BUSI682 Midterm (Liberty University) WITH COMPLETE SOLUTION GRADE A

Formal project planning begins after project signoff A cultural audit is a way to determine how culture may be an advantage or a challenge. Project scope is the what of the project and the product scope is the how of the project Projects that aim to increase operational efficiency, capacity, and improved process quality provide tactical value. Albeit anecdotal, most projects fail due to communication problems and lack of understanding Project leaders can talk about their projects and what they need to do next, but project managers need to be able to communicate how their projects deliver value. In a low context culture, one must be prepared for rational, professional arguments, and presentations that push for agreements 66% of projects fail because the team leaders and team members do not manage the interaction with global participants skillfully. Formal project portfolio management tends to reside in companies that have a decentralized project management office (PMO) and an institutionalized project management organization Communication is defined as the process by which persons share information meanings and feelings through the exchange of verbal and nonverbal messages. Communication always means understanding. Even when two individuals agree that they are communicating or talking to each other, it means that they understand each other. In a predictability –oriented culture, one needs to be prepared for vagueness in communication. Strategy, at its essence, is the process of formulating a set of objectives and then deciding on how we will achieve the objectives The project vision describes what’s in it for those who receive the benefits of the project deliverables and what’s in it for those who receive the benefits of the project deliverables and what’s in it for those doing the project work Transferring risk is more likely to protect financial interests that ensure the success of the project. The ability to seek understanding by understanding cultural differences and being willing to view project interactions and communications through another’s lens separates global project leaders from otherwise highly capable project managers. A strategic project manager’s mindset begins with the realization that we have too many people and not enough project ideas, and budget to act on every idea for new project or initiative. Power distance indicates “the extent to which a society accepts that power in institutions and organizations is distributed equally”. One of the goals in project risk management is to push more unknown unknowns to known unknowns. Estimates carry uncertainty; therefore, it is essential to seek as much expertise and past data as possible when making schedule and cost estimates. It is important to recognize that it may take longer to make decisions in uncertainty tolerant cultures. The essence of the strategic project management mindset is to realize that emphasis on the project itself is more important than strategy. Masculinity implies “the extent to which the dominant values in society are assertiveness, money and material things, not caring for others, quality of life, and people”. In essence, all forms of value ultimately contribute to the strategic value of a firm. Ultimately, the extend of risk management deployed depends on risk tolerance and awareness of the potential upside impacts of risks. Financial data gathered during the execution of a project can be used to determine whether or not the project is within the budget and on schedule. Successful organizations invest time in detailed project planning and spend a disproportionate amount of time rethinking project scope and reacting to events Projects for a bridge between strategy and results. Professional or intentional project managers far outnumber accidental project managers. Most people managing projects and initiatives originally intended to be project managers Gathering data from prior similar projects and relying on experienced estimators will not go a long way toward avoiding schedule surprises. Projects contributing to a great deal of strategic and financial value merit more risk assessment than those delivering little value. Successful leaders of global projects must not be ethnocentric. A project is a temporary endeavor aimed at achieving some unique set of outcomes that meet or exceed the needs and expectations of key project stakeholders. Relationships are generally subordinate to schedules in polychromic cultures. Executives, managers, and subject matter experts working in multinational organizations spend less than75% of their time working on a portfolio of large and small projects and initiatives with extensive cross-functional and cross-cultural collaboration. There is a body of research that suggests that a person’s stereotypes “may contain an element of truth”. Budget and human resources constrain most projects. Net present value (NPV) is simply a number that takes into account the time value of discounted cashflows, both expenses and returns, over a given period of time such as 5 years. Scope creep refers to the tendency to add to the scope of the project over time. Constraints are any factors that limit our options in pursuing the project objectives. Projects done for environmental and safety reasons or to comply with government regulations fall under the category of compliance value. Doing some detailed risk assessment during scope planning is irrelevant and unbeneficial as thoughts about what could go wrong stem from what needs to be done and how it needs to be done. When estimating how long any piece of work will take, availability of resources, skill levels, and the experience of those who provide the estimates are key factors to consider. Six Sigma initiatives, new production plants, offshoring, shared services, and similar projects provide tactical value. Low context cultures are characterized by respect for a person’s title, age, and background connections Culture is learned and individuals from the same culture have exactly the same learning experiences. Uncertainty avoidance indicates “the extent to which a society feels threatened by uncertain or ambiguous situations. Leaders of global projects need to develop the skill of looking at important projects/issues through “multiple lens” not just their own lens. In a monochromic culture, it is important to keep appointments strictly, schedule in advance, and not to run late. A negative net present value (NPV) is generally unacceptable, especially in compliance projects in which the return of the project is penalty avoidance.