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PRM3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (705306) - DUE 1 October 2024
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PRM3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (705306) - DUE 1 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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,PRM3701 Assignment 6 (COMPLETE ANSWERS)Semester 2 2024 (705306) - DUE 1 October 2024 ;
100% TRUSTED Complete, trusted solutions and
explanations.
QUESTION 1 [15 MARKS] You have been invited to deliver a
speech to young graduates about important issues in project
management. To educate them properly answer the questions
that follow. • Please note you will be required to do research on
the questions below. • Also indicate your references 1.1 Discuss
five constraints, besides a project budget, that a project
manager must balance to successfully complete a project. (5
marks) 1.2 Describe each phase of the project life cycle,
referring to two core activities that usually occur in each phase.
(10 marks)
Speech to Young Graduates on Project Management
Introduction
Good [morning/afternoon], graduates! It’s an honor to speak to
you today about key issues in project management. As you
embark on your careers, understanding the complexities of
project management will be crucial for your success. Let’s dive
into the important aspects of managing projects effectively.
1.1 Five Key Constraints in Project Management (5 marks)
In addition to budget, project managers must balance several
critical constraints to ensure project success:
, 1. Scope: This defines what is included and excluded from the
project. Managing scope involves ensuring that project
deliverables meet stakeholder expectations while avoiding
scope creep, where additional tasks are added without
adjusting resources.
2. Time: Every project has a timeline, and managing time
effectively is crucial. This involves setting deadlines and
ensuring tasks are completed on schedule. Delays can lead
to increased costs and reduced quality.
3. Quality: Quality ensures that the project meets certain
standards and fulfills stakeholder requirements. Project
managers must balance quality with the other constraints,
ensuring that deliverables are not just completed on time
and within budget but also meet agreed-upon standards.
4. Risk: Identifying and managing risks is essential. Project
managers must foresee potential issues that could derail
the project and implement strategies to mitigate these
risks, balancing risk-taking with caution to maintain project
momentum.
5. Resources: This includes human resources, equipment,
and materials. A project manager must effectively allocate
and manage resources to ensure that the project can
proceed without unnecessary delays or shortages.
1.2 Phases of the Project Life Cycle (10 marks)
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