Page 66 - DMGT521_PROJECT_MANAGEMENT

Unit 4: Project Analysis and Selection

Third, now that a portfolio of projects has been selected and evaluated, it is time to start planning Notes
and executing on the projects. At this point, project managers will identify the individual tasks
of the project, create a Gantt chart, allocate resources, and oversee the completion of the project.
This project management phase is normally where most of the focus is placed due to the time
and money involved in making sure that the project is delivered as specified.
Fourth, once the projects have been completed, it is time to launch the product or service.
Whether the product is a new piece of software or a new building, the Sponsors of the individual
projects need to accept and then use the deliverables of the projects. Did the projects satisfy the
predetermined objectives or were they over budget and late? This is the time to reflect upon the
projects themselves. Did the organization receive the benefits that it intended to receive?
Fifth, realize the benefits of the projects. Assuming that the projects were successful, now is the
time to sit back and reap the benefits of the hard work. The company should be seeing a positive
ROI from the portfolio and hopefully hand out bonuses to all of the executives, project managers,
and project teams that worked together to produce a great product.
Of course all of this sounds a lot easier than it actually is. Managing the entire process and
keeping everybody in the loop can be as challenging as executing on any one of the above tasks.
How do you keep the birds eye view while being in the trenches at the same time? How does the
Team Member know the objectives of the Planning Committee? What if something goes wrong?
Is there a process in place to fix the problem? At what point does a “good” project become a loss?
And finally, is there a tool that can be used by the Planning Committee, the Project Managers,
and the Team Members that can facilitate this process?
The answer to these questions can be complicated and deserve their own articles, but suffice it to
say that it can be done and organizations that learn how to do it will be more effective, innovative,
and competitive.

Self Assessment

Fill in the blanks:

11. The ………………… chosen must be judged in terms of the total product mix generated by
it, including saleable by products.
12. ………………… sources of data on livestock and forest products often do not provide a
dependable basis for estimation.
13. ………………… viability can often be fully financially viable on mechanism that provides
government support to reduce project costs.

4.10 Summary

 A project should earn sufficient return on the investment.
 Rationing refers to the conscious decision to exclude certain people from a service or
treatment that they need.
 Oregon has implemented an innovative health plan that rations health care by developing
a prioritized list of treatments.

 Forecast is an estimate of future events and trends and is arrived at by systematically
combining past data and projecting it forward in a predetermine a manner.
 Market and demand analysis of various types are undertaken to meet specific requirements
of planning and decision making.

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