Project Management Essay On Decision Making Skills
In this assessment, the student selects a project where principles of decision-making process in project
management is applied. The student needs to do research on the literature of project management and
understandthe best practices in project management. Cost is an important aspect in decision-making. However,
other than cost factor in delivering a project factor such as the sustainability factor in project management need
to be considered too.
The project management essay will ponder upon the aspects of project management where decision-making principals for development and optimization of the project will be evaluated. Many theories will be evaluated to extract proper findings in this regard. Findings obtained in the project management essay will be judged in the context of Sydney railway and the renewal of the surroundings. The scope of the project examined in the project management essay lies on its feasibility, sustainability and profitability to justify the development and optimization of a project.
Sydney CBD and South East light rail project is a renewal project which carries immense importance in it. The project targets to connect all the bus and rail station through its route to empower Moore Park for events. The characteristics of the project discussed in the project management essay clarify that it is a complex project to accomplish. The major three stakeholders of the project are New South Wells transport minister, NSW Government and Randwick City Council. Except for these major stakeholders number of stakeholders are involved with the process considering manager, supplier, contractor, workers and people (Oppong et al.,2017). A project cannot be properly developed without exercising an apt decision making principal. Choice of stakeholders and managing them properly depends on practice decision-making process. Selecting proper stakeholders are important as proper collaboration and cooperation among them with effective culture can only make such a project successful. Decision making principal regarding stakeholder shares the concern that the engagement of stakeholders is even an important factor for the optimization of the project (Truong et al.,2017). Different types of stakeholder demand several ways to be engaged. However, for each of the stakeholder knowledge of the project is a must. It is also discussed in the project management essay, major stakeholders and managers can be engaged with the project by several meetings to discuss the development of the project. People are an important stakeholder for the project. Thereby informing them about the project is important. Leaflets, newsletters are important mediums to connect them with the project. After a time interval, public info sessions can be facilitated to check the development of the project and to confirm the stakeholders about it. A website is the best way to engage all the stakeholders formally as except meeting the stakeholders can have all the details of the project through it. The railway project is renovating or redesigning some bus and train stations which can be impactful for the neighborhood. Thereby informing them about the time management of the profit is important. For the concerned project expected schedule is one year. The clarification makes the stakeholders motivated and informed with the project. Decision making principal considering stakeholder management even shares concern for having feedback from all as the feedback session can be more helpful in optimizing the project successfully (Bayerl et al., 2017). Stakeholders can access the website, public info session, mail or phone as a medium of offering feedback. Some stakeholders might take their feedback as confidential for which website is the best medium. Having feedback over the phone is a difficult one as the engagement of a person is required to receive the feedback. Further feedbacks over phone shares possibilities of incorrect or wrong feedback for which the recruited person needs to be trained to handle unnecessary objections. Considering the method email decision needs to be taken regarding when and how the email would be acknowledged. In this regard, stakeholders need to be careful to offer easy and clear content for the email. For public info sessions while taking any decision it needs to be remembered that the venue and the time of it need to be accessible for all. Media coverage is a must for avoiding any future issues in the context of stakeholder management. At the end of the process considering the railway project the received feedback need to be evaluated. Relevant and genuine concern like damaging daily routine by the project needs to be taken account with special concern. Majors stakeholders are the financer of the project and any causality from any stakeholder can be penalized by them. As per the readings considered in the project management essay, the decision needs to be taken in the planning session about time and cost management for obtaining a better report (Henri et al.,2016). Through consulting all the stakeholders respective perspective can be obtained through which decision can be taken for developing the project successfully. For Sydney railway project decision taken from stakeholders consultation that to make CBD more accessible to transform Sydney, 12 kilometres extension needs to proceed where it can pedestrians George Street for 1 kilometre with a redesigned bus network reducing 220 buses per hour to avoid the rush. The journey for students and staff would be improved and the council commits for 220 dollars for the project and would continue for 5-6 years commencing in 2014. Decision-making process illustrated in the context of project management essay even needs to take care of approvals the project needs to take to optimize. A renewal project can be a risk factor for environmental factors thus approval is needed by stating that the process would secure sustainability by minimizing waste. Maintaining transparency for received funds s accountability of manager. The scope of the project mentioned in the above section of project management essay needs to be clarified to the stakeholders where workers, managers and the public need to know the importance of the project.
What is the role of cost management in regards to the project management essay?
In the present project management essay, cost management is the most important factor for a project. Cost management per the decision-making principal even depends on taxation and depreciation (Steinmüller et al., 2019). The materials which would be used for the Sydney railway project would be depreciated with passing days and use. The concern is an important aspect for the cost management as an annual deduction has been done against income tax as per the depreciation concept. 200 dollar invested for the project and financial statement needs to reflect that calculating depreciation. The project would be going for 5-6 years thereby depreciation need to be calculated after that whiles the railway track would be used. Considering the nature of the project depreciation cost would be increasing as the railway track neither would be stopped nor sold in the near future. Decisions while framing the cost management need to share concerned for initial cost included sales tax. In order to secure sustainability for the project, depreciation needs to be calculated properly through two types of methods - Declining Balance method and Straight Line method. In order to reflect proper financial statement depreciation needs to be calculated with more details. In the cost management aspect engineer play an important role in the capital budgeting process (Warren & Jack 2018). Managers of a project are liable to accomplish all the development of the project where they often need to be prepared for capital budgeting decisions. A project discussing with all the stakeholders finding a profit from both financial and social perspective tends to continue with the project. The concern is referred as capital budgeting where investment and expected outcome is compared to judge the profit from the project. The concern is the most essential decision for a manager sustaining the interest of all the stakeholders. Sydney railway project is much profitable from a social perspective as it would initiate the living standard of the public. Thereby decision needs to be taken in the prospect of the financial aspect. Advanced features of the project equipped with the empowerment of the park help the project to be profitable. However, the decisions for capital budgeting process need to be taken on internally generated information where the concerned project exercising the commitment and expectation of the Government helps to identify the profitable aspect in it (Li et al.,2019). Accountants of the project explored in this section of project management essay further established the fact which gets further analyzed by the financial manager to secure feasibility regarding the project. Three types of investment are concerned with capital budgeting where the concerned project can be referred as an independent or single project. As the project is planned by rejecting the concept of only railway track expansion rather it takes care of another factor. The concerned project is a selected competing for engineering project where investment is done after obtained decisions (Kazimieras Zavadskas et al.,2016).
During taking the decisions regarding cost management manager needs to share enough concern that the cost structure needs to be made on three perspective- fixed cost, variable cost and incremental cost. For the project fixed cost is the salary of all the workers and managers whereas variable cost depends on the supply chain. Quantity of supply materials would decide the payable amount and incremental cost is the price of raw materials, machineries etc. The study developed in the project management essay signifies that the main motto of cost management is to decide lifecycle cost which includes all sorts of expenditure during the project. While taking a decision regarding cost management for concern project it needs to be taken care that the project would be running for 5-6 years and such a long period the value of money would be increased. With the passing days, the value of money even gets increased due to the currency exchange rate, inflation or interested. The budget thereby needs to be done flexibility securing sustainability in the process through the best use of the resources. For quoting all the stakeholders properly cost estimation technique needs to be integrated into the process (Shekhar & Kumar 2016). The estimation further would help time value of money by deciding adequate capital to sustain all the changes. It further puts pressure on quality management as it secures productivity in the process. However, the cost estimation process can be facilitated through Work Breakdown Structure, Cost and Revenue Structure and estimating techniques. The railway project examined in the project management essay is a multi-tasking project and thus need to be divided into different phases through WBS which would further help in evaluating cost and revenue structure by exploring cost for every phase and total outcome from the project.
Engineering economy as already stated helps in systematic evaluation y solving engineering problems. For this solution it suggests developing alternatives with the concern for the differences, a strategic though consistent viewpoint, definite measuring unit, to consider involved relevant criteria to explore uncertainty and risk. The solution came from reviewing all the decisions. For the Sydney railway project comparing alternative is a must process to check the feasibility and sustainability of the project. The most important alternative for the project outlined herein project management essay is dealing with only railway track or renewal of adjacent along with it. Considering the alternatives the decisions are taken to go for the investment alternatives as investment alternative can deal with five years-long projects effectively (Valliant.,2020). In this project management essay, for the project, the most important differences are the respective nature of the alternatives. Dealing with the project railway track only is easier than the complex renewal one (Ev & Ryzhenkov 2017). To decide from two different alternatives a constant viewpoint is cherished in the meetings and in public info session through which support came for the renewal judging all the relevant criteria like the standard of living, feasibility and profitability. The alternatives are even judged through the risk factors accustomed with the project where it has been seen that most risk factor is associated with time management, cost management and quality management for which strict monitoring needs to be facilitated. Reviewing with all the decisions and all the aspects the project is being chosen for development and optimization considering its profitability of two perspectives feasibility and sustainability (Muda & Hasibuan 2017). Financial profitability would come from the expected better living standard of public and more evens in the park whereas social profit directly is considered as uplifted living standard. Sustainability demands the best use of resources whereas feasibility judges duration of the project. The renewal one is most sustainable and feasible as it can serve the purpose of the project which expects and upliftment in surroundings.
The project management essay extracts important findings regarding decision making principals to develop and optimize the project successfully. For the concern the discussion provided in the project management essay proves that decision is most crucial for time, cost and quality management whereas principals are mostly required for cost management as other to aspects depend on the referred. According to the discussion done in this project management essay decision making principals confirm that to have a proper coat management capital budgeting process, engineering economy, cost estimation technique, depreciation and taxes and the time value of money needs to be taken in account. Further comparing alternatives and effective dealing with stakeholders are even referred to as decision making principals for the development and optimization of Sydney railway and renewal project sustaining profitability, feasibility and quality.
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