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Mgt501

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MGT 501 Homework 1
Wanli Huang 9777 1. Define a project. What are five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization?
A project is a temporary endeavor undertaken to create a unique product, service, or result. Projects have a defined objective, A defined life span with a beginning and an end, the involvement of several departments and professionals, doing something that has never been done before, Specific time, cost, and performance requirements. 2. What are some of the key environmental forces that have changed the way projects are managed? What has been the effect of these forces on the management of projects?
One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. The threat of global warming has brought sustainable business practices to the forefront. The last decade has seen a dramatic restructuring of organizational life. Downsizing and sticking to core competencies have become necessary for survival for many firms. Increased competition has placed a premium on customer satisfaction. 3. Why is the implementation of projects important to strategic planning and the project manager?
Projects are the modus operandi, strategic alignment of projects is of major importance to conserving and effective use of organization resources. Selection criteria need to ensure each project is prioritized and contributes to strategic goals. Anything less is a waste of scarce organizational resources—people, capital, and equipment. Ensuring alignment requires a selection process that is systematic, open, consistent, and balanced. 4. The technical and sociocultural dimensions of project…...

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