Put yourself in the role of a project manager collaborating with MTD, an events company.
Considering the difficulties and problems that MTD encounters in their projects, what insights have you gained this week that could offer assistance?
If an iterative approach were employed in organizing an event as a project, what would be the consequences? Similarly, what are the implications of adopting an agile approach? If the company sought your advice, what would you recommend?
Contribute your thoughts and ideas to the discussion.
What i have learnt so far this week is solely based on how to use approaches to handle any particular project as a project manager. Taking up any project; the project manager must know the right approaches to make use of.
As stated in the course, the two main approaches been used are:
Iterative and Linear.
As a project manager making use of the two approaches isn’t bad though depending on the type of project that is at stake.
A. The Iterative approaches are good due to the space of discovering any possible risk as the project journey progresses. It brings about good feedback and build the right solution to the said project, very position and also getting attention from both P.M and customers.
B. Linear approaches also is good though based on the concept. Here, the approach seems straight to the project but also must follow same process which leads to the transition.
In all, the Agile approach works for both earlier approaches. It enables the team to work together, transparency, great speed on decision.
Furthermore, the six components of these approaches must always be at heart. Namely:
Techniques
Courage
Speed
Risk
Physical condition and
Judgement
Thank you.
Using iterative approach won’t be more efficient because there’s no team and there is no get review too,I think that here we show used linear project
An iterative approach is a better alternative for MTD bcos involves breaking down a project into smaller, more manageable parts or cycles.
Applying the VUCA framework will also help.
As a PM for MTD. Project managing can be very challenging at times and there are approaches to handle every project. In this case Iterative project would work better because, it is faster, less time consuming, quick feedback and transparency.
If I were asked to advise a company on a Project, I would first know what the project is all about, the goals and objectives, discuss with the sponsors and the users, team members, and other stakeholders, and know their expectations. Then since it is better to use both approaches, I will use the Linear and the iterative approach.
The iterative process will help increase overall project efficiency and productivity by allowing teams to focus on smaller, more manageable cycles and flag areas for improvement throughout the project lifecycle. These cycles help to ensure that the project stays on track and is completed on time and within budget.
The iterative process gives an organization the power to learn and improve through trial and error. The iterative process is efficient and adaptable, so the company can respond quickly to new information and also know to expect the unexpected.
Agile methodologies offer greater flexibility and collaboration, enabling teams to adjust their approach as they gather feedback and insights throughout the development process. Flexible and adaptable. Rigid and structured. Prioritize customer involvement and feedback throughout the development process.
Agile is an iterative approach to project management that allows one to manage a project by breaking it into several stages, uninterrupted collaboration with stakeholders, team input, and constant development and iteration at every stage of the project.
The following would help the challenges faced by MTD;
A. Analyzing the situation first
B. Selecting the most suitable approach to use
C. Planning project and schedules
D.Clear communication to team as well as getting feedback from team members, users and business involved.
E. Carry out project.
Use of Agile approach would implicate in positive ways such as:time management as it would save time, manage costs and task is given priority.
My advice would be to start with linear approach and use hybrid approach is the former is less effective.
From what I have learnt this week, knowing the right approach to select to solve the problem is a key to already getting the desired result.
Iterative approach proves to be much better in a project because at the course of the project, risks are discovered and can be tackled before it arise.
For best approach in solving a problem, the combination of both linear and iterative approach is adviced, as they both can give a better result compare to using any of them alone…
Working in MTD you need to consider the following 1, Which approach is right for this project
2, Ethical Considerations (Are you faced with internal driven adversities or external adversity in the project)
3, The challenges your project will face
The Implications of applying iterative project approach is cause of its iterative nature and also iterative approach is best when building websites and which MTD is not practical focused on.
As a Project Manager working in MTD I would use Linear project approach but in project cases where we have limited time frame to work where the clients requires information transparency in every few weeks or month and if the project is on track I will use Iterative project lifecycle.
Haulat emmanuel
Team 5
As the PM working for MTD, I will need to have a in-depth knowledge on the project at hand, know the artisans involved, putting together the best team, then go into project initiation to project planning to project execution to monitoring and control to project closure.
For the method of approach, I will go with hybrid ( involving both linear and iterative methods).
I will first proceed with linear method, when complications arises I will integrate with iterative method
This week, while collaborating with MTD, I’ve gained several insights that could assist them in addressing their project difficulties:
1. **Clear Project Goals**: Defining clear and measurable goals for each event project is crucial. This can help in avoiding scope creep and ensuring that the team is aligned on the project’s objectives.
2. **Detailed Planning**: Creating a detailed project plan with well-defined tasks, timelines, and dependencies can help in project execution. This can also aid in resource allocation and risk management.
3. **Effective Communication**: Improving communication within the team and with stakeholders is essential. Regular status updates, meetings, and feedback sessions can prevent misunderstandings and ensure everyone is on the same page.
4. **Risk Management**: Identifying and mitigating risks early in the project lifecycle can prevent issues from escalating. This involves conducting risk assessments and having contingency plans in place.
Regarding the approach to organizing an event as a project:
1. **Iterative Approach**: Using an iterative approach allows for continuous improvement. Events can be refined over time based on feedback from previous iterations. However, this may extend the project timeline and potentially increase costs.
2. **Agile Approach**: Adopting an agile approach can enhance flexibility and adaptability. It involves breaking the event into smaller, manageable tasks or “sprints” and prioritizing based on customer feedback. This can lead to quicker adjustments but requires effective collaboration and may not be suitable for all types of events.
If MTD sought my advice, I would recommend a hybrid approach. Start with a detailed project plan, leveraging elements of traditional project management to set clear objectives, timelines, and budgets. Then, incorporate agile principles for flexibility and responsiveness. This would involve regular review and adjustment of event elements, allowing MTD to adapt to changing circumstances or client preferences while still adhering to a structured project framework. Effective communication and stakeholder involvement would be key throughout the process to ensure success.
What would be the implications of taking an iterative approach to setting up an event as a project?
Taking an iterative approach to setting up an event as a project can have several positive and negative implications, depending on how it’s executed and the specific context of the event. Some of these implications are:
-Improved Planning: Iterative approaches allow for continuous refinement of the event plan. This means we can incorporate new ideas, feedback, and lessons learned throughout the planning process, leading to a more thorough and well-thought-out event.
-Risk Mitigation: By identifying and addressing potential issues early in the planning process, we can reduce the likelihood of costly mistakes or last-minute crises.
-Flexibility: An iterative approach allows for adjustments to be made as circumstances change. It can be changes in budget, venue availability, or attendee preferences; we can adapt our event plan accordingly.
-Quality Improvement: Iterative planning allows us to continuously improve the event’s quality since we can test different elements, gather feedback, and make necessary adjustments to ensure that the final event meets or exceeds expectations.
As a project manager working with MTD I will carry out a feasibility study on the project and this can be done by conducting the following:
1. Preliminary analysis : as this will enable me to screen the project ideas before extensive time, effort and finances are invested and this can be achieved by involving these 2(two ) activities a. outlining and describing the plan service, target markets and unique characteristics of the service by answering the following questions , is this practice going to serve a current unserved need? Is this practice serving an existing market need in which demand are exceeding supply?, can this practice successfully compete with the existing practices because of an “advantageous situation,” such as better design, price, location, or availability (e.g., balance assessment and rehabilitation, programmable devices)?
b. Determine whether there are any insurmountable obstacles. A “yes” response to the following indicates that the idea has little chance for success:
Are capital requirements for entry or continuing operations unavailable or unaffordable?
Do any factors prevent effective marketing to any or all referral sources?
If the information gathered so far indicates that the idea has potential, then I will continue with a detailed feasibility study.
2. Preparation of a projected income statement: As anticipated income must cover direct and indirect costs, taking into account the expected income growth curve. Working backward from the anticipated income, the revenue necessary to generate that income can be derived in order to build a projected income statement.
Factors that determine this statement are services provided fees for services, volume of services, and adjustments to revenues (e.g., actual reimbursement levels).
3. Conducting a market survey: as a project manager a good market survey is crucial. If the planner cannot perform this survey, an outside firm should be hired. The primary objective of a market survey is a realistic projection of revenues. The major steps include:
Define the geographic influence on the market.
Review population trends, demographic features, cultural factors, and purchasing power in the community.
Analyze competing services in the community to determine their major strengths and weaknesses. Factors to consider include pricing, product lines, sources of referral, location, promotional activities, quality of service, consumer loyalty and satisfaction, and sales.
Determine total volume in the market area and estimate expected market share.
Estimate market expansion opportunities (e.g., responsiveness to new/enhanced services).
4. Plan business organization and operations: At this point, the organization and operations of the business should be planned in sufficient depth to determine the technical feasibility and costs involved in start-up, fixed investment, and operations. Extensive effort is necessary to develop detailed plans for:
Equipment
Merchandising methods
Facility location and design (or layout)
Availability and cost of personnel
Supply availability (e.g., vendors, pricing schedules. exclusive or franchised products)
Overhead (e.g., utilities, taxes, insurance)
5. Prepare an opening day balance sheet: The Opening Day Balance Sheet should reflect the practice’s assets and liabilities as accurately as possible at the time the practice begins, before the practice generates income.
Prepare a list of assets required for practice operations. The list should include item, source, cost, and available financing methods. Necessary assets include everything from cash necessary for working capital to buildings and land. Although the resulting list is rather simple, the amount of effort required may be extensive.
Liabilities to be incurred and the investment required by the practice must also be clarified. These items need to be considered:
Whether to lease or buy land, buildings, and equipment
How to finance asset purchases
How to finance accounts receivable
6. Review and analyze all data: This review is crucial. The planner should determine if any data or analysis performed should change any of the preceding analyses. Basically, taking this step means “Step back and reflect one more time.”
Reexamine the Projected Income Statement and compare with the list of desired assets and the Opening Day Balance Sheet. Given all expenses and liabilities, does the Income Statement reflect realistic expectations?
Analyze risk and contingencies. Consider the likelihood of significant changes in the current market that could alter projections.
7. Make “Go/No Go “Decision :
All the preceding steps have been aimed at providing data and analysis for the “go/no go” decision. If the analysis indicates that the business should yield at least the desired minimum income and has growth potential, a “go” decision is appropriate. Anything less mandates a “no go” decision. Additional considerations include:
Is there a commitment to make the necessary sacrifices in time, effort and money?
Will the activity satisfy long-term aspirations?