1-1 Discussion_Key Components of Traditional and Nontraditional Project Management

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May 2, 2024

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1-1 Discussion: Key Components of Traditional and Nontraditional Project Management First, introduce yourself to the class. Include your major and anything you would like to share about yourself. Then address the prompt below. You are the newly hired junior member on the staff in the Program Management Office (PMO) of your company. The weekly staff meeting was cancelled because the senior manager for the PMO is in Chicago at a conference. So, instead, the office is conducting a professional development session. This PMO closely follows the PMBOK. By way of review, you are asked to lead the discussion by describing the key components, roles, and responsibilities found in traditional project management as defined by the PMBOK. Select one element of the PMBOK processes that you feel is most important to the execution of a project, and explain why you think it is the most important. Compose a written discussion post of your descriptions. Provide your initial response to the scenario presented, and respond to at least two of your peers. When providing feedback to your peers, comment on what they posted as the most important element of PMBOK. My name is and I am a single mom of three beautiful children who are my world and the drivers of many choices and decisions I make now. I am a Texas native and have been in the financial industry for 20 years. I have worked on projects involving minor process system improvements to large system migrations. With each role and project, I have absorbed continuous knowledge that helped contribute to my professional and educational successes. In my current role, my "small but mighty" team is responsible for assessing and mitigating process risks and innovating for future core operations. I'm pursuing my bachelor's degree in operations management with a concentration in project management. The PMBOK process, which is the most important throughout the life cycle of a project, falls under the risk management knowledge area and is identified by PMBOK as the Identify Risks process. From previous experience, a project inherits a great chance of failure if risks are not adequately identified. Risk identification at the start of a project reduces the risk of dealing with project threats and opportunities in an unprepared and chaotic fashion when they do occur (PMI, 2017). Awareness of time, cost, and scope of risk impacts on a project is crucial. There are many tools

utilized in project management that can be used to manage risk successfully. Risk Identification allows the project team to be proactive rather than reactive to problems throughout the project's life cycle. This is vital to ensure that a project is completed on time and within budget. "Effective risk management strategies allow your company to maximize profits and minimize expenses on activities that do not produce a return on investment (Duggan, 2019)." Risk identification is a vital process in a project's life for the reasons stated above. Proper risk identification and continuous risk evaluation set a project up for success. I'm excited to be here and learn any new concepts related to project management. Looking forward to learning with you all! References Duggan, T. (2019, February 19). Why Is Risk Management Important to Project Success? Chron. https://smallbusiness.chron.com/risk-management- important-project-success-56920.html Project Management Academy. (2022, December 1). Risk Identification in Project Management. https://projectmanagementacademy.net/resources/blog/iden tify-risk-in-project-management/ Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK(R) Guide–Sixth Edition / Agile Practice Guide Bundle: Vol. Sixth edition. Project Management Institute. Responses to others Hi Gurdeep, Planning is the most vital of the process groups. During planning, we define the scope (to include risk, milestones, budgets, etc.), select project team members, and use Gantt charts to develop project schedules, communications plans, etc. In my experience, whether agile or waterfall, each project should start with a successful plan. Much of what is accomplished in the planning phase is taking the broader ideas established within the initiating stage and breaking them out in greater detail. Hi Ryan, Initiation involves casting a vision for what will be accomplished throughout the project. To your point, without this step, no groundwork is laid, and a foundation is crucial for building anything, including successful projects. At this stage, the sponsor formally authorizes the project and usually aligns with the organization's vision. Initiation creates a strong foundation for the other four project management process groups. I enjoyed reading your post. Take care.

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