ASSESSMENT 2: PROJECT SELECTION METHODS AND INITIAL DOCUMENTS
Table of Contents
PMBOK knowledge areas, impact and PMI’s Code of Ethics 2
Comparison of the project management practices and appropriateness 4
Project management tools and techniques 5
Introduction
A project is undertaken to meet an expected outcome and incur benefits that will improve the organizational practices. The project life cycle refers to the set of phases that has to be passed in accomplishing the initiated project duly. The study aims to explore the impact and importance of PMBOK knowledge areas and its significance to the project of Maxima LT. Maxima LT is the largest retail trader and the biggest employer of Baltic States with its number of shops. In relevance with the aim and objectives of Maxima LT this paper has been assessed against the management approaches of project along with the tools and techniques dwelling on the best practices of PMI codes of ethics.
PMBOK knowledge areas, impact and PMI’s Code of Ethics
In dealing with a project effectively it is critically important that the knowledge areas of PMBOK and its allied notions are illustrated duly. In relevance with the case of Maxima LT it is evident that facilities and improvement in each layer is required (Kuusisto, 2008). PMBOK knowledge area includes project integration, scope, schedule, cost, quality, resource, communication and risk. Apart from that the risk management tasks are associated with project procurement and stakeholder management. Each of the knowledge areas has its own significance in managing the project duly as it has pervasive and multifaceted impact on the practices in the most crucial manner. The most significant role of PMBOK is to facilitate and enhance the management insights into the project setting and assess the role of effective planning and programming management in different areas of project management.
Role of PMBOK knowledge areas
The PMBOK has implication in each area of project management that necessitates the improvement in the project management and making enhancements in the organisational expected outcomes in the most profound manner. The implication of work allocation, providing delegation and managing the entire organisational stakeholders directed towards the increased efficiency in adding differentiated product portfolio in the brand Maxima LT in the most successful manner (Meredith, Mantel Jr & Shafer, 2017). The areas of knowledge and the process group offer widened approaches and strategic concentration that creates facilities and enhanced accessibilities in the project initiation and other areas of project management in an efficient manner. It has been evident that Maxima LT is the largest retail trader that have differentiated product portfolio that needs further improvement in the research and development unit to make progressive approach in the practices in the most critical manner. The knowledge areas allied with the business practices and operational department needs further consideration dwelling on the organisational practices such as HRM department and managing the resources and capabilities of Maxima LT successfully (Harrison & Lock, 2017).
Relevance and impact in the project management and PMI’s code of ethics
In relevance with the implications of PMBOK knowledge areas and process group it can be evident that implementation of such methodologies accomplishes the criteria and successor the business practices in most comprehensive manner (Badewi, 2016). The quality management and procurement qualities of PMBOK influence the criteria that are to be met in the project with the significance of better enhancement techniques. It is administered that due to the inefficiencies in the project management scope of Maxima LT due to the insignificance of communication barriers and gaps the company would need better tactics to deploy the strategies of project management and differentiated capacity exploitation approaches (Kerzner, 2018). It has been evident that the significance of standardised norms in the business practices are to be enhanced that would in turn support the quality, risk and scope management of Maxima LT successfully. Additionally the procurement management terms are associated with the research and development unit requirements of the company in the most important terms. PMI’s code of ethics includes the important consideration and implementation of honesty, responsibility, fairness and respect for the ethical conduct during the project management. It is evident that Maxima LT seeks to continuous improvement and enhancement in the product life that can be encouraged with the underlying assumptions of PMI codes of ethics. These standards support the alignment of organisational objectives with project management tasks in the most critical order. Thereby the substantial changes required from the integrated project can be incurred and expected outcome be met with the implementation of such ethics and strategies successfully.
Comparison of the project management practices and appropriateness
In accordance with the case evident of Maxima LT it can be evident that despite of the significance of differentiated management approaches the company has been witnessing challenges regarding the management. Due to the challenges the outcomes are getting threats of adverse effects that are potentially harming the resource and capabilities of the retailer along with the procurement practices in the most crucial order (Lientz & Rea, 2016). Project management is a complex and complicated approach and the practices needs effective improvements due to the complications in incurring the performance objectives. It has been evident that the significance of product line improvement can create effective synergies and potential of fiscal action where changes in operational level, quality control and communication level has to be implemented. The project management practices applied in the Maxima LT projects lacks finishing as communication barriers are affecting the facilitations. Apart from that the lagging sufficiency in R&D unit is affecting the capabilities and resource procurement crucially. In order to successfully deal with effective project management terms Maxima LT needs effective approaches of methods and implementation of strategic tactics.
Utilisation of project management tools and codes of ethics along with the success areas of PMBOK can be induced with different manner as the significance of such practices have complex impacts in the way the results of the project are incurred and implemented in the organisational benefits in the most critical manner (Heagney, 2016). The project management methodologies induced in the project of Maxima LT can make further changes so that the appropriate results can be incurred. It has been evident that the project of Maxima LT lagged efficiency in the automated work process due to lack of integrate in the systemic optimisation of the managerial approaches and aligning organisational communication mechanism accordingly. Apart from that Maxima LT can achieve superior results in the organisational project facilities and developing effective communication channels with improved focus on the development areas. The project management terms are associated with the long term objectives and here in this scenario the appropriateness of the project management practices can be linked with efficiency brought in the performance and production objectives Maxima LT. In order to automate the services and relocate the business serving areas the company would require improvements in the mean practices of project management facilities and strategies. Thereby room for improvement can be witnessed from the management approaches and facilities of the tools & techniques along with the codes of professional conduct in Maxima LT.
Project management tools and techniques
Project management is a critical and complicated task that has different layers and each layer and phase demands for optimisation, observation and tactical management. The project management tools are intertwined with the knowledge areas aforementioned that facilitate the application of the areas and accomplish the role of knowledge group process successfully. It has been evident that the six sigma, total quality management, gnat chart, balanced score card and other can be duly implemented in incurring the best course of results in dwelling on the performance objectives of Maxima LT project management practices in the successful and strategic order (Blaskovics, 2016). The elements of six sigma includes define, measure analyse improve and control. The step comprised framework helps in making improvements and facilities in each layer of the project by mitigating the issues in each layer with great potential. In wider picture six sigma offers quality by enacting on the areas that needs better concentrations in the project. Similarly Maxima LT can witness progress in its recruitment and allied HRM practices by enacting on the project scope and in integration approaches. It has been evident that scope of the project can be improved if necessary steps are employed in the quality improvement terms of Maxima LT (Carstens, Richardson & Smith, 2016). Apart from that PMBOK knowledge areas are the important terms that can be deployed in Maxima LT to improve its efficiency and considerate performance objectives in the most successful order. Maxima LT can duly operate its recruitment and HRM practices along with the financial terms and other operational improvements if the steps of reproject management are executed with strategic terms.
Conclusion
Project management offers benefit and meets the expectation with aligned and systematic approach of objectives, knowledge areas, professionalism, tools and implementation of strategic objectives. In relevance with the project management terms of Maxima LT it can be stated that the company can witnessed significance of improvements in reducing cost operations, improvements in automation and facilitated communication if according changes are made in the project management practices. Thus, it can be concluded that the Maxima LT can operate more efficiently with its product line to a considerable level with proper implementation of project management perception.
References
Badewi, A. (2016). The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework. International Journal of Project Management, 34(4), 761-778.
Blaskovics, B. (2016). The impact of project manager on project success—The case of ICT sector. Society and Economy. In Central and Eastern Europe ǀ Journal of the Corvinus University of Budapest, 38(2), 261-281.
Carstens, D. S., Richardson, G., & Smith, R. B. (2016). Project management tools and techniques: A practical guide. CRC Press.
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.
Heagney, J. (2016). Fundamentals of project management. Amacom.
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.
Kuusisto, J. (2008, January). R&D in services – 17 business case studies (DG Research European Commission). Retrieved from https://ec.europa.eu/invest-inresearch/pdf/download_en/service_cases_071217c.pdf
Lientz, B., & Rea, K. (2016). Breakthrough technology project management. Routledge.
Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach. John Wiley & Sons.