Project Management: Competencies and Skills, Benefit Measurement Techniques

This document discusses the competencies and skills required for a project manager and the benefit measurement techniques used to select a project based on estimated cash inflow and outflow. The competencies and skills include conversation with people, leadership skill, ethical behavior, effective verbal communication skill, conflict management, conflict resolution, critical problem-solving skill, and understanding priorities. The benefit measurement techniques include the economic model, the discounted cash-flow, payback period, opportunity cost, the cost/benefit ratio, the scoring model, the net present value(NPV), and the internal rate of return(IRR).

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Project Management
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Answer 1: The global market and project strategy helps to shape our current economy,
which creating several demands those are needed by the customers thereby, it raises the
overall performance and production of the organization. Therefore, the organization required
to develop an effective system which perform effectively, makes production faster
comparatively cheaper and better way. Hence, it increasing the advantages and keep
maintains a modest global market (Kerzner, 2018). A project manager with competencies and
effective managing skills helps to compile the business in the right direction. The global
business environment is changing day-to-day which requires an effective project managing
skill to handing complexities and changes in the business.
 Project manager competencies and skills
 Conversation with people
 Leadership skill
 Consistent, integrity, ethical behavior
 Effective Verbal communication skill
 Conflict management, conflict resolution
 Critical problem-solving skill
 Understand priorities
The project managers should be capable of planning, defining the scope of the project,
determining the available resources (Ramazani & Jergeas, 2015). Since most of the project is
dynamic, making a concise plan and clear vision of the project, monitor its progress and
execute the project as well. They keep motivating the project team to develop
straightforward, clear plans to stimulate the team to meet their full potential. A good project

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manager communicates with the client consistently and provides judgment for making a
better decision to achieve the goal.

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Answer 2: Any organization needs to choose an appropriate model that matches the
requirement of business objectives. The benefit measurement is commonly known method
which is used to select a project based on estimated cash inflow and cash outflow. The main
reason behind selecting this method is to realize the benefits against investment that a project
manager makes in a project (Fleming & Koppelman, 2016,). The project manager requires to
collect the data related to the project, consolidate the collected data and analyze those data to
extend the project if it yields expected benefits. The method consists of the technique to
measure the cost benefits are – the economic model, the discounted cash-flow, payback
period, opportunity cost, the cost/benefit ratio, the scoring model, the net present
value(NPV), and the internal rate of return(IRR). The above techniques help to calculate cost
benefits and compared them with other projects to decide which project provides the highest
benefits (Davis, 2016). A project manager used the following techniques in methods provides
various facilities to the project are given below:
 Peer review technique: This technique helps to check the viability of project selection.
 Scoring model: It creates a set of relevant criteria that suits the project and a
committee used this model to select a specific project concerning the priority and
importance of each project.
 Economic models: A project manager used this method to gives a structure for the
project with estimated project cost and time duration.
 Opportunity cost: This model helps the project managers to calculate the opportunity
by selecting one project over candidate projects.

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Moreover, by using this technique a project manager selects a particular project with
reducing the chances of failure and risks. It also ensures the maximum investments return by
the project.

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References
Davis, K. (2016). A method to measure success dimensions relating to individual stakeholder
groups. International Journal of Project Management, 34(3), 480-493.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John
Wiley & Sons.
Ramazani, J., & Jergeas, G. (2015). Project managers and the journey from good to great:
The benefits of investment in project management training and
education. International Journal of Project Management, 33(1), 41-52.

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References