Discuss about the Cost Management in Complex Projects.
In today’s world, Global project management is a very important concept as it is relevant to almost every industry sector. Basically, globalization is playing a very important role in the Global project management processes. Because of the globalization interaction between the people of different countries and cultures has been increased and also has witnessed a “Projectification”. The concept of global project management offers various challenges as well as benefits to the company. This report is written with intent to find out the benefits and challenges in Companies because of the cultural diversity. ESI International Company provides the training to improve the skills of the employees and also offer consultancy services in managing the various programs and contracts and business skills. However, it can be said that global project management is a journey of exploration as it involves the cross cultural interaction in global projects learning to recognize the cultural differences. This Research report will include the review of the previous literature, research methodology and ethical considerations studied by the researchers. Therefore, in this research report mixed approach has been chosen to find out the better outcomes (Aaltonen, Murtonen, & Tukiainen, 2009).
Because of the globalization and due to diversity in the countries various challenges as well as opportunities have been faced by the companies in managing their projects. However, there are many factors that make this concept a very challenging one. Management and coordination of the Global projects is difficult because of the different time zone, different culture, different language, distributed teams and distant locations. The purpose behind this study is to analyze the challenges and opportunities faced by the company because of diversity at the workplace. This study is also focusing more on the solutions to resolve the issues of global project management (Shenhar & Dvir, 2007).
With the development of the communication networks across the globe and accessing the new market, knowledge, expertise has been the primary catalysts of global businesses. Global project management is very beneficial for the people who want to invest in the international market. Training is assumed to be the best part to solve the challenges faced during the project management. The scope of this research project is to make organizations aware about the challenges and how to resolve these challenges during the project management. Communication is a very important part for managing the Global projects when the companies are working together as a team. Some of the devices that used while doing Global projects are videoconferencing, chats and phones which are totally opposite to the face to face communication (Aarseth, Rolstadås, & Andersen, 2013).
Various studies and researches have been done in the previous years on the topic of global project complexity and challenges and the opportunities for the companies. According to the various studies, it is very difficult to ignore the complexity of global projects because it’s very challenging task to operate and co-ordinate the projects. It is observed that if project teams are located in different locations then a company needs some additional devices or methods to facilitate the communication. Communication is a very important part for managing the Global projects when the companies are working together as a team. Some of the devices that used while doing Global projects are videoconferencing, chats and phones which are totally opposite to the face to face communication (Zhang, Marquis, Filippov, Haasnoot, & Steen, 2015).
Some of the authors emphasized on the fact that training is very important in the case of managing the Global project. Every employee working in the diverse culture should have the full knowledge about political, legal, cultural values and other information related to the global projects. According to the viewpoint of Adam Alami, there are various factors that cause complexity to the Global projects and some of factors includes locations of different time zones, communication, cultural issues and control (Alami, 2016). Cultural diversity is the most important a critical factor that need to be considered while managing the Global projects.
Some of the studies reflect the significance of diversity in the Global projects. It is analyzed that the cultural diversity or factors can make or break the Global projects. There are many opportunities for the companies if they invest money in the Global projects. Company will receive a large amount of profits, if they successfully run the projects in the Global Businesses. Moreover, it is also found that working in a diverse culture leads to generate different ideas for the companies as it will come from the diverse team members. Global project management also leads to learn about the new things and understanding of the cultural differences. Also, making mutual adjustments and adaptations is also a long lasting Process (Rodrigues & Sbragia, 2013).
It can be said that global project management is a journey of exploration as it involves the cross cultural interaction in global projects learning to recognize the cultural differences. According to Lanubile, global project provider fundamental benefits to those companies who undertake and choose to invest in it. The best part of global projects is that it provides an opportunity to explore the wide range of markets including on unexplored markets. It is analyzed that the belief, traditions and Customs of the different regions or countries in the world bring a great level of diversity to the working environment of the companies that facilitate improvement in the collective thinking (Kujala, Brady, & Putila, 2014).
According to the viewpoint of Peter Smith, Various challenges faced by the companies while managing the Global projects. The major challenges that company may face is related to the project cost overruns, organizational culture, communication coordination, power and relationships (Smith, 2014). From the review of literature, social conflicts are evident in this worldwide Global models and this affect the relationship between the groups involved in the projects and weakens correspondence procedure.
Talking about the ESI international company, they are offering the various courses and the training programs to manage the various projects and also includes the programs like risk management, asset management, performance management, financial management. This company still is unable to manage the global projects because of the cultural diversity and the social conflicts. This is the reason that these social conflicts affect the relationship between the groups involved in the projects and weakens correspondence procedure (ARUP, 2017).
In the previous literature review, there are many problems that have been found related to the Global project management, but there are no measures are taken or implemented by the companies in order to handle this situation. The surveys and researchers explain in the literature review more about the challenges faced by the company and less Emphasis has been given to the opportunities as well as the problem solving methods for the global issues (Bergerud, 2012).
There are two types of research questions on which this research is based. The first one is primary question consist of only one question which is considered to be the main question of this research while this secondary questions are derived from the primary question.
Research methodology is the most important part of this study. To carry out this research, mixed research method has been adopted in which both the methods qualitative as well as quantitative are being utilized in order to get the better results. The main objective of this study is to carry out the research in order to determine the various challenges and opportunities for the company because of diversity. This research project involved quantitative and qualitative approaches for the deep study analysis part with regard to the challenges and opportunities for the company cultural diversity in organization (Smal & Jõgeva, 2016). Coming to the approaches part there are three types of the research approaches which can be used to carry out the research which are explained as below:
This research design is all about the collection of the secondary data that is derived from the existing studies or researches done by the various scholars. This method is useful in gathering the information of high quality related to the topic. This strategy or approach has been chosen because it allows the evaluation of the issues faced by ESI international company in the global management. This method is assumed to be more effective in comparison to other methods (Torp & Klakegg, 2016).
With the help of this approach, numerical data collected through the interviews of questionnaires. The main focus of this research approach is on the numeric values of the data and various researchers use this approach to collect the primary data.
Mixed approach refers to the combination of the quantitative and qualitative approaches which are being used to carry out the research work. Therefore, in this research report mixed approach has been chosen to find out the better outcomes.
As this report is based on the secondary data, so this will be based on the already exist material, which can be collected through the articles, journals, newspaper books and online sources. It is the approach which can be used to analyze the issues faced by the Global project management company by managing the cost factors effectively and also by saving the time. This research project will help to analyze the different methods can be used to resolve the issues of global project management within the organization. The data can be analyzed through the process of data listing. In this research work graft can be used in order to represent the quantitative data so that it could be easily understand by the users (KPMG, 2007).
Ethical consideration is also the significant part of the research work as we need to follow some ethical values and principles. To identify the model information some of the ethics and values have to be followed by the researcher. The data that is collected is currently based on the mixed research approach which includes primary data and secondary data. First of all, the most important ethical consideration that we need to take care is related to the confidentiality, privacy and authenticity of the collected data. During the research work there are some of the ethical values that should we consider while conducting the research which are as follows:
Goodwill: It is important to focus on those companies which are facing the Global project management issues within the organization. ESI International Company has been chosen as an example and it is important to take care of goodwill of company (Richardson, Marion, & Onu, 2015).
Confidentiality and professionalism: while collecting the secondary data, it is important is that making use of the data which is based on the volunteer participation of the people or from the annual reports of the companies. All the information collected through the secondary sources is kept confidential and it will be destroyed after reaching the outcomes of the analysis (Malathi, 2011).
On the topic of evaluation of issues related to Global project management within the organization, there is enough research has been done but there is still some study left to research in order to generate the better measures for reducing the global issues. As we know that technology is growing very quickly and new additions are being made every second, therefore it is quite difficult to study all the information with regard to the challenges. Also, it is quite difficult to cover and consider all the studies done by the various researchers (Shakir & Nørbjerg, 2013).
This part of the research work represents the time schedule for each and every activity that performs during this research. This can be explained with the help of Gantt chart which includes activity and the time of performing that task. With the help of Gantt chart, the time required to complete these tasks has been shown in the form of table and this activity is useful to manage all the projects activities as well as the cost of the company.
From the below table, it is clear that the company need to review the previous studies that took around the 6 weeks to the company. This activity does not involve any cost because the review of literature is done by studying the internet material, books and journals. Moving further to the study, next part involves the research methodology and collection of the secondary data. The budget assumed to carry out this project study is to be around $500.
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2nd week |
3rd week |
4th week |
5th week |
6th week |
7th week |
8th week |
9th week |
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Months |
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Introduction |
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Review of literature |
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Research Design and Methodology |
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Secondary data collection |
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Analysis of Data |
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Findings |
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Conclusion |
Conclusion
Because of the globalization interaction between the people of different countries and cultures has been increased and also has witnessed a “projectification”. The concept of global project management offers various challenges as well as benefits to the company. This report is written with intent to find out the benefits and challenges in Companies because of the cultural diversity. ESI International Company provides the training to improve the skills of the employees and also offer consultancy services in managing the various programs and contracts and business skills. This Research report will include the review of the previous literature, research methodology and ethical considerations studied by the researchers. Some of the studies reflect the significance of diversity in the Global projects. It is analyzed that the cultural diversity or factors can make or break the Global projects. There are many opportunities for the companies if they invest money in the Global projects. Company will receive a large amount of profits, if they successfully run in the Global Businesses. Management and coordination of the Global projects is difficult because of the different time zone, different culture, different language, distributed teams and distant locations. The purpose behind this study is to analyze the challenges and opportunities faced by the company because of diversity at the workplace. The major challenges that company may face is related to the project cost overruns, organizational culture, communication coordination, power and relationships. Therefore, training is assumed to be the best part to solve the challenges faced during the project management. It is also suggested to make organization aware about the challenges and how to resolve these challenges during the project management.
References
Aaltonen, K., Murtonen, M., & Tukiainen, S. (2009). Three perspectives to global projects. Retrieved from https://www.vtt.fi/inf/pdf/tiedotteet/2009/T2491.pdf
Aarseth, W., Rolstadås, A., & Andersen, B. (2013). Managing organizational challenges in global projects. International Journal of Managing Projects in Business, 7(1), 103-132. Retrieved from https://www.emeraldinsight.com/doi/abs/10.1108/IJMPB-02-2011-0008
Alami, A. (2016, January). Global Project Management Challenges. PM World Journal, 5(1), 1-15. Retrieved from https://pmworldlibrary.net/wp-content/uploads/2016/01/pmwj42-Jan2016-Alami-global-project-management-challenges-featured-paper.pdf
ARUP. (2017). Future of Project Management. Retrieved from https://www.arup.com/-/media/arup/files/publications/f/arup_future-of-project-management2.pdf
Bergerud, C. (2012). The top 10 challenges to effective cost controls. Retrieved from https://www.pmi.org/learning/library/top-ten-challenges-effective-cost-controls-6049
KPMG. (2007). Managing global projects. Retrieved from https://mosaicprojects.com.au/PDF/KPMG_Survey_2007_Managing_global_projects.pdf
Kujala, J., Brady, T., & Putila, J. (2014). Challenges of Cost Management in Complex Projects. International Journal of Business and Management, 9(11). Retrieved from https://www.researchgate.net/publication/287400855_Challenges_of_Cost_Management_in_Complex_Projects
Malathi, A. (2011). Project management with global virtual teams : challenges and framework. Retrieved from https://repositories.lib.utexas.edu/handle/2152/ETD-UT-2011-12-4518
Richardson, T., Marion, J., & Onu, S. (2015). Insights from Global Project Managers: Career Advice for Successful International Assignments. International Journal of Business and Management, 10(10), 1-10. Retrieved from https://alumni.northeastern.edu/wp-content/uploads/2017/02/Week-1-Insights-from-Global-Project-Management.pdf
Rodrigues, I., & Sbragia, R. (2013). The Cultural Challenges of Managing Global Project Teams: a Study of Brazilian Multinationals. Journal of Technology Management and Innovation, 1(4), 1-15. Retrieved from https://scielo.conicyt.cl/pdf/jotmi/v8s1/art04.pdf
Shakir, S., & Nørbjerg, J. (2013). The End of the Line: Project Management Challenges in Small Software Shops in Pakistan. Retrieved from https://pdfs.semanticscholar.org/d4ff/42a572744a8681965099da9b0bd063e5d803.pdf
Shenhar, A., & Dvir, D. (2007). Project management research – the challenge and opportunity. Project Management Journal, 38(2), 93–99. Retrieved from https://www.pmi.org/learning/library/project-management-research-challenge-opportunity-5565
Smal, A., & Jõgeva, E. (2016). Communication challenges in managing global virtual teams: the experience of project managers. Retrieved from https://gupea.ub.gu.se/bitstream/2077/51594/1/gupea_2077_51594_1.pdf
Smith, P. (2014, March). Project Cost Management – Global Issues and Challenges. Social and Behavioral Sciences(119), 485-494. Retrieved from https://www.sciencedirect.com/science/article/pii/S1877042814021454
Torp, O., & Klakegg, O. (2016). Challenges in Cost Estimation under Uncertainty—A Case Study of the Decommissioning of Barsebäck Nuclear Power Plant. Retrieved from https://www.google.co.in/url?sa=t&rct=j&q=&edata-src=s&source=web&cd=7&cad=rja&uact=8&ved=0ahUKEwiTm82RoajbAhWHLI8KHf-9CfQQFghTMAY&url=http%3A%2F%2Fwww.mdpi.com%2F2076-3387%2F6%2F4%2F14%2Fpdf&usg=AOvVaw2A1vzToJppGmpRBDkLkBHU
Zhang, Y., Marquis, C., Filippov, S., Haasnoot, H., & Steen, M. (2015). The Challenges and Enhancing Opportunities of Global Project Management: Evidence from Chinese and Dutch Cross-Cultural Project Management. Retrieved from https://dash.harvard.edu/bitstream/handle/1/13993638/15-063%20(2).pdf?sequence=1
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