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Fiduciary Responsibility Within a Project Setting

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Determine fiduciary responsibility and its effect on a re-carpeting project. Analysis should include factors that determine final results, management reserve, the To-Complete Performance Index, steps to implementing earned value, and fiduciary responsibility and compliance. Identify how fiduciary responsibility will be monitored during the project lifecycle.

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The expert determines fiduciary responsibility and its effects on a re-carpeting project. The response addressed the query posted in 1501 words with references

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The response addressed the query posted in 1501 words with references

//This report is based on the fiduciary responsibility that is an essential area of concern in the project setting. In a project setting, the prime responsibility of the fiduciary is to manage all the financial dealings in an ethical and legal manner. In this context, the following report will explore the fiduciary responsibilities within a project and its potential implication on representing a project in a more effective manner. Moreover, certain factors will be analyzed, which will determine the final results of the project, management reserve and the evaluation of the fiduciary responsibility within a project life cycle. //

Fraud and corruption can occur at any stage of the project; therefore, it is imperative to incorporate supervision mechanisms in order to detect fraud and corruption in different stages of the project. In a project setting, all the requirements should be taken into consideration in order to determine the project success. The project should be managed in such a manner that the expectations of all the stakeholders are met in the most appropriate manner (Law Commission, 2014). It is the prime responsibility of the fiduciary to manage all the stakeholders and provide authentic information to the top management in order to complete the tasks within the time frame. For this reason, the fiduciary needs to constantly interact with the stakeholders in order to acquire all the information related to the project.

In an organizational setting, the fiduciary responsibility of the top management is to invest in the organization's assets in the most efficient manner. The goals of the project should be aligned with the strategic intentions, which will help to maximize the profits of the organization. Since all the organizations have limited resources, the fiduciary needs to select projects wisely to enhance the value creation aspect of the organization. The fiduciary should select projects that will enhance the returns on the investment for both short-term and long-term. While undertaking a project, the fiduciary should administer the exchange of assets and establish control over the activities (Rosenau & Githens, 2011). The project is exposed to various uncertainties and changes; therefore, the fiduciary reprioritizes the projects in order to meet the project deliverable. In addition to this, the fiduciary needs to formulate and effectively communicate the completion criteria for varied set of tasks to other team members.

//This section will cover the impact of fiduciary responsibility on ...

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Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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