Project Management for Construction and Development- myassignmenthelp

Question: Discuss about theProject Management for Construction and Development. Answer: Introduction This report discusses emerging issues in project management. The project management issue discussed in this report is value driven project management. Value-driven project management refers to the management of projects based on the value that the projects generate to the organization. It is important for project managers to ensure that the projects undertaken focus on the value rather than on managing projects for the sake of it. Project management is a growing field and its growth has been mainly fueled by increase in projects in all sectors of the economy. Most organization are undertaking major projects whether they are infrastructural, technological or any other type of project (Vanhoucke, n.d.). Because of the need to manage these projects effectively and ensure successful competition of the projects, organizations have developed the need to seek the services of project managers. Every project has its unique goals and objectives and it is the ultimate role of the project manage r to ensure that the project being undertaken by a particular organization can achieve the predetermined objectives. This, therefore, means project value is at the core of project management and therefore project managers need to focus on project value when managing these projects (Jha, 2011).The value of a particular project depends on the objectives of the project and therefore value must not necessarily be financial or economic. The report gives a detailed narrative of a company in the UAE that has focused on the value of project when managing its various projects within the organization. The organizational structure and project management practices of the chosen organization are also discussed in this report. The current challenges and problems associated with the project management in the organization are also analyzed and recommendations for improvement are highlighted. Review of value-driven projects The value-based project has become popular with project managers. This is because of its result oriented nature which helps project managers to achieve project objectives on a timely basis and hence aid the organization in achieving its overall objectives. Value-based project management is very different from style planning systems. The technique of project management focuses on better decision making across all the sectors within the project. The value-driven management project helps in involving various stakeholders in the management of the project. The value-based management of projects recognizes the top-down command and control structures. Value-based project management focuses on the value that the project is going to generate to the organization. Projected future cash flow from the business is analyzed and compared to the current spending for the project (Fleming Koppelman, 2010). The project manager should set the objectives of the project and design methods that can be used to measure the performance of the project. This helps in determining whether or not the project is meeting its value as targeted in the project plan. Value-based project management is one of the most important emerging aspects of project management (Kerzner Saladis, 2009). Value-based management of projects enables project managers to oversee the project on a continuous basis and always ensure that the project is in line with the objectives. Value-based project management is an integration of value creation mindset with systems and processes of management that are necessary to transform the mindset into real action. The primary objective of the project manager is value optimization. This also involves minimizing costs and ensuring that the project does not incur unnecessary expenses. Organizations also have objectives that are not related to finances. The project manager also has a role in ensuring that these objectives are achieved. Focusing on value maximization does not mean that other objectives will be abandoned since they contribute significantly towards the success of the entire project. Some of the non-financial goals and objectives of an organization include customer satisfaction and employee satisfaction. For a project to be completed successfully while at the same time realizing its value (Sears, 2015).It is very crucial that the project manager ensures that employees are happy and they are delighted. This wil l encourage and motivate them to put extra effort and attention that is important towards the attainment of the objectives of the project. However, it is important that the project manager is careful not to compromise the financial goals/value-based approach to the project while trying to attain the financial objectives of the project. The value of a project can be measured in different ways depending on the nature of the project as well as the goals and objectives targeted by the organization. For example, an IT project by a fast food restaurant at in town will have several objectives. The value of the project will be measured based on this objective. If one of the objectives of the project is to increase customers by offering convenient ordering system and strategic advertising, the value of the project will be measured by the revenue that is directly attributable to the IT project (Lester, 2013). The value of a project undertaken by an NGO to improve food security in particular areas will be measured by the percentage increase in food productivity in the region. In value-based project management, every team member has a role to play in maximizing the value of the project. For example, the procurement manager in the project has a responsibility of procuring high-quality raw materials and other items at the lowest market price. This ensures that the project stays focused on maximizing value by minimizing costs. The project manager and other team members are also responsible for value maximization through minimization of wastage. The value of some projects may be based on the cost per unit of the project, cycle time and defect time (Kerzner, 2015). The value of product development project may be based on the time taken to develop a new product and the number of new products developed through the project. The need for value-based management of the project has increased to the increased competition that leads organizations to invest in projects to maximizing their returns. Companies are also continuously undertaking high-value projects to increase their production capacity. It is very important for these projects to be managed using value-based management technique. This method can focus purely on maximizing the value of the project. This ensures that the project continuously generates high profits and it is highly sustainable. Narrative of the organization The company chosen for analysis in this report is Future Metro LLC. Future Metro is a company in the construction and engineering industry with major operations in UAE and Belarus. The company operates in many other countries such as Venezuela, Colombia and Germany. The company offers high-value consultancy services, engineering and project management services in various Construction sites globally. The core values of Future Metro include; Commitment, Compassion, Respect, Ethics, Affordability and dedication. Future Metro has won numerous global awards as a result of its unique performance in project management in the construction industry. The latest award that the company won is the highly coveted GCC Project of The Year Award. The award was awarded as a result of its work on Lapita Hotel which is located at Dubai Parks and Resorts (Stewart, 2010). The design of the building together with the systems used in the construction of the project was the main basis on which the company wo n the award. Future Metro has undertaken major outstanding projects across UAE. Some of these projects include; Damac Akoya Oxygen 450 Villa`s Polo Residence, Dubai International Airport and Meydan Dubai. The project management methods used by Future Metro are investigated and evaluated to determine the major factors contributing to the success and failure of projects. The current organizational structure of Future Metro is elaborated. The hierarchical structure has a central source of power within the company which is the Board of director of the company. The board of Future Metro is chaired by Mr Abdul Hamid Moukayed and is made up of seven individuals (Chartered Institute of Building (Great Britain), 2010). The company has four executive directors and three non-executive directors. The board of the company is the topmost body that manages the company. The board of management makes major decisions affecting the company. They negotiate and sign deals on behalf of the company. The board of the Future Metro also makes investment decisions and major strategic decisions on behalf of the company. The chairman of the board is very powerful and is very influential in decision making. The managing director is in charge of the administrative section and duties of the company. He oversees the daily running of the companys operations and makes management dec isions on behalf of the company. The managing director also sits on the board, and he acts as the link between the company itself and its owners (Kerzner, 2017). The managing director is based at the companys headquarters at Al Durrah Tower in Sharjah region. The managing director is responsible for the overall performance of the company, and he is the spokesperson for the company. The next positions in the organizational structure are the positions of the Chief operating officer, Chief Financial officer and the Director of operations and project management. These positions have a huge impact on the performance of the company since each of the departments is very critical and therefore proper management is required. The organizational structure of Future Metro is very effective because the roles and powers of each position are defined in the organizational structure. This, therefore, means that there is no struggle for power or influence in the company and each of the office holders can perform their duties with minimum interference from fellow managers or even the board (Wysocki, 2014). The organizational structure of the company has so much impact on the project management of the company. The director of operations and project management oversees the progress of all the projects undertaken by the company in UAE. The director is assisted by Technical managers who are assigned different regions to oversee the management of the projects the company is undertaking in that particular region. Each project that the company is undertaking is supervised by a project manager who is a permanent employee of the company. There are also supervisors who report to the project manager. Every person in the posi tions highlighted above plays a key role in the management of the companys project at one point or the other and hence contributing to the success of most the projects undertaken by the company (Kerzner Saladis, 2009). The current organizational project management practices address the issues of risk and project scheduling. Future Metro has a defined project scope management document. This document defines the objectives of each project while at the same time addressing the limitations and boundary of the project (Building, 2014). The company also has a project time management schedule for each project. This schedule is prepared before the beginning of any project, and it divides tasks and assigns them to different individuals and divisions. The time frame for completion of each task is also stated in the schedule. This helps the company to complete all its projects without delay. The company also assigns the role of cost management to a particular team player to help in keeping the costs incurred in the project at bay. This is very important since it ensures that the project is completed within the estimated budget. The company also puts a lot of emphasis on risk management in projects. Before the beginning of each project, the company engages all experts in its workforce in helping in preparing a risk management plan after risk management procedures have been undertaken. The other project management practice used by Future Metro is that of human resource management and communication management. Difficulties associated with the current project management practices at Future Metro LLC Despite the current project management practices of Future Metro LLC being so successful, there are a variety of problems associated with the project management practices applied by Future Metro. The following are some of the challenges that Future Metro faces when managing its projects: The most common problem is that of undefined goals. The practices may fail to state the goals and objectives of the project. This can be a huge mistake since failure to state and define the goals of a project result carrying out tasks and activities that do not add value to the project. This results in wastage of both human and fiscal resources (Chen, 2010). The failure to define goals may result in changes in design or structures which may end up costing the company huge financial resources. The practices also result in the company having ambiguous contingency plans. It is very crucial for project managers to come up with a clear and workable contingency plans which the original plan will fall on in case something goes wrong. What if scenarios are very important in project management since they provide backup options to the project manager to help overcome handles that the team may face during project implementation phase. This ensures that projects are not delayed as a result of little changes in plan or design. The current practices on the management of project communication at Future Metro are not effective. This is because there has been a series of miscommunication. This can be attributed to lack of communication manager in most of the projects undertaken by the company. The role of communication is performed by the project manager and given that the project manager has many other roles that they are expected to perform, they may fail to perform the communication task with excellence (Kidd, 2009). Poor communication may lead to conflicts within the organization as well as outside stakeholders. Poor communications can also lead to delay in procurement of some items and materials and hence leading to delay in the project. Another challenge that may be brought about by the current organizational project management practices is that the project may get deprived of crucial resources. For a project to be run effectively and efficiently, it is important that all the necessary resources are available on time. The current practices do not allow the company to determine all the resource needs of the projects. This may lead to inconveniences when some resources are not available, yet they are needed in the project (Bahnub, 2010). This challenge may result to compromise in quality standards and re-scheduling of activities due to delays. Lack of Stakeholder engagement is another challenge that may be experienced with the current practices of Future Metro LLC. If some of the stakeholders are not interested in some aspects of the project, they may not contribute adequately the project, and this may interfere with the schedule of the project ( Agarwal, Dhall Tayal, 2011). Recommendations The following are the recommendations that will help to improve the organizational project management of Future Metro. ? The company should employ a communication manager for each project to help improve communication within the company. ? Future Metro needs to involve more stakeholders in defining and stating the project goals and objectives. The contributions of various stakeholders such as project owners and financiers ensure that the project is carried out effectively and every objective of the project is achieved. ? Future Metro should also ensure that the what if options of the company are analyzed, and the best possible back up plans are identified and stated in the contingency plan of the project. ? All department and stakeholders should be involved in determining project needs. This ensures that no project requirement is left out so that once the project begins; everything will be ready and available. ? Risks management should be improved by applying various risk management methods such as risk transfer. Conclusion This report evaluates and analyzes the aspect of Value-based project management. The value-based project management of a project is a technique that is applied in the management of projects by organizations. It focuses on maximizing the value of the project as the main basis for managing the project. The goals and objectives of the project are identified after which the project manager determines the key aspects of the project that maximize the value of the project. Resources are used optimally, and wastage is reduced when this method is used. This report analyzes the project management practices of Future Metro LLC. Future Metro is a company that provides consultancy and project management services in the construction industry in UAE. The report defines the organizational structure of the company and the impact of the organizational structure of project management. The challenges associated with the current organizational project management practices at Future Metro are determined a nd recommendations on future improvement made. References Agarwal, B. B., Dhall, S., Tayal, S. P. (2011). Software Project Management: For B.Tech, M.Tech, Bca, Mca, B.Sc (Comp. Science) And It Professionals. Http://Www.Books24x7.Com/Marc.Asp?Bookid=88790. Bahnub, B. (2010). 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