Project Management Reflection Paper

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A) What can you understand from "project management" in your opinion? Before talking about project management and what does it mean, I will begin with defining the main word "Project". The Project management Institute (PMI) defines a project as "A temporary endeavor undertaken to create a unique product, service, or result." (PMI, 2013, p. 553) Therefore, for achieving the best result for such endeavors, we need a systematic approach that translate our goals into defined objectives and help us organize and plan the tasks and resources needed to accomplish these objectives. In this context, project management offers a valuable framework that define the timetable, budget, scope, and resources needed to achieve the desired outcome of the project…show more content…
In other words, Feasibility Analysis assesses the viability of initiating a new value added activity and decide whether the business idea should be started or not. C) What is the effect of the culture in the project? Culture can affect project and its success in many ways. Firstly, culture affects the way in which different departments within the organization interact and support each other in achieving project goals. In other words, the more the organizational culture favor active cooperation between departments, the more the probability of the project's success. Second, "the organizational culture affects the level of employee commitment to the goals of the project on balance with other, potentially competing goals." In other words, the more the organizational culture promotes employee commitment (such as working extra hours) toward achieving project goals, the more the probability of the project's…show more content…
The first step is determining the risk factors (such as financial, technical, execution, legal risk) that can significantly affect the project; this could be done through "brainstorming meetings, expert opinion, history, multiple assessments". Once the risk factors have been identified, the project manager has to determine the potential impact and probability of these risk factors. After that, the project manager has to seek strategies for mitigating risks with significant impact on the project execution and outcomes; this could be done via multiple strategies such as accepting the risk, minimizing risk, sharing risk, or transferring risk depending on the situation. The final step is to document the knowledge base for upcoming projects based on lessons learned from the current project to avoid mistakes previously

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