BADM637 – B01
University of The Cumberlands
BADM637 – B01 Strategic Appi In PM
Chapter. 1 Modern Project
Management
Chapter. 2 Organization Strategy and Project
Selection
Summ
ary
A project involves a set of multiple activities that need to be completed in the given
duration. A project is different from operations in the sense that a project may involve
multiple activities that are carried out in a repetitive manner. It is also important to
understand the four stages in the life cycle of a project. A project begins with the initiation
stage and develops into planning stage. Planning stage is followed by execution and
termination stage of the project. The project manager plays a very important role in the
project. The project manager is required to ensure that the internal and external stakeholders
of the project are aligned (Jafarzadeh, Akbari & Abedin, 2018). At the same time, the project
manager is also required to ensure that the activities are defined and resources are allocated
for the project.
Any organization is required to select projects from the wide array of projects that are
available with them. In such cases, it is important that the project team should be able to
define the parameters based on which the selection of the projects is required to be done.
There are multiple financial parameters like net present value, internal rate of return and
payback period which together are used to understand how the activities need to be carried
out. At the same time, the project team is also required to ensure that the projects are in
alignment with the
technological bandwidth of the organization and in line with the mission and vision of
the organization. There are many non financial criteria that are also used by the project
University of The Cumberlands
BADM637 – B01 Strategic Appi In PM
Chapter. 1 Modern Project
Management
Chapter. 2 Organization Strategy and Project
Selection
Summ
ary
A project involves a set of multiple activities that need to be completed in the given
duration. A project is different from operations in the sense that a project may involve
multiple activities that are carried out in a repetitive manner. It is also important to
understand the four stages in the life cycle of a project. A project begins with the initiation
stage and develops into planning stage. Planning stage is followed by execution and
termination stage of the project. The project manager plays a very important role in the
project. The project manager is required to ensure that the internal and external stakeholders
of the project are aligned (Jafarzadeh, Akbari & Abedin, 2018). At the same time, the project
manager is also required to ensure that the activities are defined and resources are allocated
for the project.
Any organization is required to select projects from the wide array of projects that are
available with them. In such cases, it is important that the project team should be able to
define the parameters based on which the selection of the projects is required to be done.
There are multiple financial parameters like net present value, internal rate of return and
payback period which together are used to understand how the activities need to be carried
out. At the same time, the project team is also required to ensure that the projects are in
alignment with the
technological bandwidth of the organization and in line with the mission and vision of
the organization. There are many non financial criteria that are also used by the project
