Question

The topic is job security and how it effects employee satisfaction must meet the following criteria:

• It must fit the definition of a project as described in the PMBOK® Guide glossary and text.
• It must be real or realistic.
• It should be large enough for a dedicated organizational commitment (preferably a capital investment) but not too large for one organization to accomplish (minimal outsourcing).
• It must fit into one of the "nonnumeric model" categories as described in the course textbook.
• It must be subject to evaluation through numeric models as described in the course textbook.

Based on your research and project selected, create a project charter as described in Section 4.1 of the PMBOK® Guide. The project charter should include the following:

• An outline of the information indicated in Section 4.1.
• All items indicated in the PMBOK® Guide for which at least some elemental information exists at this point.
• Highlights on how the project you selected meets the selection criteria listed earlier.
• A description of the major components of the strategic management process.
• An explanation of the role projects play in the strategic management process.
• How are projects linked to the strategic plan?
• An explanation of the impact of classifying projects as either compliance, strategic, or operations projects.
• An explanation as to why return on investment (ROI) should not be the sole metric used to choose projects.
• A discussion of the pros and cons of the checklist versus the weighted factor method of selecting projects.

Answer 1

Background information in Section 4.1 of the PMBOK® Guide

A project charter;

• Authorizes a phase/project formally
• Ensures documentation of the necessities that satisfy the needs of stakeholders
• Aid in assigning the PM to projects
• Benefits that entails definitions, formal records of managers who engage in the project

Items in the PMBOK® Guide

The guide is organized into three sections;

Section 1: The framework of project management; enhance a clear understanding of project management. Two chapters appear under this section; chapter one is the introduction while presents the basis and purpose of the project management and its relationship with projects, portfolios and programs. Here, the role of project managers is discussed. Chapter two outlines the project life cycle and its organization. It explains project phases and relationship to of the phases with product lifecycle in an organizational structure.

Section 2: The standard for project managements; this defines the management of projects and inputs and outputs in every processes. This section has one chapter (Chapter three); which defines five process groups which include; Initialization, Planning, Execution, Monitoring, Controlling and Closing.

Section 3: The project management Knowledge areas; this defines project management processes, inputs, tools & techniques and outputs it has in every area. The section include a variety of chapters. Chapter four is the project’s integration management while outlines the activities that integrate various elements of management of projects i.e. Development of Project Charter and Project Management Plan, Direction and Managing Project Execution, Control and Monitoring of projects, Performance of integrated Change Control and Close Projects. Chapter five is project scope management that outlines the processes involved in ensuring that projects include all necessary work i.e. Collect Requirement, Create WBS, Defined Scope, Control & Verify Scope. Chapter six focusses on project time management which entails; Sequent Activities, define Activities, Estimate Activity Resources & Duration, and Develop & Control Schedule.

Chapter seven is the project cost Management focusing on project completion which involves Budgeting, Control of Costs, Planning and Estimation. Chapter eight is project quality management; this involves Plan Quality, Performance Quality Assurance and Perform Quality Control. Chapter nine is the project human resource management involving planning, development, acquisition and team project management. Project Communication Management is handled in chapter ten; this process ensures timely generation, dissemination, collection, storage. I.e. Identification of Stakeholders, Distribution of Information, Plan Communication and report Performance. Chapter eleven is the project risk management which is the process in identification, analyzing and control of risks, Perform Qualitative risk Analysis. Lastly, chapter twelve; is the project procurement management while entails all the processes involved in acquisition of products, purchasing, services/results for projects.

Scope of the Springs Fabrication, Inc. using evaluation/selection techniques to choose which machine to adopt in a part-fabrication process

The Springs Company utilized the various criteria in an aim to evaluate techniques to select a machine that will be part of the fabrication process; the project meets the criteria below;

Realism

The project has been acknowledge by the manager; hence multiple objective have been put across for the benefit of the Organization and the management. Without it realism, numerous comparison of various projects will be impossible for the Spring Company.

Capability

The Project is sophisticated enough to deal with the changing time, and even in innovation of both external and internal projects. This is entirely aimed at improving the fabrication process; hence optimizing to make the management deem important inconsideration of constraints and risks.

Flexibility

The techniques employed in purchases of machines that will aid in fabrication process provides valid results within various range of conditions. As new technologies erupt, the company has capabilities to compete evenly with other upcoming and well-established firms.

Major Components of the Project in Strategic Management Process

Goal-Setting

Goal-setting is aimed at enhancing the vision of any company; key facets that define both short and long term objectives need to be focused. The techniques foster the achievement of the company’s objective by purchase of quality and durable machines.

Analysis

This is the key aspect in information gain; this involves gathering of information which are relevant to enhance achievement of the company’s vision. The analysis should be aimed at ensuring that the fabrics business has sustainable entity; the strategies identify initiatives that the managers need to follow to accomplish their objectives.

Strategy Formulation

The most significant step for any organization with a vision is to set a strategy; the Springs depend on fabrics are the resource of its prosperity; which enables it reach its goals and objectives. Organizations identify the key areas where they will find resources.

Role of the Project in Strategic Management Process

Risk Reduction: the project has enabled identification of risks and how these risks are managed. The whole agenda of risk management has originated from the view point of strategic management. The area with risk of access of fabrics are assessed by the management, this may include product failure or customer satisfaction all in an aim to curb competition.

Linking of Projects to Strategic Plan

In strategic management, projects are linked through drastic measure in an aim to find the best project that is profitable. Organizations conduct SWOT analyses which is view as a powerful strategic tool to formulate plans for the future. Likewise, the Springs conduct its strengths, weaknesses, opportunities and threats using the lists in its decision forum to predict its future. When a certain machine has more competitive advantage, the management should decide on new project like in the same criteria to capture much products as before.

Impact of Classification of Projects as Compliance, Strategic or Operations Projects

There are various types of risk events experienced during project creation; with the utility of risk indicators, and with 3 types of product classification in mind (Compliance, Operational and Strategic) risk indicators have been employed by the Springs Company to capture various circumstances and risk events with its predictive powers. With these classifications, risk events are identified and are coded.

Disadvantage of Return on Investment (ROI)

The most advanced field of the IT have no ROI; research has indicated absent of decent ROI when installing the first Wang word processor way back in the 1970s. The ROI enhance dragging back organization to the analog error in technological improvements.

Pros and Cons verses Weighted Factors of the Project

Pros

• Supervised learning & classification: The project facilitates supervised learning under subcategories of various machines which targets on improvement of the profitability of the company; the company targets their value known as data sets. The pros has more degree of identity than the cons and weight factor.

Cons

-          Loss and prediction accuracy: the major project challenge is the predicted accuracy of project installation. This is estimated as the number of all the correct predictions divided by sampling orders.

Weighted Factors

The project employs some aspect of weighted factor method whereby the organization determines the prices range where applicants fill their offer also focusing on quality. The company highly encourages participation in weight factor of the techniques they need to employs to improve on fabrics production.