This document discusses different organizational models for project management: functional, pure project, and matrix.
The functional model involves projects being managed within existing functional departments, allowing flexibility in staffing but risking that projects are not the primary focus.
The pure project model makes projects independent from the main organization, giving full responsibility and authority to project managers but risking duplication of resources across multiple projects.
The matrix model aims to combine advantages of the functional and pure project models by drawing on existing departments' expertise while also giving projects dedicated resources and leadership. It represents a middle ground between the two extremes.
In the engineering and construction industry governance needs and requirements exist at
multiple levels. These include:
• Governmental and industry level governance (laws, regulations, codes, standards)
• Enterprise level (encompassing social (stakeholder), political, economic (market,
shareholder, financial institutions), cultural (corporate and national/local),
technological)
• Portfolio and programs
• Project
This paper focuses on the portfolio and program level, collectively referred to as program in
this paper.
5 Project Risk Identification Tools I Use & How You Can Use Them TooSHAZEBALIKHAN1
Risk is an inherent property of a project. Risk identification is the first step in risk management. The article details the 5 risk identification tools that have helped me in my projects. The explanation shall enable you to use the risk identification techniques for your projects.
Why Project Management Matters?
What Is a Project?
What A Project Is Not?
Difference b/w a project and a process
Factors leading to creation of project
Hazards of Project Management
Constraints of Project Management
Importance of Project Management
The Project & Project Manager Competency Model
Project evaluation and implementation notes and questionsAnirban Chakraborty
The notes on "Project Evaluation and Implementation" was prepared with help of Professor Kaushik Banerjee. He is the Honorable Professor at Brainware Business School at Saltlake, Kolkata.
Project Management equips the business professional with leading methodologies and practices in the health project management field. Public health professional need to manage different health related programme intervention, development and evaluation. Professionals need to accompany the knowledge about the project management and this chapter describes all the matters of project management. Project management is a requirement for professionals in many fields, with many employers now identifying project management skills as vital for corporate success.
UCISA Major Projects Governance Assessment ToolkitMark Ritchie
Often there is a lack of consistency and rigour in the governance approach to major business change and IT projects. This can lead to significant cost overruns and project failure. Major Projects require a more rigorous approach to governance and project management to deliver success.
This Toolkit has been developed to assist staff who are managing or participating in major change projects. The Toolkit provides:
a) guidance on assessing which projects should be classed as Major Projects
b) the key governance elements that must be managed for Major Projects
c) an assessment tool for project governance to help ensure that the required governance actions are established and work effectively throughout the life of the project
d) a visualisation tool for project governance which gives a view of the project as it currently stands and the changes since the last review
e) case studies on the use of the Toolkit at the University of Edinburgh
The Toolkit has been designed to be complementary to existing project and change management processes. The Toolkit fills an important gap by providing a repeatable assessment process that covers all aspects of governance for Major Projects. The Toolkit can be used as a reference point and checklist for any project.
The Toolkit was originally developed by Mark Ritchie at the University of Edinburgh. The toolkit has been used successfully by the University on many major software and business change projects.
Mark further developed the toolkit with support from the UCISA Project and Change Management Group. UCISA published the toolkit, to widespread positive reviews, in July 2014.
UCISA Toolkit - Establishing a PMO in an HE Environment Mark Ritchie
This toolkit provide guidance for higher education institutions,. and any other organisations, considering establishing a Project Management Office (PMO) function. It includes advice on designing your PMO and on implementation as well as providing a set of example artefacts.
This guide was published by the UCISA Project and Change Management Group in October 2015. This guide forms part of a set of UCISA Project and Change Management publications including the Major Project Governance Assessment Toolkit and the guide to Effective Risk Management for IT and Business Change Projects.
UCISA Toolkit - Effective Benefits Management for Business Change and IT Proj...Mark Ritchie
This toolkit provides an overview of the principles behind benefits realisation and some basic tools for use in projects. The toolkit also provide signposts to more sophisticated techniques that are available should a project require them.
Benefits management aims to ensure that benefits that have been identified at the start of a project are realised and that any benefits that emerge as the project progresses are properly exploited. As many project benefits are not realised until after the project is closed it is important that appropriate structures are put in place to monitor benefits realisation post project.
This toolkit was developed based on best practice at the University of Sheffield. The toolkit was published by the UCISA Project and Change Management Group in September 2016.
This chapter summarizes various aspects of large
projects and provides a foundation to consider what a new
Theory of Project Management for large complex projects may
look like.
CHAPTER 2 Strategic Management and Project SelectionMore and m.docxcravennichole326
CHAPTER 2
Strategic Management and Project Selection
More and more, the accomplishment of important tasks and goals in organizations today is being achieved through the use of projects. The phrases we hear and read about daily at our work and in conversations with our colleagues, such as “management by projects” and “project management maturity,” reflect this increasing trend in our society. The explosively rapid adoption of such a powerful tool as project management to help organizations achieve their goals and objectives is certainly awesome. In addition to project management’s great utility when correctly used, however, its utility has also led to many misapplications. As frequently noted by both consultants and industry project experts, there are many projects that:
• fall outside the organization’s stated mission,
• are completely unrelated to the strategy and goals of the organization, or
• have excessive funding levels relative to their expected benefits.
In addition to the growth in the number of organizations adopting project management, there is also accelerating growth in the number of multiple, simultaneous, and often interrelated projects in organizations. Thus, the issue naturally arises as to how one manages all these projects. Are they all really projects? (It has been suggested that perhaps up to 80 percent of all “projects” are not actually projects at all, since they do not include the three project requirements for scope, budget, and due date.) Should we be undertaking all of them? Among those we should implement, what should be their priorities?
It is not unusual these days for organizations to be wrestling with hundreds of new projects. With so many ongoing projects it becomes difficult for smaller projects to get adequate support, or even the attention of senior management. Three particularly common problems in organizations trying to manage multiple projects are:
1. Delays in one project cause delays in other projects because of common resource needs or technological dependencies.
2. The inefficient use of corporate resources results in peaks and valleys of resource utilization.
3. Bottlenecks in resource availability or lack of required technological inputs result in project delays that depend on those scarce resources or technology.
As might be expected, the report card on organizational success with management by projects is not stellar. For example, an early research study (Thomas et al., 2001) found that 30 percent of all projects were canceled midstream, and over half of completed projects were up to 190 percent over budget and 220 percent late. This same study found that the primary motivation of organizations to improve and expand their project management processes was due to major troubled or failed projects, new upcoming mega-projects, or to meet competition or maintain their market share. Those firms that “bought” project management skills from consultants tended to see it as a “commodity.” These fi ...
MBA 6931, Project Management Strategy and Tactics 1 C.docxaryan532920
MBA 6931, Project Management Strategy and Tactics 1
Course Learning Outcomes for Unit III
Upon completion of this unit, students should be able to:
3. Characterize important project management issues.
3.1 Describe how a company should be reorganized for greater effectiveness.
3.2 Analyze the challenges associated with a new organizational structure related to its scope.
3.3 Explain how a new organizational structure would impact the Key Manager Incentive Plan
(KMIP) program.
4. Outline project activity and risk taking in the project management process.
4.1 Explain the risks associated with a new organizational structure and scope.
4.2 Describe how structure and scope impact the overall project management process.
Course/Unit
Learning Outcomes
Learning Activity
3.1
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
3.2
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
3.3
Chapter 5, pp. 145-176
Unit III Case Study
4.1
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
4.2
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
Reading Assignment
Chapter 5: The Project in the Organizational Structure, pp. 145-176
Unit Lesson
Organizational structure is how the organization is constructed. This can include management levels as well
as everyone who works toward maintaining the strategic mission of the organization with an eye on
development toward achieving the strategic vision. Companies can be organized in many different ways, and
the creativity in organizational structures continues to evolve.
One of the most common methods for organizational project structures is that of functionality, which is based
on functions within the organization such as marketing, accounting, finance, operations, human resources,
and more. This strategy is advantageous because of its specialization of functions within each operational
branch as well as its simplicity and general overall acceptance. This method provides a high level of staff
flexibility within each branch and represents a consistent path of advancement for individuals within each
function. The largest disadvantage with functional organizational structures is the fact that the client or
customer is not the primary focus. Instead, priority is placed on the tasks within each of the functions. Another
significant disadvantage of a functional approach within an organization is that the employees within each
function tend to have a narrow focus aligning with their particular function versus a more holistic viewpoint
UNIT III STUDY GUIDE
Organizational Structure
MBA 6931, Project Management Strategy and Tactics 2
UNIT x STUDY GUIDE
Title
encompassing all areas within the organization. This narrow focus can create conflict within the team instead
of a cohesively operating team atmosphere.
A project-oriented structure assumes that each of the functions described in the functional ...
In the engineering and construction industry governance needs and requirements exist at
multiple levels. These include:
• Governmental and industry level governance (laws, regulations, codes, standards)
• Enterprise level (encompassing social (stakeholder), political, economic (market,
shareholder, financial institutions), cultural (corporate and national/local),
technological)
• Portfolio and programs
• Project
This paper focuses on the portfolio and program level, collectively referred to as program in
this paper.
5 Project Risk Identification Tools I Use & How You Can Use Them TooSHAZEBALIKHAN1
Risk is an inherent property of a project. Risk identification is the first step in risk management. The article details the 5 risk identification tools that have helped me in my projects. The explanation shall enable you to use the risk identification techniques for your projects.
Why Project Management Matters?
What Is a Project?
What A Project Is Not?
Difference b/w a project and a process
Factors leading to creation of project
Hazards of Project Management
Constraints of Project Management
Importance of Project Management
The Project & Project Manager Competency Model
Project evaluation and implementation notes and questionsAnirban Chakraborty
The notes on "Project Evaluation and Implementation" was prepared with help of Professor Kaushik Banerjee. He is the Honorable Professor at Brainware Business School at Saltlake, Kolkata.
Project Management equips the business professional with leading methodologies and practices in the health project management field. Public health professional need to manage different health related programme intervention, development and evaluation. Professionals need to accompany the knowledge about the project management and this chapter describes all the matters of project management. Project management is a requirement for professionals in many fields, with many employers now identifying project management skills as vital for corporate success.
UCISA Major Projects Governance Assessment ToolkitMark Ritchie
Often there is a lack of consistency and rigour in the governance approach to major business change and IT projects. This can lead to significant cost overruns and project failure. Major Projects require a more rigorous approach to governance and project management to deliver success.
This Toolkit has been developed to assist staff who are managing or participating in major change projects. The Toolkit provides:
a) guidance on assessing which projects should be classed as Major Projects
b) the key governance elements that must be managed for Major Projects
c) an assessment tool for project governance to help ensure that the required governance actions are established and work effectively throughout the life of the project
d) a visualisation tool for project governance which gives a view of the project as it currently stands and the changes since the last review
e) case studies on the use of the Toolkit at the University of Edinburgh
The Toolkit has been designed to be complementary to existing project and change management processes. The Toolkit fills an important gap by providing a repeatable assessment process that covers all aspects of governance for Major Projects. The Toolkit can be used as a reference point and checklist for any project.
The Toolkit was originally developed by Mark Ritchie at the University of Edinburgh. The toolkit has been used successfully by the University on many major software and business change projects.
Mark further developed the toolkit with support from the UCISA Project and Change Management Group. UCISA published the toolkit, to widespread positive reviews, in July 2014.
UCISA Toolkit - Establishing a PMO in an HE Environment Mark Ritchie
This toolkit provide guidance for higher education institutions,. and any other organisations, considering establishing a Project Management Office (PMO) function. It includes advice on designing your PMO and on implementation as well as providing a set of example artefacts.
This guide was published by the UCISA Project and Change Management Group in October 2015. This guide forms part of a set of UCISA Project and Change Management publications including the Major Project Governance Assessment Toolkit and the guide to Effective Risk Management for IT and Business Change Projects.
UCISA Toolkit - Effective Benefits Management for Business Change and IT Proj...Mark Ritchie
This toolkit provides an overview of the principles behind benefits realisation and some basic tools for use in projects. The toolkit also provide signposts to more sophisticated techniques that are available should a project require them.
Benefits management aims to ensure that benefits that have been identified at the start of a project are realised and that any benefits that emerge as the project progresses are properly exploited. As many project benefits are not realised until after the project is closed it is important that appropriate structures are put in place to monitor benefits realisation post project.
This toolkit was developed based on best practice at the University of Sheffield. The toolkit was published by the UCISA Project and Change Management Group in September 2016.
This chapter summarizes various aspects of large
projects and provides a foundation to consider what a new
Theory of Project Management for large complex projects may
look like.
CHAPTER 2 Strategic Management and Project SelectionMore and m.docxcravennichole326
CHAPTER 2
Strategic Management and Project Selection
More and more, the accomplishment of important tasks and goals in organizations today is being achieved through the use of projects. The phrases we hear and read about daily at our work and in conversations with our colleagues, such as “management by projects” and “project management maturity,” reflect this increasing trend in our society. The explosively rapid adoption of such a powerful tool as project management to help organizations achieve their goals and objectives is certainly awesome. In addition to project management’s great utility when correctly used, however, its utility has also led to many misapplications. As frequently noted by both consultants and industry project experts, there are many projects that:
• fall outside the organization’s stated mission,
• are completely unrelated to the strategy and goals of the organization, or
• have excessive funding levels relative to their expected benefits.
In addition to the growth in the number of organizations adopting project management, there is also accelerating growth in the number of multiple, simultaneous, and often interrelated projects in organizations. Thus, the issue naturally arises as to how one manages all these projects. Are they all really projects? (It has been suggested that perhaps up to 80 percent of all “projects” are not actually projects at all, since they do not include the three project requirements for scope, budget, and due date.) Should we be undertaking all of them? Among those we should implement, what should be their priorities?
It is not unusual these days for organizations to be wrestling with hundreds of new projects. With so many ongoing projects it becomes difficult for smaller projects to get adequate support, or even the attention of senior management. Three particularly common problems in organizations trying to manage multiple projects are:
1. Delays in one project cause delays in other projects because of common resource needs or technological dependencies.
2. The inefficient use of corporate resources results in peaks and valleys of resource utilization.
3. Bottlenecks in resource availability or lack of required technological inputs result in project delays that depend on those scarce resources or technology.
As might be expected, the report card on organizational success with management by projects is not stellar. For example, an early research study (Thomas et al., 2001) found that 30 percent of all projects were canceled midstream, and over half of completed projects were up to 190 percent over budget and 220 percent late. This same study found that the primary motivation of organizations to improve and expand their project management processes was due to major troubled or failed projects, new upcoming mega-projects, or to meet competition or maintain their market share. Those firms that “bought” project management skills from consultants tended to see it as a “commodity.” These fi ...
MBA 6931, Project Management Strategy and Tactics 1 C.docxaryan532920
MBA 6931, Project Management Strategy and Tactics 1
Course Learning Outcomes for Unit III
Upon completion of this unit, students should be able to:
3. Characterize important project management issues.
3.1 Describe how a company should be reorganized for greater effectiveness.
3.2 Analyze the challenges associated with a new organizational structure related to its scope.
3.3 Explain how a new organizational structure would impact the Key Manager Incentive Plan
(KMIP) program.
4. Outline project activity and risk taking in the project management process.
4.1 Explain the risks associated with a new organizational structure and scope.
4.2 Describe how structure and scope impact the overall project management process.
Course/Unit
Learning Outcomes
Learning Activity
3.1
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
3.2
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
3.3
Chapter 5, pp. 145-176
Unit III Case Study
4.1
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
4.2
Unit III Lesson
Chapter 5, pp. 145-176
Unit III Case Study
Reading Assignment
Chapter 5: The Project in the Organizational Structure, pp. 145-176
Unit Lesson
Organizational structure is how the organization is constructed. This can include management levels as well
as everyone who works toward maintaining the strategic mission of the organization with an eye on
development toward achieving the strategic vision. Companies can be organized in many different ways, and
the creativity in organizational structures continues to evolve.
One of the most common methods for organizational project structures is that of functionality, which is based
on functions within the organization such as marketing, accounting, finance, operations, human resources,
and more. This strategy is advantageous because of its specialization of functions within each operational
branch as well as its simplicity and general overall acceptance. This method provides a high level of staff
flexibility within each branch and represents a consistent path of advancement for individuals within each
function. The largest disadvantage with functional organizational structures is the fact that the client or
customer is not the primary focus. Instead, priority is placed on the tasks within each of the functions. Another
significant disadvantage of a functional approach within an organization is that the employees within each
function tend to have a narrow focus aligning with their particular function versus a more holistic viewpoint
UNIT III STUDY GUIDE
Organizational Structure
MBA 6931, Project Management Strategy and Tactics 2
UNIT x STUDY GUIDE
Title
encompassing all areas within the organization. This narrow focus can create conflict within the team instead
of a cohesively operating team atmosphere.
A project-oriented structure assumes that each of the functions described in the functional ...
Proven Paradigm for Creating Enterprise Project and Portfolio Management Adop...UMT
Capability Maturity Assessment is one of the tools consistently leveraged by Enterprise Project and Portfolio Manage-ment (EPM) practitioners in the creation of adoption roadmaps for organizations that are creating momentum for change with the objective of improving internal governance. Historically, the problem has been addressed in parallel at the Project, Program, or Portfolio levels, and in many cases the solutions devised have been independent of one anoth-er, potentially missing on integration aspects that could greatly improve overall results. In the past couple of years, new methodologies that attempt to encompass all three disciplines have been developed, including OPM3 from the PMI.
IFSM 301 – Week 4 Citations (NIST, 2009) (The six phasMalikPinckney86
IFSM 301 – Week 4 Citations
(NIST, 2009)
(The six phases of project management, n.d.)
(Waterfall versus Agile Project Management, n.d.)
(Gottesdiener, 2008)
(Value Attainment)
(Potts, 2008)
(Potts, Why You Shouldn't Have an IT Budget, 2008)
(UMUC Faculty)
Bibliography
Gottesdiener, E. (2008, March). Good Practices for Developing User Requirements. The Journal
of Defense Software Engineering, 13-17. Retrieved January 25, 2021, from
https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543074/View
NIST. (2009, April). The System Development Life Cycle. Retrieved January 25, 2021, from
NIST: https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543036/View
Potts, C. (2008, November 15). It's Time to Change Your Investment Culture. CIO, 24-26.
Retrieved January 25, 2021, from
https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543105/View
Potts, C. (2008, May 15). Why You Shouldn't Have an IT Budget. CIO, 74-76. Retrieved
January 25, 2021, from
https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543106/View
The six phases of project management. (n.d.). Retrieved January 25, 2021, from University of
Maryland Global Campus:
https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543072/View
UMUC Faculty. (n.d.). Performance Measures. Retrieved January 25, 2021, from University of
Maryland Global Campus:
https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543077/View
Value Attainment. (n.d.). Retrieved January 25, 2021, from University of Maryland Global
Campus: https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543075/View
Waterfall versus Agile Project Management. (n.d.). Retrieved January 25, 2021, from University
of Maryland Global Campus:
https://learn.umgc.edu/d2l/le/content/541520/viewContent/20543073/View
The System Development Life Cycle
For a brief overview of the System Development Life Cycle, the following sections have been directly
quoted from the National Institute of Standards and Technology (NIST) publication, The System
Development Life Cycle (SDLC). The entire NIST publication is available at:
http://csrc.nist.gov/publications/nistbul/april2009_system-development-life-cycle.pdf
"The system development life cycle is the overall process of developing, implementing, and retiring
information systems through a multistep process from initiation, analysis, design, implementation, and
maintenance to disposal. There are many different SDLC models and methodologies, but each generally
consists of a series of defined steps or phases.
The System Development Life Cycle
Initiation Phase. During the initiation phase, the organization establishes the need for a system and
documents its purpose.
Development/Acquisition Phase. During this phase, the system is designed, purchased, programmed,
developed, or otherwise constructed. should be identified as well.
Implementation Phase. In the implementation phase, the organization conf ...
The Role of the Enterprise Architect in Business Process ReengineeringRichard Freggi
Business Process Reengineering is often a challenging undertaking. This paper is a case study, sharing practical experience of how the enterprise architect can help in three ways:
• Provide a common language allowing different organizations, consultants and IT teams to communicate effectively
• Set the right level of abstraction to facilitate analysis and solution of complex questions
• Reconcile user’s wants and needs with the capabilities and constraints of IT systems
Reference is made to the Zachman Framework, especially the columns for “Data”, “Function” and “People”; and how these columns can be used to interact with stakeholders using UML (Unified Modeling Language).
PPT contain the study of the business process management of IT industry , It mainly deals with the customer and billing system . To avoid the time of serving the customer
Project Management: A Critical Examination of the PPARS ProjectOlivia Moran
This document explores the different aspects of Project Management and critically examines
the management of the recent PPARS project. This was a project which involved the development of a personnel and recruitment system for the HSE in Ireland.
It will also highlight the traps and obstacles
associated with the management of this project.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
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Mis2008 1 1
1. Project Management
Organization
Dušan Bobera
Article Info:
Management Information Systems,
Vol. 3 (2008), No. 1,
pp. 003-009
Received 12 Januar 2008
Accepted 24 April 2008
UDC 005.8
Summary
In our work we will try to show, according to recent and by scientific publicity accepted
attitudes, three basic organizational forms for project management, with their
description, characteristics, advantages and disadvantages, as well as to try to identify
the cases in which some of them could be applied. In this sense we will analyze the
functional organizational type, where the project is a part of functional enterprise or-
ganization, clear project organization and combined or matrix system. According to the
fact that each one of the models mentioned above has its own advantages and
disadvantages, in this work we will try to pre-sent the procedure for choosing which
model will be the most appropriate for implementation in particu-lar cases.
Key words
Project and People Management, Staffing
Introduction
An enterprise, if successful, has a tendency towards
growth and development, it employs and trains
qualitative staff, provides resources and develops
the organizational structure. In general, the
structure is focused on specialization of the group
staff. If the organizational structure is unable to
perform some task, the tendency of its rejection
will appear. When such a situation becomes
dangerous for the firm, the increasing pressure will
be exerted on reorganization.
Every elementary book dealing with
management problems includes the elements of
specialization, and especially always popular
functional organizations dividing and organizing
the enterprise to product lines, geographical
position of some parts, on the basis of production
process, types of consumers, and so on. In
addition, large companies can be organized in
auxiliary segments, doing it often according to
different methods at different operative levels.
Recently, several different forms of project
organizations have appeared in professional
literature, as “project management”, “organization
management by means of projects”, “project-
oriented firms”, and so on. The forms are
described as “applying project management
practice and its tools in the enterprise”.
As a potential source of these organizational
forms, fast increasing software industry is identified
that has developed the long practice in developing
big software application programs, decomposing
them into the series of comparative small software
projects. When all software projects are complete,
they integrate into the whole applicative system.
This has caused that many enterprises, non-
software similar to software ones, have accepted
the system by means of which they can keep on
working their traditional work, already done in the
traditional way, in the way which will not change
the form of project realization. There are many
reasons for the fast increase of number of project-
oriented organizations, but in the literature they are
usually grouped into four general fields:
The first cause is speed of the answer to the
increasing rhythm of market changes
determining the speed of answers to these
changes (they can be both danger and
chances), as an absolute condition for
successful competitiveness. In addition,
from the aspect of competitiveness, it is not
any more acceptable development of a
product or service in the traditional way
where in this process it passes from one
functional field to the other one without
evaluating that it is ready for production and
sale. In today’s business ambient, realizing
the possibility to appear in the market with
products or services is considered one of the
biggest competitive advantages. The
application of modern organizational forms,
as well as contemporary software tools has
drastically reduced the time of developing
new products, and the consequence is a
drastic reduction of product living cycle.
Similar to this, the possibility of broadening
modality has been created in many fields, in
2. Dušan Bobera
4
Management Information Systems
1/2008
essence the same product; thus, it suits to
the consumer’s wishes even more.
Development of new products or services,
almost always requires the application of
knowledge from different and specialized
fields of knowledge. Unfortunately,
combination is specific for every field. It
means that there is a need of creating ad hoc
teams composed of experts needed for that
case and which will be disbanded when the
work is finished.
Another characteristic of the contemporary
business environment is a strong
development and expansion of technological
possibilities, causing, as one of the
consequences, destabilization of the
organizational structure. This is a tendency
in different economic and non-economic
fields; we consider it unnecessary to list,
because it is an obvious fact in all the
sectors, for example, from banking to
ferrous metallurgy. This is especially present
in developed market economies in Western
countries, but we consider that this
orientation of changes will be generated in
our economy by different processes in the
future which has already begun by the
process of privatization. The process of
uniting, some of the enterprise’s parts,
becomes independent, reducing
management levels, and similar serious
disturbances of the current practice will
require the broad system of answers.
Transfer of non-routine activities of the
enterprises, conditioned by market and
technological changes (with a view of using
chances and evading danger) in projects,
enables forcing the obligations to perform
activities as unavoidability of project
planning, their integration with all the
necessary and related activities and enabling
constant reporting about the progress of
realization of these activities.
Transfer of a non-profit ambient into that where
projects are used for realizing specific tasks, i.e. to
the complete project-oriented organization
represents for top management an extremely
complex transition which should be realized. There
are many reasons for such a statement.
This process takes time. Even in case when all
the necessary resources are collected and when
there is complete readiness of management for
such a change, it is still difficult.
Further, we shall try, in accordance with the
recent and professional attitudes, to represent three
basic forms of the organization for project
management, with their description, characteristics,
advantages and disadvantages, as well as to try to
identify cases where some of them can be seen.
Models planned to be elaborated are:
1. Functional type of organization where the
project is part of the functional organization
of the enterprise;
2. Pure project organization, and
3. Combined or matrix systems.
1. Functional type of the project
management organization
This type, as one of the possible forms of realizing
a project in the organization, represents the
possibility of its realizing in one, existing,
functional part of the enterprise.
Figure1 Functional type of the project management
organization
General manager
Product
manager
Marketing
manager
Engenering
manager
Electrical
engenering
Mechanical
engenering
Materials
engenering
Plant
managers
Quality
control
Inventory
mngmt.
Promotion
Sales
Market
research
Advantages of this model of realization can be,
generally speaking, found in the fact that, in this
case, functional dimensions of the existing
organization are used. The major advantages of this
model can be grouped in the following way:
There is a maximal flexibility in using the
staff. In case that the correct functional
department of the organization is selected
for realizing the project, the department will
have the primary and administrative base for
individuals with technical knowledge in the
fields relevant for the project. They can be
temporary engaged in cases when their
contribution is necessary and then they can
be returned to perform their regular
activities;
3. Project Management Organization
Management Information Systems
1/2008 5
Some experts can be engaged in many
different projects. With the broad basis of
the technical staff available to the functional
department, if it is the case, the people can
be easily moved from one project to the
other one.
Experts in the department can be grouped
to exchange knowledge and experiences they
possess. Thus, the project team has the
access to any technical knowledge existing in
that functional group. Further, it can be the
big resource of synergic solution for solving
some technical problems;
Functional departments also serve as a basis
of technological continuity when some
experts decide to quit the project team, and
the enterprise, too. It is equally important,
both in technological continuity and in the
continuity of procedural, administrative and
other policies which will result when the
project continues in that department of the
home enterprise.
The last, but not the least important is that
the functional department possesses the
organized way of advancing individuals as
experts in their functional fields. The project
can be an opportunity for promotion all
those who took part in its successful work,
but the functional department is their home
base and the focus of their professional
advancement.
It is normal that so described way of project
carrying out, besides all cited advantages, has also
its disadvantages which can be grouped as follows:
The essential shortage of this way for project
carrying out is that the client in not in the
center of activities and attention. The
functional department, namely, has its own
major work which, the most often, has an
advantage over the wok within the
framework of the project, therefore, the
client’s interests are pushed into the
background;
Functional departments have the tendency
of orientation to specific activities associated
with their activities. This not an unimportant
problem in order to realize the project
successfully;
Sometimes, in projects carried out by this
form, neither individual is completely
responsible for the project. The lack of this
precision usually means that the project
manager is authorized and responsible for
some part of the project, but some other
person is authorized for other parts. This is
obvious lack of coordination which is very
important in realization;
The same reasons bring to the lacks of
coordinated efforts which can have
tendencies to reduce the responsibilities for
the client’s needs because there are several
management levels between the project and
the client;
There is also a tendency of suboptimal
execution of the project that some people
working in the department where the project
is realized very carefully and efficiently, are
interested in realizing some segments of the
project and so neglecting and even ignoring,
more or less, the other ones;
Motivation of the people working in the
project has a tendency to grow weaker
because the project is not paying appropriate
attention and some team members can
understand assigning their activities in the
project as going astray from their basic
activities;
This organized approach does not enable
the holistic approach to the project.
Complex projects, technically considered
(development of complex and sophisticated
products, and similar) cannot be qualitatively
designed by this method. Mutual inter
departmental communication and necessary
knowledge exchange is insufficient.
2. Pure project management
organization
The pure project organization is at the other end of
the spectrum of organizational possibilities for
project management. The essential characteristic of
this approach is that the project is separated from
the home organization. It becomes an independent
segment with its special technical staff, its own
administration, connected with the home
organization by wakened links which are
manifested in the periodical reports on the project
advancement and some exceeding. When we talk
about the way of work performance, there are
different solutions in business practice. Some home
organizations issue rules of administrative,
financial, staff and control procedures in detail.
Contrary to this, some home organizations give the
project an absolute freedom. The previously cited
points to the fact that there is a wide spectrum of
4. Dušan Bobera
6
Management Information Systems
1/2008
possible organizational varieties between these two
extreme modalities; the choice depends on many
factors. Figure 29 is a graphical illustration of the
model of a pure project organization for project
management.
The pure project organization has its
advantages and disadvantages, identically as the
functional model of project management
organization.
The advantages of this approach to project
management can be classified as follows:
The project manager is fully responsible and
authorized for the project. Although he has
to report senior management of the home
organization about the advancement of
project realization, the complete labor is
allocated to the project.
General manager
Product
manager
Marketing
manager
Program
manager
Marketing
Finance
Research&
Development
Prouction
Humanresources
R&D
manager
Project “A”
manager
Marketing
Finance
Research&
Development
Prouction
Humanresources
Project “B”
manager
Figure 2 Pure project management organization
The complete labor, engaged in the project
is directly responsible to the project
manager. In this case, permits and advices of
department bosses are not necessary. The
only director in this model is the project
manager;
In case of realizing complex projects, when
some phases are moved from one to another
functional department, communication lines
are shortened because the whole functional
structure is bypassed, and the project
manager communicates directly with the top
management structure;
If several, similar projects are realized
successfully, the pure project organization
can enable permanent, more or less expert
staff which can develop necessary skills for
some technologies. This can be very
important because, in case these groups
exist, it can be a good reference for the
organization and it will attract consumers;
The project team, having a strong and its
own identity, has a tendency of developing
the high level of communications and the
exchange of knowledge and experience
among its members;
As the authority is centralized, the possibility
of fast decision-making is increased. In this
way, the organization is enabled to react fast
on the demands of clients or top
management;
The rule of the united management is
respected. The value of particular
organizational principles cannot be
exaggerated, and the quality of
subordination is doubtlessly bigger when
this subordination is done by one person;
The pure project organization is structurally
simple and flexible; it enables its relatively
simple application and understanding;
This type of the organizational structure has
a tendency to support the holistic approach
to the project. The tendency of focusing and
optimization of project segments, relating to
the whole project, can often result in
technical errors in the project.
As any model used for carrying jobs, generally
speaking, so this form of project management has
its advantages and disadvantages. We have
previously pointed to the very important
advantages of the project organization. Similarly,
this form has very serious weaknesses. In addition,
we shall point to the disadvantages of this
organizational form of project management:
If the home organization has taken several
projects at the same time, it is logic to expect
that every of them (if the same organization
model) be completely equipped and supplied
by all resources. This may double or tripled,
as a consequence, the efforts in every fields,
from the office staff to the most
sophisticated (and most expensive) units for
technological support;
In essence, the need to ensure the
accessibility to technological knowledge
results in the attempt of exaggerated
accumulation of equipments and
technological supports with a view of
ensuring that they will be available in every
moment when it is needed. Therefore, the
people with critical technical skills can be
5. Project Management Organization
Management Information Systems
1/2008 7
engaged in the project longer than it is
necessary. Similarly, there may be a tendency
that the project manager wishes to keep
them in the project longer than they should
be in order to protect them from possible
bad events;
Keeping the project out of the technical
control of the functional department may
have its advantages, but also serious
disadvantages, especially in cases when it
belongs to the fields of “high technologies”.
The functional departments are still the base
of technological knowledge and it is not so
simple to determine that only some of them
can be part of the pure project team;
In the pure project organization, we have
already cited, during defining one of the
characteristics f the project, the project has
its own independent life span or cycle, with
the beginning and the end. The team
members are strongly associated with the
project and among themselves. The increase
of division “we – they” deforms the
relationships between the team members
and the other team members and the
relations in the home organization. Rivalry
among friends can become keen or hostile
competition;
At the end, but is not the least important. At
the beginning, we have pointed that the
project has the life span with the beginning
and the end. Within this context, there is a
question: what to do after the project? It is
necessary to emphasize great uncertainty of
the team members’ future after finishing the
project, their further engagement,
equipments, and so on.
3. The matrix form of project
management organization
From the above-cited, it is obvious that considered
forms have their serious advantages, each of them
separately, which qualify them as acceptable, but
there are also serious disadvantages. Trying to
collect advantages of the pure project organization
with determined and desired characteristics, as well
to avoid disadvantages of any of them, a matrix
organization for project management has been
developed. In essence, careful consideration of all
the cited, as well as all that is appearing in practice,
draws a conclusion that the previous two forms,
functional and matrix, represent the extremes on
the spectrum of varieties of possible forms for
organizing project management. Thus, the matrix
organization can be considered as the combination
of these two forms so we can find in the
professional literature that it is about covering the
pure matrix organization over the functional
departments in the home organization.
The fact that it represents the combination of
two extreme forms generates the existence of
different modalities and which will be
differentiated if it is more similar to functional or
pure matrix ones. If the form of project
management organization is more similar to the
pure project organization of project management,
then we talk about the “strong matrix
organization”. If contrary to this case, then we talk
about the “coordinating”, “functional”, or weak
matrix organization more similar to the functional
one. As there is the middle in every dilemma, there
is the so-called “balanced” matrix organization
being between these two. In the project practice of
case studies in this field, there is unlimited number
of varieties of organizational forms, between these
extremes, and the primary difference between these
forms is determined by the level at which the
power of decision-making is, i.e. it is concentrated
in the project or functional manager.
Methodologically considered, it is easier to
explain the “strong matrix organization”. Instead
of standing aside in relation to the home
organization, as in case of the pure matrix one, it is
not separated. This form of the organization is
illustrated in Figure 3.
General Manager
Marketing FinacialOperations OthersEngineering
PM1 1,5 1,5 1,5 4
PM2 4 1,5 0,5 2
PM3 0,5 3 0,5 1
ProjectResponsibility
Functional Responsibility
Figure 3 Matrix organization for project management
The matrix organization is balanced between
these extremes which is nothing else but the
balance of the cited approaches where there are
many different mixtures of project and functional
responsibilities. So, for example, in cases when
projects require the group work, before all, it is
usual to prefer the group work to their transfer in
projects.
As for the previous models, the matrix
approach also identifies some advantages and
disadvantages.
6. Dušan Bobera
8
Management Information Systems
1/2008
Advantages can be classified as follows:
The project is paid the central attention, as
with the pure matrix organization. The
individual, i.e. the project manager, takes
over the full responsibility for project
management, its realization as planned,
within the framework of in advance defined
budget, specifications and quality;
The fact that the project organization
includes functional departments, temporary
taking over workers and their skills from
these departments, draws the logical
conclusion that this enables the use of all
resources from all functional departments.
This is especially important when many
projects are carried out at the same time and
experts for all departments are available to
all projects; it drastically reduces the multiple
resource use, as with the pure project
organization;
Here, the team members are not so much
afraid for their destiny after finishing the
project, even in case of their strong
association with the project because they are
the personnel of the home department;
The answer to the client’s needs is equally
fast as with the project approach, but the
matrix is more flexible because it is included
into the organization which already
functions and it has to adapt to these needs;
With this type of organization, management
will have the possibility to use the existing
administrative staff. The result of this is the
consistency with policies, procedures and
practice of the existing enterprise which will
be saved.
In case of simultaneous realization of several
projects, the matrix organization enables
better resource use, from the aspect of the
company on the whole. This, holistic,
approach of considering the enterprise, as an
entirety, enables the supply of needed
resources for the period which enable the
optimization of using resources of the whole
company.
Contrary to the pure project organization
representing the extreme in the spectrum of
possible varieties, the matrix organization
tries to include the wide field of these
extreme approaches.
These cited advantages of the matrix approach
sound very strongly, but disadvantages, which will
list, are also very serious and they are mostly
manifested in the conflict of two diametrically
supposed principles.
In the functional approach of organizing the
project, all the power for decision-making is
doubtlessly concentrated in the functional
department while in the project approach, it
is with the manager. This power, which can
be very important in relation to the project
destiny, is very balanced in the matrix
approach. If there is any doubt about the
responsibility, the project suffers. If there is
uncertainty about the positive result of the
project, the struggle for the prestige
according to the question “who is
responsible for praise and glory” can
increase;
We have already cited that one of the
advantages of this approach is manifested in
the possibility to carry out several projects
simultaneously and control time, costs and
performance quality. This possibility,
however, has its shortages. The set of
projects must be considered on the whole
although it is very difficult. In addition,
transferring resources from project to
project with the need to satisfy different
term plans of every project can specially
increase conflicts between project managers.
The consequence of this cannot be optimal
performance of objectives of the
organization;
Similar to the existing problems relating to
the end of the projecting, they are present in
the project organization and they cannot be
simply evaded because it is the work with
the beginning and the end.
The project management controls
administrative decisions in matrix organized
project realization; technical decisions are
controlled by the responsible manager in the
functional department. This distinction
explained in the handbook in this way
sounds logical and understandable, but it can
be very delicate in the concrete project
management of job distribution and
authority in decision-making and division of
responsibilities. The capability of the project
manager to negotiate about all resources for
technical support and their delivery on time
can be of the key importance for the whole
work;
This management model directly violates
one of the principles of the management-
unity command. The staff involved in the
7. Project Management Organization
Management Information Systems
1/2008 9
project has at least two managers, their
functional, as well as permanent, and the
project manager, whose function stops when
the project ends, but its realization is in
progress and he is the key manager. This
represents a very serious problem.
4. Conclusion
After all the previously cited, we can put the
question what model to choose. In other words,
the question is how we should establish connection
between the enterprise and its business which
exists in a definite time having the characteristic of
continuity, on the one side, and the project having
the characteristic that it is unique and temporary.
In any case, it is necessary to consider the nature of
the potential project, characteristics of different
projects, advantages and disadvantages of every
organizational form, different preferences in the
culture of the home organization, as well as to
reach the best possible compromise.
It is generally considered that the functional
model would be the best choice for projects where
the major focus is oriented on the qualitative
technology application, not on cost minimization,
making determined plans or fast response to
changes.
If the enterprise is engaged in realizing many
and similar plans, the pure project form can be
preferred. The similar thing can be suggested in
case when the enterprise is faced with one, very
specific, unique task (project definition, in essence)
which is not appropriate for realizing in none of
existing departments of the enterprise, i.e. new
product development.
However, when the product requires the
integration of inputs from different functional
fields and which understands sophisticated
technology where experts should not be engaged
the whole project time, the matrix structure could
be recommended.
Disregarding the above-cited, it is considered
that selecting the model for realizing the project
should pass the following procedure:
Define the project with defining the
objectives which will determine the final
project evaluation;
Define the key tasks associated with every
objective and define organizational units of
the home organization which can serve as
places for task performing;
Group the key tasks with every objective
and define jobs in detail;
Determine organizational units responsible
for performing these jobs and units for
mutual cooperation;
Make a list of specific characteristics or
evaluations associated with the project, as,
for example, the level of needed technology,
possible length of lasting and project scope,
all possible problems with possible
individuals who can be included in the
project, previous experiences of the
organization in realizing projects, and so on;
Select the model based on the above-cited,
taking into consideration all the factors pro and
contra.
References
Burke, R. (1998). Project Management Planning and Control. New Jersey:
Wiley.
Burke, R. (2000). Project Management Planning and Control Techniques.
New Jersey: Wiley.
Charvat, J. (2003). Project Management Methodologies: Selecting,
Implementing, and Supporting Methodologies and Processes for Projects.
New Jersey: Wiley.
Cleland, D. I. (1999). Project Management, Strategic Design and
Implementation. New York: McGraw-Hill.
Field, M., & Keller, L. (1998). Project Management. London: International
Thomson Business Press.
Graham, R., & Englund, R. (2003). Creating an Environment for Successful
Projects: The Quest to Manage Project Management. New Jersey: Wiley.
Grundy, T., & Brown, L. (2001). Strategic Project Management: Creating
Organizational Breakthrough. London: Thomson Learning.
Kerzner, H. (2003). Advanced Project Management: Best Practices on
Implementation (2nd ed.). New Jersey: Wiley.
Maylor, H. (2003). Project Management. Esex: Prentice Hall.
Meredith, J., & Mantel, S. (2002). Project Management a Managerial
Approach. New York: John Wiley & Sons.
Dušan Bobera, Ph.D.
University of Novi Sad, Faculty of Economics Subotica
Segedinski put 9-11
24 000 Subotica
Serbia
Email: bobera@ef.uns.ac.rs