Project Management Report: Project Selection and Management

This report on project management delves into the critical aspects of effective project leadership. It begins by outlining essential personal characteristics for project managers, emphasizing organizational ability, communication skills, facilitation capabilities, and financial understanding. The report then presents a case study on Cadencaust Company, highlighting its successful project management practices, particularly in the Aquatic Center Projects in the Sydney Olympic Park. Furthermore, the report analyzes various methods used in project selection, including benefit measurement methods and constrained optimization methods, providing visual aids like figures to illustrate these techniques. The report concludes by referencing several scholarly articles that support the concepts discussed, offering a comprehensive overview of project management principles and practices.

Running head: PROJECT MANAGEMENT
Project management
Name of the student
Name of the university
Author Note:

2
PROJECT MANAGEMENT
Table of Contents
Personal Characteristics...................................................................................................................3
Project that I am Aware of...............................................................................................................4
Methods used in Project Selection and Processes...........................................................................4
Figure 1: Techniques of Cost benefit Measurement Methods.....................................................5
Figure 2: Techniques of Constrained Optimization Methods......................................................5
References........................................................................................................................................6

3
PROJECT MANAGEMENT
Personal Characteristics
Some of the major personal characteristics of a project management are as follows;
a. Organizational Ability- The Project Manager must have the organizational Ability to
address the different issues that rises in the organization. The presence of the
organizational skills helps the Project Manager to address the different issues of the
organization accordingly. According to, DuBois et al. (2015) the presence of proper
discipline of good documentation and the records will support the consistent delivery of
on-time and different kinds of successful projects.
b. Strong skills of Communication- The presence of strong skills of communication is
essential for the management to ensure success of the project as because it is critical for
the organization to liaise with the stakeholders, clients of the project team. The Project
Manager must have a strong skill of communication in order to ensure that all of the
involved parties involved in the project have a strong bond in between them.
c. Capability to facilitate discussions- The Project Manager must be capable to facilitate
different types of discussions. It is important for the organization to ensure the success of
the business project. The collaboration between the project team and the clients is
essential for the success of the project.
d. Understanding of the financial situations- It is critical for a project manager to have a
clear understanding of the budget build up and take a look into the regular financial status
of the project. The clear understanding of the financial projects is essential for the Project
Manager to ensure success for the business.

4
PROJECT MANAGEMENT
Project that I am Aware of
Cadencaust Company private Limited is one of the most important companies that
undertake Projects in Australia. The projects undertaken by the management of the particular
company can be the best example of an effective project management policy and management.
They are in charge of a large number of ongoing projects and their professionalism and accuracy
makes them one of the most sought after project management companies in the island continent.
The Aquatic Center Projects in the Sydney Olympic Park which is being done by the managers
of the company. The project is being done with utmost precision and transparency and some of
the best managers of the company are involved in the project. The way the team of managers is
completing the project with utmost safety to the assets, and maintains the time and budget for the
project is a great example for other managers.
Methods used in Project Selection and Processes
According to Chiu, Balkundi & Weinberg (2017) there are in all two most important
selection methods that are adapted by the managers of the project to select the projects
accordingly in order to bring a change in the business organizations. The methods are as follows;
a. Benefit Measurement Methods- The benefit Measurement Methods is one of the project
selection methods based on the present value of the estimated cash outflow and inflow.
The benefits of the cost are calculated accordingly and then compared with the other
similar kind of projects.

5
PROJECT MANAGEMENT
Figure 1: Techniques of Cost benefit Measurement Methods
Source: (Cohen, Ornoy & Keren, 2013)
b. Constrained Optimization Methods- Constrained Optimization methods are used for
larger projects that generally require complex and more comprehensive mathematical
calculations in order to complete the project.
Figure 2: Techniques of Constrained Optimization Methods
Source: (DuBois et al. 2015)

6
PROJECT MANAGEMENT
References
Chiu, C. Y. C., Balkundi, P., & Weinberg, F. J. (2017). When managers become leaders: The
role of manager network centralities, social power, and followers' perception of
leadership. The Leadership Quarterly, 28(2), 334-348.
Cohen, Y., Ornoy, H., & Keren, B. (2013). MBTI personality types of project managers and their
success: A field survey. Project Management Journal, 44(3), 78-87.
DuBois, M., Koch, J., Hanlon, J., Nyatuga, B., & Kerr, N. (2015). Leadership Styles of Effective
Project Managers: Techniques and Traits to Lead High Performance Teams. Journal of
Economic Development, Management, IT, Finance & Marketing, 7(1).
Nixon, P., Harrington, M., & Parker, D. (2012). Leadership performance is significant to project
success or failure: a critical analysis. International Journal of productivity and
performance management, 61(2), 204-216.
Skulmoski, G. J., & Hartman, F. T. (2010). Information systems project manager soft
competencies: A project-phase investigation. Project Management Journal, 41(1), 61-80.