Principles of project management Assignment Example | Topics and Well Written Essays - 1000 words

Principles of project management - Assignment Example Still, the core project management principles apply. In these regards, the project tasks have been identified, namely, the development of a newly efficient and effective television. The project cost will be estimated; costs will involve development as well as end target margins on sales to consumers. Further consideration will be given to managing risk as a means of adhering to these financial targets. The project will then be organized around specific matrixes with a specific team. Within this team a specific breakdown and division of labor will occur, with a further specified timescale for the work to be accomplished. The plan will then be implemented. Throughout the process specific consideration will be given to project iterations and specific management of the predominant principles that have been outlined. Within the context of Apple, Inc. it’s recognized that increasing emphasis will be placed on technological innovation, user-interface, and cutting-edge design. Still, much of the project cycle will need to be considered in a dynamic context of development and design. 2. The need for project management is an essential aspect of product development and innovation. In the context of Apple, Inc. ... There are a number of factors of success and failure that are considered in relation to project management. Locke (2007) differentiates between many forms of project success. The primary theoretical understanding in these regards is that project management is a multi-dimensional process such that managerial success in terms of project management is distinguished from project success from the perspective of the end user. In these regards, Locke (2007) establishes success and failure factors in relation to the initial project definition. Success is determined in relation to the extent that the project takes on a clear and defined articulation. The next period is the execution period. Project success and failure during the execution period is contingent upon how well the project adheres to the primary elements of cost, execution, and time. Still, project success or failure is further distinguished in terms of overriding benefit for existing stakeholders. In terms of Apple, Inc. the prim ary stakeholders are the organization’s stockholders. As such the project’s ability to ultimately positively contribute to revenue and net profit streams will be the primary determinant of success. Ultimately, it seems this project is realistic. 3. There are four primary phases of project management: initiation, planning, execution, and closure (Lock 2007). Fig. 1 below demonstrates the project management phases. Fig. 1 Project Management Phase Peter (2003) notes that the initiation phase determines the scope and the nature of the project. For Apple, Inc. the scope of the project is the development of a television that is readily integrated with the personal computer, such that the individual will have ease