Project Management Report

Project Management

Effective project management remains to be the aim of every project management team in any industry. TeleMeck being a famous Telecommunication industry providing IT professional services, was headed by experienced managers who ensured its success. The company had an excellent financial performance during its initial stage; however, its financial performance gradually declined. The company’s most loyal clients raised complaints concerning the timely delivery of services and poor communication system. The company's project manager concluded that its department had poor project deliveries and planning, risk management strategies, unqualified procurement team, ineffective communication channel, and non-functioning mitigation policies.

A proper communication system is a key to timely delivery of services and supplies, collection and storage of project critical information. Effective information channel ensures proper association between ideas, people, and communication resulting in the project's success (Burke, 2013). Every project management team member must be able to send and receive information and be able to analyze and interpret how the available communication plan affects the success of the project. According to Walker (2015), project success requires understanding the stakeholders' and consumers' communication and information needs, and availing the required information on time helps satisfy the stakeholders' needs. Adequate information ensures project completion. General communication skills are, therefore, necessary in every organization. Improper communication results in delays when passing messages and when delivering critical information. Passing vital information to the wrong audience may expose the company’s useful data making it vulnerable. Effective communication channel means that the available information is right and delivered at the right time and the right people. Proper communication analysis, technology, models, and methods are linked to project success.

An elaborate risk management system entails performing correct risk management, analysis, identification, monitoring, and response and control plan. Project risk management goals in any organization are to maximize on likelihoods and outcomes of complementary activities, reducing negative situations (Meredith, Shafer & Mantel, 2017).  Plan analysis, identification, response, and control are essential to project success. These processes associate with each other to attain the objectives formulated. Team interaction and involvement is necessary for the achievement of the development goals. Project risk management is always a future investment plan since it involves activities that are likely to happen. Risk occurrences may affect the progress of the project either positively or negatively.

Project risk may occur if the project team takes a longer period to design a working plan. The risk management team should be in a position to take advantage of any emerging business opportunity. If any risk occurs, the project schedule, cost, and performance may be altered. In 2013, Burke proved that risks might result from the organizations' internal activities, such as inadequate project management skills, managing different projects simultaneously, a flawed management system, and over-reliance on external efforts to succeed. Every project manager should be prepared for occurrences of risks within the company.

Additionally, project risks include all opportunities and objectives aimed at realizing the organization's vision and mission. A risk management plan contains those risks that are likely to happen. Such risks should be identified and analyzed to ensure possible to budget with the available resources. A contingency plan is crucial when formulating a risk management plan. These project risks can be considered as emerging issues. Stakeholders and the organization should, therefore, be ready to welcome any risk. Risk tolerance ensures that only those risks that are bearable are considered. However, a project manager should tolerate only those risks that balance with profit attained by accepting the risk. For example, introducing a fast track plan to complete the underlying project right on time is a risk-tested plan to ensure speedier completion. Getting into a project without identifying the possible risks and their impacts my result to failure of the project.

Every organization needs a procurement management plan that states how the procurement logistics will be conducted and managed. Determining the type of contract involved is essential for every enterprise's success (Kerzner, 2017). The organization should have procurement documents. A functional procurement management system is needed to obtain goods and services aimed at promoting the company’s success. An elaborate project procurement plan ensures a good relationship between the buyer and the seller. The relationship between the buyer and the seller may occur in different stages. Understating the scope, product description, market condition, and procurement resources help identify project requirements. According to Fleming & Koppelman (2016), selecting a procurement strategy helps determine the proposals and objectives' score. Project success is also tied to business warranty, production capacity, and organization type and size. Execution of the right source, seller proposals, decision-making impacts on the success of the project.

TeleMeck project manager identified various criteria to handle the decline in profitability, consumers, and stakeholders' complain. The manager decided to recruit certified and experienced project team members to solve the issues raised. The manager revolved to hire candidates with five years of working experience and have a broad knowledge in handling finances, managing risks, organizing effective communication, and developing the right procurement strategies.  However, the situation never changed even after hiring a new project team to take of the current issues affecting the company’s success. Replacing the current project team with a new team was unnecessary since it never changed anything other than depleting its resources. Training the by then project management team could have solved the situation since they had a better understanding of the company’s goals and strategies. The newly took a lot of time to familiarize with the company, its objectives, plans, and tools. The replaced team also had a better understanding of the company’s policies.

Managing a project is not an easy task as it involves a lot of thinking and procedures. Understanding the right tools and techniques needed for project success is sometimes challenging and involves trials and errors before coming up with a working plan. Formulating an operational plan entails monitoring and implementation of plans to meet the objectives put in place. A proper communication channel between the management team and stakeholders performs a great role in ensuring that the two parties reach a typical result. It is important to Srelate to each member of the team by engaging them regularly.

Reference

Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA26.

Meredith, J. R., Shafer, S. M., & Mantel Jr, S. J. (2017). Project Management: A Strategic Managerial Approach. John Wiley & Sons.

Walker, A. (2015). Project management in construction. John Wiley & Sons.

Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.

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