PROJ6000 Principles of Project Management: Benefits Presentation

This presentation examines the benefits of implementing effective project management processes, using Telstra Corporation and Visual Estudio as case studies. The presentation covers PMBOK knowledge areas, process groups, and their impact on project outcomes. It highlights the importance of risk management, SWOT analysis, and ethical considerations based on PMI's Code of Ethics. The presentation emphasizes how project management leads to improved efficiency, cost reduction, and stakeholder relationships. The conclusion reinforces the advantages of adopting project management methodologies for organizational growth and competitiveness. The student also provides a detailed analysis of the benefits of project management, including scope definition, quality improvement, cost reduction, and time management.

Principles of Project
Management

Introduction
 Telstra Corporation is the largest
telecommunication company in Australia
 The company was established 43years
ago
 The headquarter of the company is in
Melbourne
 In the year 2017 the revenue of the
company was A$26 billion
 The company is fully privatized right now
 Telstra also launched a unit in health
business

PMBOK Knowledge Areas
Knowledge
Areas
Initiation Planning Execution Control Closure
Project
Management
Integration
Project Charter
development
Project
management plan
development
Manage
work of
project
Manage
project
knowledge
Control project
work
Integrated
change control
Closure phase
of project
Scope
management
Plan scope
Requirement
collection
Create WBS
Scope
Validation
Scope Control
Schedule
Management
Plan Schedule
Define activities
Sequence Activities
Develop schedule
Control
Schedule
Process
Groups

SWOT Analysis of Telstra
Strengths Weaknesses
• Large Scale network
• Big company with lots of shares
• Strong community of dealer
• Need investments in updated
technologies
• Financial plan is note properly
• Need more marketing of the
products
Opportunity Threats
• Transportation cost can be
reduced
• Target new customers
• Development of market strategy
• Skilled workforce shortage
• Can face different market’s
lawsuit
• Growth of competitive
companies

PMI’s Code Of Ethics
The PMI’s code of ethics addresses several areas in the project
management like the respect, responsibility, culture, fairness and
honesty in the Telstra corporation.
Best actions are taken for particular situations, fulfilling
requirements, report unethical behaviour is comes under the
responsibilities.
Informed about culture, stakeholder listening, conflict addressing,
not acting abusively, respect others property right is comes under
the respect.
Impartial act, equal access information, avoid conflict, impartial
rules is comes under the fairness policy.
Honesty is not encouraging dishonesty, seek truth, speak truth,
and do not engaging the dishonesty.
Aware of cultural differences, respect cultures of different people is
comes under the cultural of PMI ethics.
These must be adapt by Telstra To get benefitted and grow rapidly.

Risk Management
Risk management is a process that is done by the
project management. The whole process is divided
into three parts:
 Identification of risk
 Analysing the risk
 Responding to risk
These can be applied on both known and unknown
risks. The risks in the project management can be
affect the company as the company might get loss in
revenue. PMI says that the companies are failing to
manage the risks which increases the chances of bad
impact on the project and the project might get fail.

Benefits of Applying PMBOK
 Scope
 Scope defined clearly
 Work is done within the scope
 Scope creep is avoided
 Specification change can be managed
 Quality
 product quality improved
 Quality is defined
 Cost
 Cost Is Reduced
 Proper cost estimation

 Time
 Efficient time management
 Time estimation done properly
 Risk
 Risks get less
 Risks are analyzed
 Risk mitigation plan included

Overall benefits of Telstra
 Telstra will become more competitive.
 The results of Telstra will be more measured
 Customer relationship improves
 Supplier relationship improves
 Staff relationship improves
 Telstra will gain more reputation
 Risks within the company will me mitigated
 Telstra will be more efficient

Conclusion
From the previous slides it can be concluded that
the Telstra Corporation get many advantages after
adopting the guide of PMBOK. There are many
benefits of adapting the project management. The
company can grow rapidly by adapting these
methods. It increase the efficiency of the
company. The companies become more
competitive in the market (Heagney, 2016). The
project management book of knowledge improves
the relation ship with the employees, customers,
suppliers and with the partner. Reputation of
Telstra Corporation will be improved more than
earlier. The risks can be protected as the risk
management is taken place.

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References
 Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems
approach to planning, scheduling, and controlling. John Wiley & Sons.
 Heagney, J. (2016). Fundamentals of project management. Amacom.
 Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value
project management. Project Management Institute.
 Ye, S. (2018). Implementation of Project Management System Based
on Project Management. Information Engineering and Applied
Computing, 1(1).
 Svejvig, P., & Andersen, P. (2015). Rethinking project management: A
structured literature review with a critical look at the brave new
world. International Journal of Project Management, 33(2), 278-290.
 Marchewka, J. T. (2014). Information technology project
management. John Wiley & Sons.
 Leach, L. P. (2014). Critical chain project management. Artech House.