How is a project different from what most people do in their day-to-day jobs? A project is defined as a temporary activity; this means that they do not last forever‚ while a day-to-day job is best describe as the ongoing core business of an organization. Projects are unique endeavours that are not compatible with the day-to-day model and activities of an organization. Projects have to be specially undertaken outside of the normal operations to create unique product‚ services and conditions
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“To be called a project‚ an undertaking must meet specific set of conditions‚ then it must follow the prescribed project management methodology define by the organization” (Wysocki‚ 2009‚ p.6) gives a contemporary view of what a project is all about. Every project is unique in its own respect and gives unique responses to some simple logical questions asked by Wysocki‚ (2009‚ p.22) that must be answered in order to model its specific requirements and fit it into any of the standard methodology to
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Chapter 7 – Discussion Questions – 1‚4‚6‚7 page 284 1. Discuss why many information technology professionals may overlook project cost management and how this might affect completing projects within budget. Information technology professionals do not understand basic accounting and finance principles to be able to do a net present value analysis return on investment and payback analysis. It should also be considered that new technologies or software development expenses are very inaccurate
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reading numbers of books‚ as much as‚ various numbers of sources gained from the internet. This helped in preparing cost statements‚ functional budgets‚ cash and master budget. Also the research of new finance for the purchase of CNC Laser machine has been done on the various websites‚ and finally the best offer of a loan was accepted and introduced to the project. The loan and repayments are specified as follows: The loan will be taken for a 60 months with 5% interest rate. That will give a monthly
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Project Charter refers to a statement of objectives in a project. This statement also sets out detailed project goals‚ roles and responsibilities‚ identifies the main stakeholders‚ and the level of authority of a project manager. It acts as a guideline for future projects as well as an important material in the organization’s knowledge management system. The project charter is a short document that would consist of new offering request or a request for proposal. This document is a part of the project
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1.) What is Project Team? A project team is a team whose members usually belong to different groups‚ functions and are assigned to activities for the same project. 2.) Difference between Team & Group A team is a gathering of people who work interpedently and are committed to achieve one goal where as a group is a gathering of people who interdependently but have individual responsibility to perform. Group is organized for short period time objectives while Team is organized for long term
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Faculty of Business and Law SIM335 Managing Projects Level: 3Module: SIM335 Managing Projects Assignment code: SIM335Contribution to the module assessment: 100% This is an individual assignment-please complete both tasks 1 and 2 Both tasks relate to the units in the module guide and the attached case study. It is advised that you read the case study thoroughly before attempting the tasks. Task 1 (40% marks) 600 words (+/- 10%) each short answer question requires a response in a few sentences
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Preparing a business plan is a critical first step before launching a candy store. The following are the important elements that must be included when writing a business plan for a candy store. Choosing the Store Location In a niche retail business‚ store location becomes crucial because the product primarily caters to younger age groups. So the location must be such where there is a regular traffic of youngsters and kids. As far as possible‚ the other stores in the vicinity should include several
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ch17-Project Management 1. Good project management is especially important with virtual teams. TRUE Virtual teams face challenges that make project management especially important. 2. One way that project management differs from management of more traditional activities is because of the limited lifetime of projects. TRUE Projects have lifetimes that are typically shorter than other business endeavors. 3. Once a project is approved and underway‚ project managers are only responsible for
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Project Name | SCI IT Infrastructure Upgrade | Project Number | 001 | Project Manager | Tiffany Santiago | Prioritization | | Owner(s) | Dan Black‚ CEO | Start Date: | 03/06/2013 | Scheduled Completion Date: | 04/25/2013 | Mission/ purpose | What is your project going to accomplish? The Project will accomplish an immediate need to develop and implement an Enterprise Information system upgrade. The A-Team will develop a project charter‚ scope‚ and a project plan to create and implement
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