Project Management - Differences Between Projects and Processes

Running head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the Student:-
Nam of the University:-
Author’s Note:-

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Question 1:-
What are the key differences between projects and processes?
Answer:-
Category Project Process
Purpose It has an aim and consequence to be
fulfilled and the project conclusions when
that purpose is accomplished (Heagney
2016). That aim might be generally
described and might modify or be
additionally expanded as the project
development.
It has an aim that is characteristically
describing the constant process
operation.
Importance The importance of Project management is
on reaching the end consequence that the
project is proposing to achieve (Heravi,
Coffey and Trigunarsyah 2015). Higher
effectiveness is harder to reach;
meanwhile, it might want conventional
tools and techniques that can only be
established in the project was revolved into
a tedious process.
The importance of Process
management is on growing
“repeatability” of the jobs,
increasing effectiveness (declining
time required, dropping budget),
(Zwikael and Smyrk 2015) and
rising work product quality which
formed by the process.

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Duration
It has a starting and conclusion (while the
opening and conclusion may not be well
described when the project starts and the
finish might be a considerable time in the
upcoming time).
It is usually continuing and does not
usually have a finish.
Focus The focus of there is on handling a project
characteristically using some procedure in
reaching some process of the anticipated
end outcome (Galvan et al. 2015). Every
project monitors a certain kind of
procedure; however, it may not be
appropriately defined.
The focus is on management a process
like as a product development process.
Like a procedure might be applied
across a variability of projects. These
might involve specific project
management to describe and expand
the process.
Positioning The categorization of responsibilities in a
"project" is not usually repetitive and may
not be recognized at the beginning of the
project.
There is a repetitive arrangement of
responsibilities, and the tasks are
recognized at the beginning from the
time when it is repetitive
(Kermanshachi et al. 2017).
Overall Concept Project is on handling some category of
modification in the technique an industry
activates to create the general business
operate more efficiently.
The process to cope with present
business developments as
professionally and efficiently as
possible.

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Question 2:-
What is an internal rate of return and what advantages and disadvantages are accrued by using it
to evaluate projects?
Answer:-
This is a calculation of a speculation’s amount of return. The word internal mentions to
the detail that the calculation rejects external features, like as the hazard free rate, price rises, the
cost of money, or several monetary risks (Gabriel Filho et al. 2016). It is constant for funds of
changing types and, as such, IRR this can be executed to rank multiple approaching projects on a
comparatively even basis.
Suppose the same budgets apply for different works, then the project with the maximum
IRR will be designated. If a business wants to select between several investments possibilities
where the cost of speculation remains continuous, then IRR will be applied to standard the
projects and choose the most commercial one.
Advantages:-
It is calculated by measuring the interest rate at which the current rate of upcoming cash
flows matches the mandatory money venture (Bhuller, Mogstad and Salvanes 2017). The
advantage is that the effectiveness of cash flows in all upcoming centuries are measured and,
consequently, every cash flow is assumed equivalent weight by expending the time importance
of money.
It delivers any small commercial owner with a rapid snapshot of what first projects would
deliver the extreme possible cash flow. It can also be applying for accounting purposes like as to

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deliver a rapid snapshot of the potential value or savings of buying different apparatus as
contrasting to renovating outdated equipment.
This process can be a particular amount and usually ends up as an irregular approximation. The
IRR technique does not necessitate the problem rate, mitigating the threat of determining an
incorrect rate. When the IRR is considered, projects can be designated where the IRR outstrips
the projected cost of wealth.
Disadvantages:-
A drawback of using the IRR technique is that it does not describe for the project size
when linking projects. Cash flows are just comparing to the sum of capital expense, making
those cash flows. These can be difficult when two projects need expressively several amounts of
capital expense, but the minor project returns a higher IRR.
The IRR method only worries itself with the predictable cash flows created by an
investment injection and ignores the feasible future budgets that may affect revenue. If the user
sees a venture in Lorries, for instance, upcoming fuel and preservation prices might affect
income as fuel prices vary and maintenance necessities change. A dependent project may be the
essential to obtaining unoccupied land on which to park all trucks, and such charge would not
factor in the IRR measurement of the cash flows made by the procedure of the fleet.
While the IRR permits the user to calculate the worth of upcoming cash flows, it creates
an inherent notion that those cash flows can be invested at a similar rate as the IRR
(Mohammadtalebi, Jahangiri and Eshghiaraghi 2018). That statement is not applied as the IRR is
occasionally a very high amount and predictions that yield such a return are generally not
accessible or significantly restricted.

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Question 3:-
How can project managers promote a sense of enthusiasm within the project team? What are the
stages in group development, and what project management behaviours are exhibited in each
stage?
Answer:-
The skilful project manager is the one reason for project success. The successful project
manager is very much able to handle their project team properly. Team collaboration is those
fundamental techniques where the project head can implement (Purwanto, Zuiderwijk and
Janssen 2018). This word refers to the procedure of working with folks to create roughly. In any
industry, this could mean coming up with descriptions to problems, tackling a huge project,
making a new product, and much more.
The Project manager should obtain suitable abilities to recognize the skills compulsory
firstly, construct the project team by inspiring the team associates by delivering management and
motivation in order to reach high performance in order to accomplish the project’s purposes. A
successful project manager can promote the team differently (Clinton 2018). A proper leadership
quality can be helpful to promote enthusiasm in a project team.
The lead and the team associates want to work together to distinguish each other’s
powers and faults. These will produce good team spirit and collaboration. The project executive
needs to be an excellent implementer to progress the valuable properties that are the team
associates. The role of the Project lead is vital for a practical project and team.