By definition, project could be termed as the collaborative enterprise that is being planned carefully and designed for a certain aim (Lock, 2013). Therefore, since projects is a collaborative enterprise there is the need of coming up with strategies that could be effective in managing them (PMI, 2013). Therefore, the act of processing, knowledge, skill, experience and methods tend to be the referred in general as project management. In our course study our main focus of study is project management for large assets. Therefore, since project is a special transient endeavour that is undertaken for the purpose of achieving planned objectives, which could be defined in terms of output, project management of large assets in such of our case involves assets with a higher range scale of assets (Lock, 2013). Therefore, we could deem project as successful once it has achieved its objective in regards to the acceptance criteria based on the set timescale and budget.
Hence, knowledge attained from this course in terms of core components of project management for large assets include:
- Definition of the reason why a project for large assets is deemed to be necessary.
- Ensuring that you have captures project requirements.
- Preparation of business case so as to justify the investment.
- Securing corporate agreement as well as funding.
- Development and implementation of management plan for the project.
- Ensuring that you manage risks, changes and issues in regards to project.
- Monitoring of process against plan.
- Managing project budget to avoid overspending.
- Providing management.
- Ensuring that when closing a project, it is in a controlled fashion that feels appropriate.
Based on this course study, it also provides us with the idea of when to use project management. Since, project of large asset firms is made up of separate to business usual activities, it requires that people converge and for the purpose of attaining certain objective. Therefore, such effective teamwork tends to be key for successful projects completion (Tennyson & Ordo?Ѓn??ez, 2013). At times project management in large asset firm pertained from our class notes shows that it requires discrete packages for the purpose of objective achievement. Therefore, this shows that the way work is managed in project management of large assets depends on a wide variety of factors.
Since, large asset firm project are hard to deal with, it is expected that there will be significance, high scale operations and complexity. For instance, take the case of relocating a small office, and organizing the Olympic or software development in a large firm, they share the same principles but there are a lot of different managerial challenges that should be considered. Therefore, this course study provides us with adequate knowledge that distinguishes factors that look at the nature of objectives. Objectives can be distinguished in terms of levels of output, outcomes benefits or strategic objectives (Finnerty, 2013). Therefore, this course provides us with efficient skills that would ensure greater likelihood of desired results, satisfaction of differing needs by large asset, and ensuring efficient and best value of large asset resources.
Project Management Institute. (2013). A guide to the project management body of knowledge (PMBOK guide).
Lock, D. (2013). Project management.
International Conference on Informatics and Management Science, & Du, W. (2013).Informatics and management science IV. London: Springer.
Tennyson, R. D., & Ordo?Ѓn??ez, . P. P. (2013). Best practices and new perspectives in service science and management. Hershey, Pa: IGI Global (701 E. Chocolate Avenue, Hershey, Pennsylvania, 17033, USA.
In Kostka, G., & In Fiedler, J. (2016). Large infrastructure projects in Germany: Between ambition and realities.
Finnerty, J. D. (2013). Project financing: Asset-based financial engineering.