MCR007 Transcript Theory of Project Management

MCR007

Transcript
As per theory of project management, the process of project can be categorised into initiating,
planning, execution, controlling and closing procedure where main concept is that all these
process are close looped. This means planning process offers a plan which is realised by
execution process and variance from baseline or request for amendment results into
correction in execution or modification in further plans (Conforto, et al. 2016). The PMBOK
guide presents that planning of project is defined from outlook of various knowledge areas
and is structured into primary process that facilitates a project. These core process includes
scope planning, scope definition, activity definition, resource planning, activity sequencing,
activity timeline estimation, cost estimation, schedule development, cost budgeting and
project plan development (Teo and Loosemore, 2017). Next is underlying theory of
execution which is defined by allocation of tasks and resources through use of rational
decision. Then comes theory of controlling which categories core process into performance
reporting and overall change control where performance of output is measured and based on
feedback and potential variance changes are made.
Some of the project management issues that lead to failure of a business project as identified
includes:
Failure to define parameters and incorrect requirements: most of the business projects tend to
fail due to failure to detail parameters and because of inaccurate requisites. Typically it is
impossible to create something that delivers what it is anticipated to do, fulfil its purpose and
make sponsors satisfied when people included in project management have no good idea of
accurate requisites to work upon, in specific time and within budget (Zahid, et al. 2018).
Thus poor understanding of requirement commonly results to project failure where sponsors
mention specification documents in void, leaving development team out of procedure. As
such to eliminate these concerns all subject experts like business partners, IT representatives,
users etc. can be involved during requirement phase of project, so that all can work together
with end users to document aims and scope of project and build out best technique to deliver
specification that is requested. When this happens simultaneously then risk of project failure
minimises relevantly that may occur due to inadequate or inaccurate requisites (Pozin, et al.
2018). A project failure example to illustrate this issue of inaccurate requisite can be seen in
2008 case of Qantas airline which had to cancel their $40 mn Jetsmart project which was
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