Project Initiation and Planning: Key Takeaways from Week 7

1 Discussion Week 7 Discussion and Reflection Week Seven University of the Cumberland's Kavya Mondrati 11 th October 2023 Reflection

2 Discussion Week 7 In Chapter 7, the focus was on Project Initiation. I found the emphasis on setting clear project objectives and scope interesting. It highlighted the importance of defining project goals, stakeholders, and constraints first. This chapter also discussed the significance of conducting a feasibility study to determine if the project is viable. Understanding how project initiation is a crucial phase that can significantly impact the project's success was eye- opening (Singh & Williams, 2021). Chapter 8: Overview of Project Planning Chapter 8 provides an overview of Project Planning. What caught my attention was the systematic approach to developing a project plan. It discussed the importance of creating a work breakdown structure (WBS) and how it helps break down complex projects into manageable tasks. The chapter also discussed risk management and scheduling, emphasizing how proper planning can mitigate potential issues. It was interesting to see how comprehensive planning is pivotal in project management, setting the stage for successful execution (Singh & Williams, 2021). Graduate Level Response In project management, selecting the right project to pursue is critical. A weighted scoring model is a systematic and structured approach that helps evaluate and compare multiple project options. The weighted scoring model involves defining specific criteria and assigning relative weights to each criterion to reflect their importance in achieving organizational goals and objectives. In this case, we have three projects to choose from, and each has been evaluated using the weighted scoring method. Project A has a weighted score of 16, Project B has a weighted score of 14, and Project C has the highest weighted score of 17 ( Kerzner, 2017). In this specific case, where Project A has a weighted score of 16, Project B has a score of 14, and Project C has the highest score of 17, the choice of Project C is warranted. This

3 Discussion Week 7 decision hinges on several key factors. Firstly, Project C's higher weighted score implies a closer alignment with the organization's strategic goals, as it better fulfills the predefined criteria. Secondly, the weighted scoring model ensures a comprehensive evaluation by encompassing various critical aspects, such as financial feasibility, market potential, resource requirements, and risk considerations. Ultimately, Project C is chosen to maximize value, mitigate risks, and attain stakeholder buy-in. It signifies a strategically sound choice influenced by a methodical and transparent evaluation process (Gido & Clements, 2014). Selecting Project C, the project with the highest weighted score is rooted in its strong alignment with the organization's strategic objectives, as demonstrated by its superior score. The evaluation process embraces multiple dimensions, encompassing financial viability, market potential, resource needs, and risk factors, ensuring a holistic assessment. By opting for the project with the highest score, the aim is to deliver the most significant value to the organization, whether in terms of revenue, cost savings, or strategic benefits. Moreover, this approach implicitly factors in risk, favoring a choice that leans toward lower risk. The structured and transparent evaluation process also fosters stakeholder buy-in, an essential ingredient for a successful project ( Kerzner, 2017). In conclusion, the selection of Project C reflects a strategic and thorough decision- making process. It leverages a weighted scoring model, which considers multiple criteria, aligns closely with the organization's goals, and prioritizes value maximization while addressing risk. This choice, influenced by the relative importance of each criterion, is expected to contribute significantly to the organization's overall success (Singh & Williams, 2021).

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 Discussion Week 7 Reference Gido, J., & Clements, J. (2014). Successful project management. Cengage Learning. Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling . John Wiley & Sons. Singh, H., & Williams, P. S. (2021). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. In Project Management Institute.

PLD 7

Related Documents