Key Areas and Processes
Reading samples Learning outcomes of the unit Learnings from your weekly study, experience, this and prior unit readings and assignments Supporting documentation including any prior learning
Mandatory Readings
- Smith Chapters 6;
- Chapter 26 from Edwards J. D., Hermanson R. H., Ivancevich S D. (2010) Accounting Principles Vol 2: Managerial Accounting;
Brisbane Airport New Parallel Runway Funding Facts; 1.Review using clear terminology the key areas and processes of project, program and portfolio management practices as applies to asset rich organisations. Key areas and processes in project, program and portfolio management include various aspects like finances, schedule, human resources and others. However, for asset rich organisations, the primary key area is finance. Smith in Chapter 6 has discussed about the financial aspect of project, program and portfolio management especially for the asset rich organisations who always emphasize on the expenses and cost benefits from a project. However, the author has discussed some high level aspects including complex financial calculations and requirements for the organisations. The author has also presented several risks and issues that are associated with the finances in projects.
Some other units and literary sources have also provided significant insight on project finances and various related factors.
The project case study of Brisbane Airport New Parallel Funding has been analysed in order to determine the associated financial aspects and the risks faced by the organisation during the project. PPMP20013 Unit Profile
Mandatory Readings
- Smith Chapters 6;
- Chapter 26 from Edwards J. D., Hermanson R. H., Ivancevich S D. (2010) Accounting Principles Vol 2: Managerial Accounting;
Brisbane Airport New Parallel Runway Funding Facts; 2.Discuss the relevance of tools and techniques for investigating and describing project process related to developing new workings, facilities, equipment, plant and processes for justifying, designing, developing, or maintaining existing facilities and equipment within the context of their technological and asset lifecycle status. Various tools and techniques are utilized in different project management aspects including new workings, facilities, equipment, plant and others. The main objective of using these tools and techniques is to develop an elaborate as well as accurate project management plan. Generally, these components are included within the project charter and various tools and techniques that are used include Gantt chart, work breakdown structure, cost breakdown structure, top down and bottom up estimation technique, risk register matrix, resource plan, human resource allocation plan and others. All these tools and techniques play very major roles in the project planning and hence, it is important to develop them accurately for the project.
The project case study used is analysed and it has been found the various tools and techniques of project management have played major roles during the planning and development phase. PPMP20013 Unit Profile
Mandatory Readings
- Smith Chapters 6;
- Chapter 26 from Edwards J. D., Hermanson R. H., Ivancevich S D. (2010) Accounting Principles Vol 2: Managerial Accounting;
Brisbane Airport New Parallel Runway Funding Facts; 3.Present and interpret major processes that are based on sound policy, information, and research that enable project justification, tenders, contracts, and selection criteria to occur in an asset rich organisation. From the study of Smith’s work (Chapter 6), it has been found that there several major processes in project and program management that involve information, sound policy and research. The main part of the work involves large scale commercial projects and hence, includes different aspects like tenders, contracts and selection criteria. For small and medium scale projects, these aspects do not have much effect and are more or less insignificant except in special cases. However, in large scale projects like the Brisbane Airport, these aspects play very major roles and moreover, major risks are involved. If these risks are not solved or mitigated, they can have severe financial losses to the parent organization. PPMP20013 Unit Profile
Mandatory Readings
- Smith Chapters 6;
- Chapter 26 from Edwards J. D., Hermanson R. H., Ivancevich S D. (2010) Accounting Principles Vol 2: Managerial Accounting;
Brisbane Airport New Parallel Runway Funding Facts; 4.Critically analyse management strategies and operational activities from a broad perspective to ensure safety and quality, to avoid overruns or rework, to manage variations and claims, and to make decisions to discontinue or close projects. Operational activities and management strategies are significantly decisive for the success or failure of a project or program especially in the large scale commercial projects. Smith discusses the importance of management strategies in the progression and success of a particular project. According to the author, management strategies are often most decisive factors and can result in success or failure of project by itself. Operational activities are the regular operations of the commercial organization and any project associated with the organization must align with the operational activities. Hence, it is also evident that the management strategies must be developed based on the operational activities that are conducted in the organization. Furthermore, the management strategies should also involve efficient and timely delivery of work, following client requirements in order to avoid overruns and rework and make appropriate and feasible decisions throughout the course of the project. PPMP20013 Unit Profile
Mandatory Readings
- Smith Chapters 6;
- Chapter 26 from Edwards J. D., Hermanson R. H., Ivancevich S D. (2010) Accounting Principles Vol 2: Managerial Accounting;
Case Study
- Brisbane Airport New Parallel Runway Funding Facts; 5.Demonstrate an effective, professional level of teamwork and communication and support collaborative peer group learning. Collaborative peer group learning is an important requirement in the group based projects where a large number of activities need to be managed. It is often impossible for one team member to execute all the tasks all at once and hence, involvement of multiple personnel with diverse skills sets is necessary. Furthermore, it is important to build up suitable level of professionalism, team bonding, communication and support especially while tough challenges are faced during the work. One team member may face some challenges that he may not be able to solve and in such cases, team work should be prioritized. Again, with extensive team work throughout the project, the overall project time is also significantly reduced. However, in order to build up sufficient team coordination and collaborative peer group learning, it is important for the team members to know each other well and communicate with each other throughout the project. PPMP20013 Unit Profile
References
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Khan, A. A. (2017, September). DHS Financial Management: Improved Use of Best Practices Could Help Manage System Modernization Project Risks, Statement of Asif A. Khan, Director, Financial Management and Assurance, Testimony Before the Subcommittee on Oversight and Management Efficiency, Committee on Homeland Security, House of Representatives. In United States. Government Accountability Office (No. GAO-17-803T). United States. Government Accountability Office.
Purnus, A., & Bodea, C. N. (2015). Financial management of the construction projects: A proposed cash flow analysis model at project portfolio level. Organization, technology & management in construction: an international journal, 7(1), 1217-1227.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
