1) Consider the following statement: "If you failed to plan, you planned to fail." To what extent isthis statement true in a project management context? Does proper planning guarantee projectsuccess? In other words, does an excellent project plan necessarily translate into a successfulproject? Why, or why not?

Project management is the use of procedures, techniques, expertise, knowledge, and experience to…

Answered: 1) Consider the following statement:…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Planning is an essential component of any endeavor, providing a roadmap for achieving goals and objectives. Whether it's a personal project, business venture, or societal initiative, effective planning involves setting clear objectives, identifying resources needed, allocating tasks, and establishing timelines. Through planning, individuals and organizations can anticipate challenges, mitigate risks, and optimize their efforts towards success. How does effective planning contribute to the efficiency and success of a project?
The results might lead to an increase in the scope of the project or the introduction of brand new features. Please provide concrete examples so that we may better understand the differences between the two ideas. What, in your opinion, do you think the root cause of these two problems is? What would take place if these two unfavourable things took place simultaneously, so turning this endeavour into the absolute worst-case scenario?
What is a major contributor to a project’s failure? Lack of Vision Lack of Mission Lack of Planning Lack of Budget
How could a project manager adjust the cost of capital (i.e., appropriate discount rate) to increase the likelihood of having his/her project accepted? Is this ethical or financially sound?
Project management phases should be shown, but is that possible? How can a system be scientifically successful yet financially disastrous for the company?
If we don’t know our history, we are doomed to repeat it. Knowing an organisation’s past failures and successes are keys to smooth project management in the future. Unrealistic expectations are avoidable and colossal barriers to project success. So, how do we manage these expectations from the very beginning of a project before it’s too late? One of the best ways to determine realistic expectations for any project is to examine historical data (Taylor Putnam-Majarian, 2015) With reference to the above, explain Fact Based Decision Making and show why Fact-based management is regarded as a core project quality concept
In which phase of the project life cycle should the project success criteria be determined? a. Project goal definition b. Project planning c. Project execution d. Project evaluation
Is an Agile approach to project planning better than a traditional approach to project planning where the project manager tries to develop a detailed project plan early in the project life cycle? When would one approach be a better choice than the other?
Hi can you find me 5 positives risks following the requirements . Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. (use 1-2 slides) • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. here is the work i have already done so you can follow. Thanks in advance
Projects encounter risks across its life cycle that have to be identified and responses planned for. As you identify potential project risks, you categorise them. One such category is an 'external- unpredictable risk". Which of the following is not an external-unpredictable risk? O A. Inflation OB. Unexpected environmental side effects O C. Natural hazards O D. Changes in government regulations

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS