In the competitive world, there has been increased demand by manufacturers to produce products that are commensurate with the needs and desires of the customers. In order for the management of that organization to meet those needs, they been instructed to carry out extensive research on how these activities are undertaken so as to maximize profits for their organization.
Project management refers to the process that is followed in order to create a unique product or service for an organization. It has a definite start and completion date so that all deliverables that are required for a project are effectively taken into account by the management of an organisaton.The main challenges that are faced by most project managers are those of trying to achieve the desired goal and objectives of an organization and adhering to the four constraints of a project that is time, cost, quality and scope. The other challenge is that of following the stages required in the project management process lifecycle such as; knowledge areas, initiation, planning, execution, monitoring, controlling and closing.
Palmstar Enterprises Inc is a leading company that manufactures handheld computers. Its management has been planning on how to develop a new product known as the 2000c that would increase the sales volume, revenue and profits of the company.
The factor that has been having a larger impact on the Palmstars company profits
The increase of the project budget by 30% was a more positive move since increasing its budget would have a greater impact on improving the outputs of the company. This is because they could employ qualified personnel within the organization that could contribute to the success of the organization and customers could easily access the products in the market as compared to when the project would be delayed since it has been stated whether the project manager would received all the materials to complete the projects.
The major limitation of a project is that the project manager cannot control the way its activities are carried out within the stipulated period of time. Its other limitation is that the quality of a project in most cases depends on the efforts that are applied on a project. The time spent on the projects can not significantly contribute to the success of an organization since increasing the budget of an organization is much better as management of the company could be in a position to pay its employees that would hasten the completion process for the project (Whitty, and Schulz, 2007).
The other factors that one would consider apart from profits
There are other factors that can contribute to the success of a company such as, cost, scope and time. It has been noted that the end result of a project would be achieved through taking into account several factors such as; cost, scope, time constraints of a project.
Time constraint refers to the time that is spent in order to complete a project. In case of the time constraint of a project, the task of a project is calculated on the basis of the priority that has been accorded on a project, dependencies between the task identified and the information that is documented on the projects schedule. The dependencies of the tasks can affect the time that would be taken to complete a project and the raw materials needed to complete the tasks that had been assigned to a project.
Costs constraint is the amount of money that has been budgeted to be utilized in order to complete a project. A project manager incurs the following costs when developing a project include costs such as the; resource costs, labor rates, material rates, risk management, earned value management, cost escalation, indirect costs and profits. The other costs are the economic costs that are incurred as a result of hiring new employees within an organization so as to undertake the tasks that have been assigned to them. This factor is important since if well utilized it increases the sales volume of the company’s rate of output (Whitty, and Schulz. 2007).
Scope constraint refers to the end result that is achieved after a project has been completed within the stipulated period of time. The major component of the constraint is that it addresses how good quality projects will be undertaken within a stipulated period of time.It also utilizes the time constraint since an individual task may take more time so that its quality can be effectively implemented within an organization.
Risk is another constraint that can be managed by the project team since it uses the estimation and response planning techniques that enhance the way the operations of an organization should be undertaken. It is an important tool for evaluating and implementing a product within an organization.
The factors that Palmstar Enterprises should take into account in order to overcome the problems within the organization
The management of the company should have considered factors such as integration, communication, human resources, quality assurance, schedule development and procurement so that goal and objectives of an organization could be effectively implemented. It should also follow the following stages in order to ensure that good projects are prepared within the stipulated period of time (Whitty, and Schulz, 2007).
Initiation stage
In this stage the scope and nature of a project is developed. The factors that are taken into are; controls that help one to understand the business environment, those of making sure that the controls are incorporated within a project and in case of any deficiencies they are reported at this stage.The areas that are addressed at this stage are; analyzing the business needs in measurable goals, reviewing the current operations, determining the conceptual design of operation of a final product, financial analysis of the costs and benefits of a project.
Planning stage
This is the stage where a small prototype is prepared that resembles the final product. It’s tested by testers and end users that determine whether it is operating effectively or not. Controls are put in place so that final product meets the required specifications of the project. The results of this project are later on tested so as to meet project sponsor and end users needs to ensure its effectiveness, functions as intended and can be produced within the quality standards that have been set up by the organization.
Executing stage
This is the stage where project management plan is prepared and it’s viewed so as to ensure it meets the requirements of the end users. This process involves coordinating people and resources, integrating and performing the activities of the project as per the project management plan (Whitty, and Schulz, 2007).
Monitoring and controlling
This stage involves observing the way a project is been executed so that in case there are any problems been identified, they can be pointed out in timely and corrective measures taken effectively. The activities that are undertaken at this stage are; measuring the ongoing project activities, monitoring project variables, identifying corrective actions that can be address key issues and risk and also the influencing factors that can circumvent the integrated change controls so that only approved changes are implemented within an organization.
Closing stage
This is the stage whereby the end users approve the activities.The activities that are carried within the stage are; archiving a file and also documenting all the lessons that should be followed within the stipulated period of time.
The ways and means in which the results of this company could be generalized in other situations
It has been noted that for all organizations to achieve their goals and objectives, they should carry out extensive research on all the resources that are needed. In case of Palmstar Enterprises Inc, its implementation of 30% budget was a positive move since the management was in a position to employ competent employees within the organization that brought change as it would produce 200,000 units at an initial price of $450 and its demand would increase to due customers accessibility of their products in the market. All organization should follow project management stages in order to meet the requirements of an organizations goals and objectives, although there are some companies that complete their tasks before going through all the stages in the organization.
Project management process is a useful process if implemented within an organization since managers can be in a position to analyze and implement policies that are desirable for an organization at the appropriate time hence more revenue can be generated within an organization. It can also help an organization to produce quality product that meets the needs of the customers
References
Thayer, Richard H. and Yourdon, Edward (2000). Software Engineering Project Management, 2nd Ed., Wiley-IEEE Computer Society Press. ISBN 0-8186-8000-8.
Whitty, S.J. and Schulz, M.F. (2007). The Impact of Puritan Ideology on Aspects Of Project Management. International Journal of Project Management, 25 (1) 10-20.