Role of Business Strategies in Project Management Report

This report, prepared for a project management course, delves into the crucial role of business strategies within project management frameworks. It begins with an introduction outlining the report's structure, including version control and the student's background and objectives. The core of the report focuses on key project management areas: integration, stakeholder management, scope, resources, time, cost, risk, quality, procurement, and communication. Each section defines the management aspect and explains its relevance to the course and practical application. The report emphasizes the importance of integrating these elements to achieve project success, highlighting the need for effective planning, risk mitigation, and stakeholder engagement. The student reflects on their learning, emphasizing the value of project management knowledge and its application in real-world scenarios, including their internship experience. The report concludes by summarizing key findings and referencing relevant sources.

49002 Managing Projects Spring 2017
Assignment 1 – part 1
Student name:
Student number:
Date submitted:
MP 49002 Managing Projects Spring 2017 version 0.0 page 1 of 20

Table of Contents
1 Introduction.......................................................................................................................................3
1.1 Outline...................................................................................................................................3
1.2 Version Control.....................................................................................................................3
2 Background........................................................................................................................................4
2.1 Your Background..................................................................................................................4
2.2 Your objectives.....................................................................................................................4
3 Integration..........................................................................................................................................5
3.1 Definition of Project Integration Management.....................................................................5
3.2 How does this apply to my work in this course?..................................................................5
4 Stakeholders......................................................................................................................................6
4.1 Definition of Project Stakeholder Management....................................................................6
4.2 How does this apply to my work in this course?..................................................................6
5 Scope.................................................................................................................................................7
5.1 Definition of Project Scope Management.............................................................................7
5.2 How does this apply to my work in this course?..................................................................7
6 Resources...........................................................................................................................................8
6.1 Definition of Project Resource Management........................................................................8
6.2 How does this apply to my work in this course?..................................................................8
7 Time...................................................................................................................................................9
7.1 Definition of Project Time Management..............................................................................9
7.2 How does this apply to my work in this course?..................................................................9
8 Cost..................................................................................................................................................10
8.1 Definition of Project Cost Management.............................................................................10
8.2 How does this apply to my work in this course?................................................................10
9 Risk..................................................................................................................................................11
9.1 Definition of Project Risk Management.............................................................................11
9.2 How does this apply to my work in this course?................................................................11
10 Quality...........................................................................................................................................12
10.1 Definition of Project Quality Management.......................................................................12
10.2 How does this apply to my work in this course?..............................................................12
11 Procurement..................................................................................................................................13
11.1 Definition of Project Procurement Management..............................................................13
11.2 How does this apply to my work in this course?..............................................................13
12 Communication............................................................................................................................14
12.1 Definition of Project Communication Management.........................................................14
12.2 How does this apply to my work in this course?..............................................................14
13 Conclusions...................................................................................................................................15
14 References.....................................................................................................................................16
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1 Introduction
1.1 Outline
In this report I am going to elaborate the role of business strategies in Project management and I
feel that in order to prepare the report the knowledge and previous skills those I have applied are
gained from my project management books and project management class courses. I will represent
my personal background, my objectives and the role of project integration in project management.
Apart from this how this knowledge could be applied in the practical field I have also elaborated. In
addition to this the stakeholder management approaches and if I would have a get a chance to apply
my knowledge in this filed then how I will apply this is also elaborated in this report. Apart from
this, project quality management and risk management are two other aspects those I have gained
from the study course. Even, from my knowledge I have got a chance to apply my knowledge in the
practical field.
In order to build a solid foundation on the field of project management I have realized that going
through different project management books are very much beneficial. In order to develop business
strategies for enterprises the knowledge and skills associated to project management are very much
important thing to be learned, I have analysed. From my course and study I have learned that for
managing any business organization and to provide it a vision statement to meet the requirement of
the consumers it is very much necessary to understand the role of different project management
components including the role of communication skills, risk management, cost management, time
management etc. I have learned that, for capturing the value of project management knowledge
transfer is also very much important.
I analysed that, for gaining more competitive advantages and basics of business success it is
necessary to understand the basics of project management study and strategies. I have learned that
due to lack of skills among the project manager and project team members companies are facing
high level challenges throughout and that is affecting the general flow of project progress and
implementation. Or developing the overall project management criteria I have chosen“Role of
business strategies in Project Management”as a topic. From my class course and lectures I have
gained different practical knowledge and concept of application of the project management skills
and other essential aspects. Not only this but also I have realized that performance of both the
project manager and the project team members are very much important to increase the operational
and functional experiences of the consumers.
1.2 Version Control
Version Release date Comments
0.0 24/07/2017 Understanding on the topic
0.1 25/07/2017 Resource gathering
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0.2 26/07/2017 Resource analysis
0.3 27/07/2017 Collection of relevant research papers
0.4 28/07/2017 Critical knowledge gaining
0.5 29/07/2017 Analysis on business strategies
0.6 30/07/2017 Knowledge practicing
0.7 02/08/2017 Analysis of stakeholder management
0.8 03/08/2017 Study the application of stakeholder management in the practical
field
0.9 05/08/2017 Analysis of procurement management
0.10 07/08/2017 Study the application of procurement management in the practical
field
0.11 10/08/2017 Understanding the role of project schedule management
0.12 12/08/2017 Analysis of risk management
0.13 14/08/2017 Study the application of procurement management in the practical
field
0.14 15/08/2017 Analysis of integration management
0.14 16/08/2017 Study the application of integration management in the practical
field
0.15 18/08/2017 Analysis of project scope management
0.16 19/08/2017 Study the application of project scope management in the practical
field
0.17 20/08/2017 Analysis of time management
0.18 21/08/2017 Study the application of time management in the practical field
0.19 22/08/2017 Analysis of cost management
0.20 23/08/2017 Study the application of cost management in the practical field
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2 Background
2.1 Your Background
Self introduction:
From the very beginning I was very much interested to build up my own company as a business
owner. I was interested to go through professional regular courses, due to this reason I have took
admission for an online course for 1 and a half years. I realized that after the successful completion
of the course I will be able to build up my own business or else I will become capable to get a job as
a professional business analyst in any well known business organization. Due to these reasons I
have decided to do gain degree on project management as a regular course.
My first Degree: (Please fill)
Where: (Please fill)
When: (Please fill)
Subject major: (Please fill)
Experience gained from project management:
While going through the project course I have realized that different aspects are there through
which I might leverage my practical project management solution. I learned that in the hall of
business the project management never exists solely in any professional business practice. Without
considering the number of project heads or project team member’s skills and knowledge most of the
large to medium enterprises are taking different projects to reach success. I also learned that, from
each and every industry more and more personnel those who even do not have any such
professional knowledge are becoming part of major projects. Even the project managers also do not
have that much knowledge have been realized. However, I learned that, with the help of project
management books the professional application of project management knowledge can also be
gained. I have gained the project management associated knowledge from the books and my lass
lectures.
My previous working experiences:
Though, I have never worked for any well known organization but in the professional study phase I
have been assigned as an intern in a business organization. From the internship I gained different
knowledge regarding project management and even I also learned the way through which the
knowledge of project management can be applied in the practical field of application. I was
assigned in that organization as a part of the Human Resource management department and my
trainer was the Human Resource executive. He tough me different ways through which I will be
able to engage the entire project team members together. Different tools and technologies are there
through which, project team members can be engaged with the project. Even, various techniques are
also applicable through which the intra organizational and inter organizational conflict could be
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avoided are also elaborated in this report. I think from my supervisor I have learned huge set of
knowledge. I think that, the HR plays the most important role to engage the project team members
and they are also responsible to set the organizational environment with different tools.
Other relevant information:
I have recognized that, that in order to develop any project for any business organization it is
necessary for the project manages to consider certain components chronologically including the
project definition, project scope, project scope management, project objective development, project
planning, project scheduling, project budgeting. Moreover, I have determined that, team
coordination is the most important thing that helps to bring excessive success after the
implementation of the project. In order to reduce the project work load it is very much necessary to
break down the project tasks in small segments.
2.2 Your objectives
I think that, after the successful completion of this course I will be able to gain a huge set of
knowledge regarding the project management. My chosen topic for this report is the “Role of
business strategies in project management”. The expected objectives are as follows:
 I think that, I will be able to get a job as a professional business analyst in a well known
business organization.
 I felt that I will be able to open my own business
 I think that I would be able to facilitate the project activities and communication
management with the help of the project management books and project management
course.
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3 Integration
[The integration subject group includes the processes required to identify, define, combine, unify,
coordinate, control and close the various activities and processes related to the project. (AS
ISO21500, 2016)
How does this relate to your need to pass this course? ]
The components of project management include project identification, project definition, project
combination, project unification, project control and project control. In order to gain successful
outcome from the project“Role of business strategies in project management”it is very much
necessary to integrate to all the components together. In order to build the project base the initial
phase that is needed to be considered is the project initiation phase. In this phase, the information
are collected and analyzed properly. After understanding the project topic, proper information
relevant to the project are required to be collected from the different resource and those are needed
to be implemented also accurately to make the project outcome free from any kind of error. Project
planning is the next phase of project initiation. After analyzing the project requirements it is
necessary to plan the project cost or budget and time. With proper cost and time management the
project team members will be able to deliver the expected outcome to the project manager. In order
to implement the project successfully it is very much necessary to plan the project accurately. Even
proper risk management and scope management are required to be done by the project manager
with the help of the project team members so that the project can be implemented successfully. In
order to develop the project schedule project requirement replication and project activities are
needed to be developed properly. For establishing the project team the project schedule and critical
path should be developed properly. After project planning, the project should be defined and all the
project components are required to be combined together. Even set of breakdown structure,
replicating improvement and different manageable variance are also required to be used for the
successful implementation of the project. With the help of a project charter the project
identification, project evaluation and project risks are needed to be implemented properly.
3.1 Definition of Project Integration Management
Integration management is referred to as a collection of processes those are required to ensure that,
the different elements of the projects are accurately coordinated or interrelated to each other. The
integration management includes formation of trade-offs among the competing objectives and
alternatives for meeting or exceeding the stakeholder needs and expectations as well. However the
project integration approach is different from the comprised of project plan improvement.
3.2 How does this apply to my work in this course?
In order to implement a project successfully, I think that the project manager is required to follow
the project development life cycle properly. Through following the project management steps
properly the project manager will be able to meet the requirement of the consumers or it will be able
to reach the preliminarily defined project goal and project objective. The set of knowledge I have
gained from the project management study or course I realized that Project planning is the most
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important phase that is strictly required to be followed by the project manager to gain effective
success after the implementation of the project in the practical field. From the management skill I
have gained from the course study period I think that I would be able to
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4 Stakeholders
Stakeholders are the most important asset for any project. In order to develop a project
professionally it is very much necessary for the project manager to consider the related stakeholders
of the project. For any project the stakeholders are consumers, sponsors, finance manager, legal
advisors as well. In order to implement any project successfully it is important to manage the
stakeholders with proper tools and technologies. For stakeholder management the processes those
are required to be considered include identification of the stakeholder, planning for the stakeholder
management, and improvement of techniques to engage the stakeholders with the projects. Not only
this but also the engaged stakeholders are needed to be controlled by the project manager. For
passing the course, I think, that I have to learn about the detail of project stakeholder to develop any
project.
4.1 Definition of Project Stakeholder Management
Project stakeholders are referred to as very important part for developing any professional project.
In order to gain success in a project the stakeholders of the project are needed to be managed
professionally. With the help of the management of the stakeholders the project manager will be
able to deliver as per the expectation of the consumers.
4.2 How does this apply to my work in this course?
In order to complete this project my family, lecturer and my fellow class members have been
supported me throughout. Not only by giving study material but also they have given me
throughout mental support as well. With the help of their support I think that I will be able to
complete my course study.
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5 Scope
Project scope is divided into two different segments one is the project in scope and the other is the
project out scope. The project in scope deals with those particular aspects hose can be completed in
the project planning and execution On the other hand the project out scope are those aspects those
are not going to be covered during the project implementation phase. In order to pass this subject I
think that I have to understand the actual definition of project management and why it is needed to
complete a project successfully Due to this reason I think that I have to study the role of scope in
project management.
5.1 Definition of Project Scope Management
Project Scope Management is referred to as a set of processes that helps to ensure a scope of a
project perfectly. It is determined that the project scope is needed to be clearly determined and to be
mapped accurately as well. Different scope management techniques are there that allows
the project manager, project team members and project supervisor to allocate the right amount of
work that is necessary to complete a project successfully with measurable revenue.
5.2 How does this apply to my work in this course?
In order to pass this particular project course I know that I have to attend all the lecture classes.
With the help of the lecture notes I would gain knowledge regarding project scope management.
Project scope is defined as a part of project planning and I think that I should understand the
necessity of project scope. My project is project management and for this project I think that, I
should understand the importance of project management components those are necessary for me to
complete the project
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6 Resources
In order to complete the project successfully I have utilized different project resources such as my
class mates, lecturer and also the online resources and platform where I have shared my project
management related experiences.
6.1 Definition of Project Resource Management
It has been realized that organizations are typically have a limited number of resources thus, the
tradeoffs on which the project resources are exhausted and when those are made every day within
the organizations. Resource allocation plan is referred to as an important tool that effectively
manages the limited number of resources as well.
6.2 How does this apply to my work in this course?
In order to complete the project I have used different resources such as the Professional project
management books recommended by the lecturer. Not only this but also I have used my lecture
notes also as the resources.
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7 Time
Time management is another important thing that is strictly required to be considered by the project
development team. If, the project manager fail to estimate the budget properly then it, will have
affect the project manager. Not only the project manager but also the project development team and
the business organization as well will be affected by the incorrect estimation. Different techniques
are there through which the time of a project could be managed properly.
7.1 Definition of Project Time Management
Time is referred to as a terrible resource that might be wasted by the project manager and even
project team members for lack of knowledge and skills. This is the most valuable resource in a
project. Every delivery that you are supposed to make is time-bound. Therefore, without proper
time management, a project can head towards a disaster. When it comes to project time
management, it is not just the time of the project manager, but it is the time management of the
project team. Scheduling is the easiest way of managing project time. In this approach, the activities
of the project are estimated and the durations are determined based on the resource utilization for
each activity. In addition to the estimate and resource allocation, cost always plays a vital role in
time management. This is due to the fact that schedule over-runs are quite expensive.
7.2 How does this apply to my work in this course?
In order to pass the course I think that I have to study the subject on a daily basis. I have to attend
all the lecture classes and also have to put attention on the entire class.
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