Project Management

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The response addresses the queries posted in 981 words with references.

// To know the different aspects of the project, firstly, we will know about the one aspect in the WBS of the project, then, we will gain knowledge regarding the resources, which are required for the completion of the project. We should also know the importance of these resources for the project, so that we can estimate the cost for the work, identified.\

Part 4

(1)

The project that has been selected is training in an organization. We have taken an organization that is a big one and is seeking expansion in the foreign countries. Therefore, for becoming global and adopting the cultures of different countries, the company is required to train its employees.

1. A Work Breakdown Structure is a basic tool for project management. The 100% rule is the most important principle in the WBS. This rule states that the WBS consists of 100% of the work defined by the project scope and captures all deliverables (like the internal, external and interim) in terms of the work to be completed, taking in project management (Work Breakdown Structure, 2008). The aspect of the project that has been identified is the development of the training package. The Work Breakdown Structure for the project has been drawn below:

2. The resources required for the training project include the money, skilled managers who can impart the skills to the employees who are being trained and who have the adequate knowledge so that they are able to train them, technology, and last but not the least time is also a very important resource that is required.

3. The rates associated with these resources are as follows:

Resources
Rates

Money
30%

Skilled Management
30%

Time
25%

Technology
15%

4. Analogous estimating refers to a method under which the actual cost from a pervious but a quite similar project is used as the basis for forecasting the cost for the existing project. The principle behind this method is that this project is similar or equivalent to the previous project. Since it is known that how much cost was incurred for the previous project and the cost for the current project can also be estimated (Kapp, 2003).

The company has employed the training methods earlier also. So, it can easily estimate the cost of the current project. The current project will also involve a cost of around 5% because the previous project is similar to the current project. The only significant difference between the current and previous project is that the previous project did not involved the behavioral training that the current project involves. The current training program will involve three dimensions: behavioral training - role based, individual competency based and customer facing; technical - platforms, languages, packages; domain - banking, insurance, healthcare. 'E - Learning' is an interesting element of training at the organization.

The technical requirements of the training project include teaching the employees with the essential skills to enable them to use the modern technology and most modern equipments which would be of great help in enhancing the productivity of the organization. They also include 'E - Learning', which helps to upgrade the training through an increase in the timeliness of training. Therefore, the company will pursue a blended learning program under which part of training will be imparted by the mentors directly and part will be given on the web. It will have trained mentors for each course and will be using voice over Internet protocol (VOIP) for mentoring programs.

The activity of developing the training package forms 25% of the total structure in the WBS. So, it accounts for 1/4th of the total cost. The global average of the percentage of the cost of training of total manpower costs is 3%. The company spends about 5% of its manpower costs on training. On its previous training program, it spent about 5% of the total manpower cost. Therefore, the cost of this project will be a little higher than the previous project. So, about 7% of the total manpower costs will account for the training project. And the cost for the training package will roughly account for 2% (7/4 = 1.5%).

//Above we discussed the different aspects of the project. Now as per the instruction, we will discuss the relationship between the budgeting and risk analysis. After it, we will discuss the resources types that are necessary for planning.\

(2)

Budgeting and risk analysis are closely related to each other. Budgeting is a technique under which a statement of revenues and expenditures is prepared considering the risks and possibilities in future. It aims at determining the probable revenues and expenses in a particular period of time. Risk analysis is a technique by which the risk relating to a particular project is evaluated and then ways to cope with that risk are determined. Budgeting also involves adjustments for risk and making provisions for the risks involved in a project.

Generally, all the resources require planning. In this situation also, three resources are mentioned, they are money, people, time, and technology. The amount of funds required for the project is a very important aspect which needs proper planning according to the activities involved in the project. Also, the time frame of the project needs to be planned so that the project completes on time and the employees are trained on time and according to the requirements of the corporation. Besides, another resource is technology which is an extremely crucial aspect and especially nowadays, it is becoming all the more important because technology has become an indispensable part of an organization and it can not be ignored.

// I hope the assistance provided by me is quite sufficient to address the queries. It will surely help you to develop a better understanding of the topic discussed and enhance your knowledge. I am also including the references from where I found the content. At the end, I wish you a happy learning://

References

Work Breakdown Structure (WBS) (2008). Retrieved September 11, 2008, from http://www.hyperthot.com/pm_wbs.htm

Kapp, K.M. (2003). "How Long Does it Take? Estimation Methods for Developing E-Learning". Retrieved September 11, 2008, from http://www.learningcircuits.org/2003/jul2003/kapp.htm

Godfrey, A.B. "Quality Management". Retrieved September 11, 2008, from http://www.qualitydigest.com/mar/godfrey.html

The response addresses the queries posted in 1238 words with references.

//Now we will discuss the strategic quality management and its impact on the environment of the project. I am just providing an introduction so that you can understand, but you are free to add more points in this section.\

Part 5

(1)

In the past few years, emphasis on strategic quality management has been increasing. The companies identify that the right key to achieving business excellence is to integrate the quality goals and actions with the strategic and operational plans of the business. The process of defining a customer-focused vision, expressing the objectives and incorporating the quality goals into the company's strategic business plans is generally known as strategic quality planning. In the United States, this practice is called strategic quality management. Its elements are not too ...