The paper 'Project Management Exercise' is a great example of a Management Assignment. It is noted that the flexibility of the project is indeed a positive aspect since it fosters risk reduction and possible elimination as well as improves on the level of maximization. It is through the notion of flexibility that project managers are able to understand the immediate effects of unknown aspects that might hinder them from accomplishing quality; costs and timely delivery of project outcomes. In addition to this, it is clearly argued that projects that adopt the flexibility aspect are bound to be successful given that it gives room for conducting tasks in a more different manner.
Flexibility can be enhanced by allowing project management processes to be flexible so that possible changes can be executed to facilitate easier maneuver of operations. Standards improve the level of efficiency in project management processes. A pragmatic perception of standardization and flexibility rests with the fact that it allows each and every project to be represented with a definite set of problems that need solutions. Project Governance Project governance is a set of management principles and standards under which most of the decisions are executed.
It is indeed important for a given project process since it is meant to avail of a decision-making platform for logical; rapid and repeatable models for governing the available resources. The four key governance functions include; Decision making: that is greatly involved with the timely decision-making process, which seeks to solve even more complex issues that arise during project execution. Some of the notable project decisions include; the decision to source for specific funds and project termination. Control and communication of pertinent information; is a function that enhances a sense of direction on matters related to best practice; corporate management of issues while still providing assurance of the project’ s position in relation to the end outcomes. Accountability; is a function that calls for clarity on an individual’ s responsibility for the delivery of project outcomes. Advocacy; is yet another function that seeks to identify an individual that is deemed to be responsible for a particular issue as well as securing a definite degree of project approval. Example Of A Governance Operating Model Project Phases & Role The project initiation/concept phase; is the first phase that allows such variables as requirement and affordability and their immediate relation to the industry is thus planned and embarked on. The competitive phase; is the second stage whereby the industry is directly engaged The preferred bidder phase; is the third phase that allows for extensive engagement with such industry stakeholders as contractors and funders while the deal is being finalized. The formulation, acceptance, and transition to the service delivery phase provides a step for which project teams and company subcontractors are working together for the purpose of ensuring the timely delivery of the products. The in-service phase; is a stage whereby the end-users daily relationships with the underlying project are monitored and benefits sought after. Project Initiation Document