget and other work schedules.
Executing: can be thought of as the implementation of all the planned structures. It includes implementation as well as utilization of new plans while following the old ones, making the use of all the services and essentially doing so while managing cost.
Controlling; can be thought of as providing the support to all the possible functions while essentially maintaining the functionality in order to receive optimum benefit from the process at hand (development of the project)
Closing: can be thought of as the activities that are required in order to be able to bring the development to a close. It also contains entities such as reviews, Administrative duties, Dealing with the customers and delivering the project to be able to essentially allow the completion of the project.
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