Cost And Benefits Of Project Management For Project Dealing

Related Work, Background, Significance

Describe about the Cost and Benefits of Project Management for Project Dealing.

Engineering projects mainly deal construction and design of different mechanical, electrical, civil, electronics, ICT and other systems that are generally planned in a certain way to meet some specific sets of objectives. These objectives are mainly set in order to benefit some organizations or communities in different aspects like business, development, utilities and others. The administration of activities in the correct order with the assistance of appropriate devices and procedures is generally termed as project management (Schwalbe 2015). Project Management is fundamental for all associations for advancement or adjustments of business or engineering systems and different perspectives. While projects are planned or arranged, the primary point is constantly some adjustment in the existing system or a few alterations in the current association structure. Dealing with these tasks in the correct bearing is an imperative stride towards making the project an effective project for any engineering or business associations.

In this research report, the results of the research based on the factors requiring close attention in the engineering project management have been published.

Related Works

Alotaibi, Sutrisna and Chong (2016) said that the most critical part of an engineering project management is strategy of the parent organization. They said the entire project remains on the current hierarchical system and the target of the project is to additionally adjust or upgrade the authoritative technique to build up more control over the market. For this reason, the project is initially arranged with an arrangement of deliverables that should be met over the span of the project. After that, the project program is executed alongside portfolio administration. As it were, the hierarchical system is the establishment stone for the project to appear. This is valid, without an authoritative system, no project can be arranged and appeared. The whole project points of reference depend on the techniques of the association. In addition, the project developments to a great extent influence the current authoritative procedure. Nevertheless, in some cases, this is not valid in all cases. Some of the time, the activities are not generally absolutely subject to authoritative procedures (Brle?i? Val?i?, Dimitri? and Dalsaso 2016). A few activities might be led for inner advancement that does not influence the general business technique of the association. Once more, there are different tasks that depend on development of a little or medium measured organization that is not identified with hierarchical strategies for success. Subsequently, “whole project relies on upon authoritative methodology” is a deceptive term.

In his works, Ismaeel (2015) said that project program is the most imperative part of the business extend as it straightforwardly influences the hierarchical techniques and additionally the project manager. His purpose of contention is that the current hierarchical methodology chooses the start of the project. Nevertheless, the project program decides the future authoritative methodologies identified with the business and trade. For example, the association focuses on a particular change in system, subsequently, they choose to execute a project for the change. In any case, the result from the project program is distinctive. On the off chance that it is not gainful, it is totally disposed of. Then again, in the event that it is much more helpful than the first arrangement, then the authoritative procedure will change further to support the advantages that have been picked up from the project program (Rusare and Jay 2015). This is very valid in its own particular right – the hierarchical system decides the project program and the project program re-decides the future authoritative procedure. Nonetheless, there are imperfections in this announcement also. The last authoritative procedure does not just rely on upon the project program; it relies on upon the general project yield. The turning points of the project are accomplished by the general exercises of the project and that includes extend arranging, portfolio and project program. Thus, despite the fact that the announcement is consistent with very some expand, some of the time it is deluding.

Lapina and Sluka (2015) in their works said that the portfolio administration is the most essential piece of an engineering project administration as it includes administration of assets and the working group by the project chief. Distinctive project supervisors have diverse goes up against activities and thus, there must be some reasonable principles and rules that ought to be taken after while dealing with the project. In addition, asset administration is a basic piece of project. Absence of assets will stop the project at a specific time while excessively numerous costs of assets will bring about decrease of money saving advantage proportion that will be picked up from the project result. Henceforth, dealing with the project unquestionably is important. Notwithstanding, this announcement is additionally not generally genuine. Controlling the exercises of project chief is not generally a smart thought. The project supervisor may have a few thoughts that can really profit the general project (Kerzner 2013). Once more, while executing the project, the director might have the capacity to distinguish certain dangers or blames inside the project that were not noticeable at first. Thus, without controlling the project supervisor exercises and depending altogether on portfolio administration, a few obligations ought to be given to him that he should oversee alone.

Engineering projects mainly deal construction and design of different mechanical, electrical, civil, electronics, ICT and other systems that are generally planned in a certain way to meet some specific sets of objectives (Kerzner 2013). These objectives are mainly set in order to benefit some organizations or communities in different aspects like business, development, utilities and others. Excluding the community benefits and utilities, the other engineering projects are executed in a cost effective way i.e. the organization that performs the project expects the newly designed system to provide high levels of profits.

The administration of activities in the correct order with the assistance of appropriate devices and procedures is generally termed as project management. Project Management is fundamental for all associations for advancement or adjustments of business or engineering systems and different perspectives. While projects are planned or arranged, the primary point is constantly some adjustment in the existing system or a few alterations in the current association structure (Schwalbe 2015). Dealing with these tasks in the correct bearing is an imperative stride towards making the project an effective project for any engineering or business associations. An effective project management framework comprises of various tools that will be discussed later.

The final result of any engineering project must have a significant cost benefit proportion. Authoritative systems are constantly in light of expanding the resultant cost benefit proportion of any engineering system and consequently, analysis of the cost benefit aspect of an engineering project is necessary. However, there are some additional factors that are to be considered while doing cost benefit analysis (Rusare and Jay 2015). Some researchers emphasized on the fact that the cost benefit ratio should be considered on the long term basis rather than instantaneous effect. Hence, in any engineering project, the plan is prepared keeping in mind the long term effects of the project and the possible cost benefit that can be gained by the organization in the coming years.

This research is based on the project management for engineers. The main target of this research is to analysis engineering project management in order to find some weaknesses, loopholes and obsolete methods that are still present in the current system. As the engineering field is quite large, the main part of engineering project management that has been used as the subject of the research is cost and benefits of the engineering projects. However, the research is far more significant than the limits of the field chosen to analyze on. The research has been conducted by analyzing even minute aspects of engineering projects and their relationships with the business of an organization. Moreover, the objectives of the engineering projects and their expected benefits have been analyzed in order to evaluate the actual outcomes of the project. Furthermore, the costs and cost benefits that have been experienced by the organizations have also been researched in order to find more details of the cost benefits of the engineering projects. In order to find these required data and information, the actual engineering designs, technical aspects, their effects on the business system of the organizations have all been analyzed on a broad scale and the works of reputed researchers have been used as references for the research.

Research Method

Different researchers prefer different methods for conducting their research activities. Some common research methods are as follow.

Data Mining – Some researchers prefer the more direct and easier way to reach the conclusions of the research. For this, the researchers analyze the works of their predecessors and identify some well-proven data present in their works. They then apply them in real life case studies to find their significances and applicability in order to reach the conclusions of their research.

Experimental Evaluation – Some researchers chose the longer way for their own research activities. Instead of direct data mining, they formulate their own theories by years of study and experimentation. These experiments are mainly based on the application of their own hypotheses on different real life mini or demo projects. Although this research method is long and time consuming, the outcomes of the research are more accurate as errors are removed by the iterative process of application of the researchers’ own hypotheses.

In this particular research, the data mining methodology has been followed due to the limitations of academic environment. For the research, some of the journals published by reputed project managers have been studied. Moreover, the works of the researchers who based their works on the engineering project management have also been studied to learn the basic concepts and proven theories of project management.

Various researchers prefer their own designs of research methodology. The most common designs of research are descriptive and explanatory. Descriptive design is mainly based on gaining the details of the events happening in the project for describing the effects and reasons of the events. On the other hand, explanatory design is based on formulation of several hypothesis for explaining the occurrence of certain events. In this research, descriptive design of methodology has been followed. For the research, the engineering project events have been analyzed and certain theories have been developed to explain the events. The events that have been put under the focus of the research are the weaknesses, loopholes and obsolete systems that are still being used in the engineering projects.

The research is to be arranged with analysis deliverables that should be met throughout the project. After that, the project program is executed alongside portfolio administration. As such, the hierarchical technique is the establishment stone for the project to emerge. The whole project points of reference depend on the techniques of the association. In addition, the project points of reference to a great extent influence the current authoritative procedure. In any case, at times, this is not valid in all cases. Once more, the association focuses on a particular change in procedure, henceforth, the organizations choose to execute a project for the change. The result from the project program is distinctive. In the event that it is not valuable, it is totally disposed of. Then again, on the off chance that it is significantly more useful than the first arrangement, then the hierarchical procedure will change further to manage the advantages that have been picked up from the project program. This is very valid in its own privilege – the hierarchical methodology decides the project program and the project program re-decides the future authoritative technique. Finally, different project managers have diverse approaches against activities and thus, there must be some appropriate norms and rules that ought to be taken after while dealing with the project. These factors are suggested to be analyzed for mining the statistics that are required for the analysis and research.

Sample

For the research purposes, samples are required for study and analysis. For this particular research, some real life case studies related to the engineering projects have been collected from various dependable sources that helped in development of the research conclusions and the verification of certain proposals. The main samples that were collected for the research were cost and benefits of project management for engineering projects. Collection of these samples helped in the analysis of data that were required to complete the research. Reaching certain conclusions set during the proposal were also possible due to proper selection of the data samples.

For collection of samples, a suitable sampling technique is needed so that the most suitable samples are collected. The field of research was project management. However, there are infinite number of samples for project management and hence, research of the overall subject was not possible within the academic environment. Hence, the subject of the research was narrowed down to cost and benefit of project management for engineering projects. For this reason, during sampling, the works and journals that were specifically based on these topics were selected. Moreover, unverified sources were excluded from the samples and only those with reliable sources and reputed authors were selected.

Data collection is an important of a research procedure. In this process, all the data that are related to the research are collected and filtered to identify the data and information that are specifically helpful for the research. Data collection is of two types – qualitative and quantitative. In the qualitative data collection, works of very reputed researchers are collected during the literature review of the research. High quality literature is collected in this phase that are already experimentally verified. These data and information help in the preparation of the project plan and development of the theories that are targeted to prove or otherwise as the ultimate outcome of the research. In quantitative data collection, a large amount of data is to be collected for verifying and cross-verifying certain propositions. Large amount of data is required because in some cases, few amounts of data is not sufficient for proving certain propositions.

In this research, data has been collected from the works of the previous project managers that have been proven and verified by the international standards. These works acted as the sources of high quality literature that were useful for the preparation of the project proposition. Again, data from different sources like real life case studies were also collected for the quantitative analysis of the research proposition.

This research has been conducted to understand more about the problems that are existing with engineering project management systems. These problems are continuously present in the project management but have not been mitigated until now. Some of these problems that are specifically targeted towards the cost and benefits of the organizations are as follows.

IT Infrastructure – As technology develops more and more, the need of upgrades for the existing systems in the organizations arises. This is mainly because the organization needs to be more competitive and advanced in the modern technical era. However, in the engineering projects, the need of the IT infrastructure is far more important. This is because, the engineering subjects are under constant research and new developments are coming out every day. Moreover, with the development of the new systems, new project techniques are developed that are conducted using certain softwares and other computerized processes. For these, development of IT infrastructure is necessary. However, it has been seen that most of the engineering organizations still lack proper IT infrastructure.

Technical Knowledge – From the data, it has been seen that the most engineering organizations conduct projects in spite of the fact that most of their employees lack sufficient technical knowledge. The research suggests that these employees have performed excellently during their academic careers but failed to perform sufficiently during the projects. The most suitable reason that has been found is that these employees (engineers) based their studies on the theoretical evaluation only and do not have sufficient exposure to the practical activities of the project. Again, some other engineers have found their way through their academic careers and into the organizations using unfair means. As a result, in spite of having sufficient number of employees in their project teams, the organizations could not earn significant cost benefits from the projects.

Scope Rift – From the data gathered in the research, it has also been seen that many of the engineering projects fail due to deviation or rift from the project scope. During the initial phase of the project, a certain project plan is prepared by estimating necessary resources and final project outcome. However, due to the developments and other factors during the project, certain changes are proposed and made and as a result, the scope of the project deviates from the original scope. Mainly, the scope is adjusted for the temporary benefit of the organizations but actually harms the company in the long run.

Budget – Budget is another important factor due to which many engineering projects stop immaturely. This mainly happens when unrealistic targets are set or the final end product of the project are not known before the initiation of the project. Due to this, in spite of having huge funding, if the project deliverables are not met, the company faces huge amounts of losses as well as no cost benefit is gained.

Conclusion

In this report, the main unsolved issues in the engineering project management have analyzed. This research has been conducted to understand more about the problems that are existing with engineering project management systems. These problems are continuously present in the project management but have not been mitigated until now. In this particular research, the data mining methodology has been followed due to the limitations of academic environment. For the research, some of the journals published by reputed project managers have been studied. Moreover, the works of the researchers who based their works on the engineering project management have also been studied to learn the basic concepts and proven theories of project management. In this research, data has been collected from the works of the previous project managers that have been proven and verified by the international standards. These works acted as the sources of high quality literature that were useful for the preparation of the project proposition. Again, data from different sources like real life case studies were also collected for the quantitative analysis of the research proposition. This research has been quite successful as most of the common issues persisting in the engineering project management have been identified.

References

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