Our team consists of 3 members. The members are namely Lakshan Sachintha Somapala, with Identity no: 101927236; Akashdeep Singh, with identity number: 102011046; Ravikiran Reddy Pinikeshi, with identity number: 101993305. This project is performed under Mr. Kim Ko. My main role in this project is to collect data regarding the completion of the project. The role found importance as the projection of the data management of the project is commenced with the data that are collected by me during the processing of the data collection.
Project management concepts Comment on the project significance, aims and objectives and what you have learnt from this experience.
Project significance: The main significance of this report is that the projection of the problems that are present in the commencing of the JB Hi Fi. This estimation of the issues that are faced by the JB Hi Fi will help in better functioning of the data management projection. This project commencement also helps in establishing a reason of that helps in functioning of the project and helps in the understanding the importance of the project.
From this project, the main thing that I learned is that before starting a project the most important phase of the project is analyzing of the requirements.
Identify and explain one or two key problem[s] / risk[s] encountered and describe your response and why that approach was chosen.
key problems that were faced during the completion of the project: 2 key problems that were faced during the completion of the project are as follows: –
Team member dynamics Explain what team dynamics worked well during the semester and why. What insights will you take into future projects?
Team Dynamics: The team dynamics that is used in the prosecution of the project is all for one and One for all. This team dynamics helped us in having a better coordination in commencing of the project. This incurs the fact that the projection of the entire task. The fact that the dynamic approach that was taken for the commencement of the project helped us to know each other in a better way. This helped us in commencing of the project in a more efficient manner. This process also helped us in understanding the strengths and weaknesses of the either partner. This helped in better commencing of the project.
Identify one or two key team dynamics [positive or negative behaviours / characteristics] which impacted your team’s performance?
Explain how these were managed. Describe your key learning outcomes?
During commencing the project I learned that one of my partner is really stubborn concerning the necessities of the projects. This is the main problem that arose during the achievement of the development. Despite the problems that were faced indulged the fact that the project was performed with such high accuracy. In case the scrutiny was not done by the partner of ours, the project would not have been this perfect. These issue was mitigated with the help of extensive planning and this is the goal that the plan of the data administration was processed with such high efficiency.
Team composition and process Identify one aspect that:
1.Worked well
2.Did not work so well.
Explain your choice using one illustration for each from your weekly progress reports to support your choice.
One aspect that worked well:
One characteristic that worked well includes the fact that the team members of our group got well gelled and this helped in better coordination among the team members of the organization. This is the reason that the forecast of the statistics administration was achieved in a better way.
One aspect that did not worked well is the commencing of the project is that the functioning of the project was not very impactful regarding the functioning of the data management. This was due to the fact that the bondage among the partners were very good and this affected he proficiency of the project commencement.
Academic theory List clearly the two chosen project management issues / topics from the chosen international speakers. Explain why you chose them.
Project management that was faced during the processing of the project management are as follows: –
For the first issue / topic, identify at least one academic theory to deepen your insights into the issue
Briefly introduce [and reference] your chosen academic theory.
The theoretical philosophy that must be considered in the projection of the issue that is stated above, i. e. risk management is Financial and Economic approach.
The implementation of the Financial Economic model has been procuring better management terminology as the data management system is capable of managing the problem in both theoretical as well as in practical essence. After proper analyzing of the data that were stated by the Miller and Modigliani, the theory has been very well accepted by the global mass. This is the reason that the expansion of this approach has been this high. This strategy is taken into consideration as the projection of the cash flow is taken into consideration in this stage. This approach helps in understanding the relativity of the financial structure. In this case the financial structure regarding the corporate stature of the project can be evaluated that will help in understanding the processing of the informations management and this is the reason that the commencement of the statistics management can be performed with the help of the statistics administration system. In this case the risks that are present in the commencement of the business management of the project that is performed gets audited and the financial problems can be evaluated. This terminology will help in estimating the cost that will be incurred in the risks that are present in the completion of the data management and this is the main reason that the projection of the data administration system. This approach also helps in understanding the fact that the managerial preferences are selected with the help of the data procurement will be processed with utmost efficiency. Implementation of this terminology will be performed with the help of the Financial and economic prosecution. The main instance that is being preferred for the better completion of the business management. This also helps in the completion of the project management and this is the reason that the implementation of the Financial and Economic approach is done. This approach also helped in the projection of the tasks that is to be performed. In this case the implementing Financial and Economic approach will help in commencing the entire project with highest efficiency. This is the main reason that the maintenance of the data proclamation will be performed with the help of the data generation b that will help in better management of JB Hi Fi project.
Using your chosen theory to explain how this helps you to gain deeper insights into the first issue.
Financial and Economic approach defines the acquisition of the definition regarding the progress of the valuation of the risks that might affect the functioning of the business management. This method was first stated by Miller and Modigliani in the year 1958. This Financial and Economic approach helps in framing a structure and model that will ensure that the prototype of the entire project is made. This is the reason that the analysis of the problems that are present in the JB Hi Fi organization. This is the reason that the proclamation of the project. This is the main reason that the implementation of the financial economics, includes the fact that models that are designed will ensure that the projection of the predictions that will be made during the commencement of the business management. The projection of the Financial Economics will help in commencement of the project. This approach is considered to be one of the most important aspect that has been affecting the entire process in a positive way. This ensures the fact that the project management can be performed with the help of the processing of the proponents of the underpriced elements that are present in the project. The components that are present in the commencement of the project gets detected on this process. The main aspect that is taken into consideration for the projection of the JB Hi Fi project. In case of completion of the project and implementing the Finance Economic approach the advantage that are present in the trial of the management of the entire project. The fact that the commencement of the project helps in performing the empirical tests and this is the cause that the prognosis of the data supervision will be achieved with the help of the data investigating system. By using the Black-Scholes model, the main advantage that will be gained in the projection of the project completion will help in better analyzing of the data that are require for completion of the entire project that is related to the virtual assistance of the project. The main instance that the organization that deals with the major factr of the Black-Scholes model is used in this risk management of the data prosecution. This is the reason that the functioning of the Black-Scholes model has been implemented in the effective of the data administration of the development. This is the sole reason that the functioning of the quality administration can be achieved with the sustenance of the Black-Scholes model. The cost that will be obligatory in the operational of the financial ability that is present in the concern of the data management and this is the reason that the completion of the project is achieved with the help of the investigation of the proportionate termination of the project. This is the reason that the functioning of the data management can be performed with the help of the Black-Scholes model. Rational terminology can be gained from the projection of the Financial and Economic approach. The main advantage that is present in the communication of the project management that ensures the fact that the processing of the data management can be processed with the help of the process designing. This also helps in understanding the probation of the designing the entire model that helps in better functioning of the procurement of the project. In this case the completion of the project can be done with the help of the projection of the course management that makes the entire project successful. Process development is also defined in this stage as this acts as a major reason behind the functioning of the statistics management system.
Identify your new learning and explain how this insight will influence you in the future.
After completion of the scheme the main aspect that in learned in the sequence of the informations organization includes the detail that the organization process that is obligatory in the functioning of the data commencement will help in projection of the project management. The fact that the process of team management. This acts as the main functioning of the project and the complete project is reliant on the projection of the team work and this is the reason that the commencement of the project gets performed in the project management system. In case the projection of the entire project will not be possible until there is a better team management and this is considered too be the secret behind completion of the project in a successful note. This fact ensures that the projection of investing on team management gets better with time and this helps in completion of the project in a better manner. Another instance that is present in the course of the project completion is that the projection of the complete scheme can be done with the help of risk management planning and this is the reason that the better forecast of data organization can be achieved with the help of Financial Economic approach.
For the second issue / topic, identify at least one academic theory to deepen your insights into the issue.
Briefly introduce [and reference] your chosen academic theory.
The second problem that is present in the course of project management includes the fact that the resources that are present during the completion if the project will enhance the functioning of the data management system. This is the reason that the completion of the task gets affected and the efficiency of the task decreases. This enables the fact that the commencement of the project can be performed with the help of the data proclamation theory. In order to commence the project that is present in the commencement of the functioning, proper requirement of the project. In case the requirement of the project is not met with higher instance it is obvious that the proficiency of the project will decrease. In order to commence the project that is project can be performed with the help of the collection of the products as the termination of the projects that are present in the completion of the task will require better arrangement of the data that are present in the conclusion of the mission. In case of the JB Hi Fi project, the main problem that is faced during the performing of the project is the main reason that the completion of the project will get better with better investment of the entire project. The imposters can gain access to the data base of the JB Hi Fi project without any proper authentication of the project. In case the imposters gain access to the data base of the JB Hi Fi project, the entire data can be used in a wrong way ad tis will affect the functioning of the project. In order to stop the projection of the entire imposters and unauthenticated access to the data base creation of a risk register and functioning in accord to the system can also be performed. This is due to the fact that the cost that is incurred in the achievement of the scheme is not provided. In the case of the political-economic issues it arises because of the strategic misinterpretation of the scope of the project. For this reasons budget overrun issues arises in the projects. Due to the project overrun case the main and a serious concern is the termination of the project. This is such type of serious issue which is able to terminate the project. The termination of the project arises because cost the of the project increases gradually with the time and after a certain period of time the project execution team becomes unable to run the project further.
Using your chosen theory to explain how this helps you to gain deeper insights into the second issue.
It project is always complicated, not just because it requires enough skill sets, but the technologies need to be managed with expertise. Although there are various automation tool available, it still requires the skill set that is managed with the human expertise, which simply automation cannot do. Most of the IT projects these days implement sophisticated and advance technology that helps to keep track of budget, time schedule and work progress. Although these are great these having all those technology in the project does not mean that the project is going to successful.
IT projects always have some issues in terms of the project integration and integration of the technology that is considered for the projects. It is not possible to predict that if the technology is going to be work or not. Even if the best effort is made it is not possible to determine that whether the technology will have some issues and even if any issue is there in which stage the issue will arise. The issue might be in the integration stage or in the testing phase. Hence it is not possible to determine that. In IT is project however the vital step is the integration of the technology and majority of the issues arises in that process only. Still there is no rule for that.
The project of virtual digital assistance is one such project that requires implementation of advance technology. Now these project is not the application of a single technology, it requires several technologies of various level and complexity. Now it might also happen that in the project of virtual digital assistance the technologies are working fine itself. But when these are integrated, they might not work as intended. This kind of issues are very common in IT projects. Now when these kind of problem arises, it has certain impacts on the projects. The first and primary implication is the delay in the schedule. Now it is not possible to design the time schedule based on that there might be some integration issues in the projects. Hence, best effort are made that the proper testing and review is done over each of the technology that is being considered for the projects. After each of the technology is properly tested and reviewed then only they should be considered for the integration.
Another issue that is directly linked to projects running out of the time schedule is the increase in the budget. When budget of the project is increased it makes the project more complicated and it is difficult then to redesign the project in a whole new way.
According to the theory of project management, proper development of schedule and its successful application in the project plays and vital role success of the project. According to theory both the timeline and budget is integrated and one depends on another and hence both of them has to be properly managed. However it does not mean that leading a project with the appropriate schedule will ensure that the project is completed in budget. However when a project is not following the schedule developed before the project is initiated it is definitely increase the budget of the project. Hence proper time schedule development and implementation is important. The theory also specifies that the strategy of developing proper and effective time schedule is to consider the variation of project scope and requirements and allow the time schedule to be modified according to that so that it does not hamper the project progress and ensure that it is properly executed according to the project requirement of the JB Hi Fi project.
Identify your new learning and explain how this insight will influence you in the future.
The project can face a heavy delay due to implementation of various type of complicated technical solutions. Delay an in every type of projects reflects a negative impact on the project. The main negative impact due to the project delay is overrun of the project cost. With the project cost overrun issue this project can also faces issues like the loss of productivity, contract expire issue between the project leading company and vendor and revenue related lawsuit issue. The issue of the budget overrun is having three type of explanation which are the political-economic, technical and the psychological. The technical explanations for the budget cost overrun includes the improper way of forecasting the market or wrong forecast of the future data and implementing of inadequate data. Now all of these technologies have to be successfully integrated and coordinated as well. The main reason of the psychological budget overrun is the optimism bias decisions with the market forecasters of with the project forecasters. Also, in this case there is a scope creep issue where the requirement of the project increases due to the fault in initial decisions in the project. This type of issues considered as a common issues in the project.
References
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