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Global Project Management Assignment
Question: Critically analyse particular personal traits or competencies that are important for project managers to possess in order to be most effective? Briefly describe a project of which you are aware, either through personal experience, observation or from your own research. Explain the methods that could appropriately be used in project selection and their processes.
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Solution: PROJECT MANAGEMENT
Based on your current understanding of global project management, critically analyze particular personal traits or competencies that are important for project managers to possess in order to be most effective.
Effective Project Management largely depends on the leadership skills since if the leader is not efficient, then the success of a project will be jeopardized. According to Kerzner (2013), a good project manager must be in possession of fundamental qualities. These includes excellent interpersonal and communication skills, ability to motivate, inspire and share vision with others, positive enthusiasm and attitude and integrity. Other traits include competency, excellent delegation, excellent decision making and problem solving abilities, team building and calm disposition. These qualities and skills listed above alongside possession of strong technical skills will ultimately make a project manager to be a good asset to any particular organization. In addition, the success of a project or projects being handled by that manager will ultimately increase.
Project Description, Selection and Processes
In this section, I will share my reflection on a project in which I was the project manager. The particular project that this assessment focuses on was to build 2 bed roomed rental apartments in a major city. The photo of the house is indicated below.
Prior to selecting the particular project, I was was aware that an experienced and informed approach to project selection was crucial. This is because it could allow me to manage the project tin a more effective manner, leverage the skills and competencies required in accomplishing the project successful as well as identification of main efforts with substantial ROIs (Praizion, 2017). A good project manager is able to employ his or her experience to guide decision makers into choosing an appropriate project while still keeping cost and risk estimates at realistic levels (Projex Academy, 2017).
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Accordingly, I opted to choose benefit measurement method as a selection method for this project. This technique is majorly based on the present value of the anticipated cash outflow and inflow (Online PM Courses, 2018). With this method, the benefits and costs of the project is first calculated and then compared with other projects prior to making a decision. This thus enabled us to make quotations and more importantly assess the cost of the project against similar ones within the area. This greatly assisted in making determinations regarding the viability of the project as well as in making adjustments to expenditure and outflows. Furthermore, the utilization of benefit measurement method also enabled us to deploy the discounted cash flow technique which is relevant to real estate property. It is well known that the value of land, and land will be more in the future than it is today. Their worth will be more than what they will be in the future. In this regard, the concept of discounted cash flow becomes relevant in a project such as house building so as to evaluate the current cost verses the future costs. Further, under the benefit measurement method, we chose the Net Present Value (NPV) which enabled us to measure the current value of cash inflow against the value of cash outflow during execution of project. This was an important process especially in controlling expenditure and ensuring that the project was completed within the given budget line (Projex Academy, 2017).
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