Project Management in Execution Phase

An execution phase of project includes action on the project management plan, keeping project planning and implementing approved changes. A project starts to utilize the resources during the execution phase so that, a firm project can be implemented in the project management process. At the same time, if there is need for changes that are necessary to make a successful project, it is very essential to include in the project (Schwalbe, 2009). A consumer suggested adding a new feature in designing the project that was not the part of the original plan but it is necessary for effective plan. Therefore, it would be included in the plan because; it would be helpful in making a successful plan. In addition, before close out phase of a project, it can be changed to take corrective action in regard to the implementation of plan.

There are some questions that a Project Manager (PM) might have related to implementing change in the project such as need to identify possible consequences (Wysocki, 2011). Firstly, PM wants to know the resources that are important to add the new feature so, he can make an effective and right project. Secondly, how this complex change will be managed in an organized way? A project manager might also raise a question that what problems may emerge with the addition of new attribute? And how they will be resolved? Problem identification is an important tool to minimize project risk. Finally, he/she might identify the impact of adding new feature or attribute in design.


Collecting Requirements of Project

A requirement refers to an explanation of any activity or deliverable. To complete any work there is a need to know its each and every requirement. Project includes various works and to specify implemented obligations (Schwalbe, 2009). A project requires, collection of some necessary requirements regarding effective completion. The project requires a proper assignment that consist several descriptions, like start and end dates of activity and needed efforts as well. A project’s single requirement needs representation of various assignments. Along with assignment it should collect information about several issues that may affect process of project. It also needs functional specification that includes specification of group of worker to complete each assigned activity. A necessary entry of time element is always allocated to a requirement (Kautz, 2010).

The change made on the bases of a customer demand, may face many difficulties that affect whole project’s effectiveness.Assignment Help A change made at the time of execution may suffer with a time taking activity. A change implies towards a complete change process that includes many steps and time. This time taking activity may affect project’s execution. It is difficult to do a complete process by a project manager. It also faces a difficulty to arrange whole resources like employees, equipments, workers etc. Employees may show conflict to change and may deny for work on that task again with whole process. A PM has to plan again for all activities because a change made whole process to change (Baca, 2005).

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References
Baca, C. (2005). Project manager's spotlight on change management. USA: John Wiley and Sons.
Giachetti, R.E. (2010). Design of Enterprise Systems: Theory, Architecture, and Methods. USA: CRC Press.
Kautz, K. (2010). Scandinavian Information Systems Research. Germany: Springer.
Schwalbe, K. (2009). Information Technology Project Management (6th ed.). USA: Cengage Learning.
Schwalbe, K. (2009). Information Technology Project Management (6th ed). USA: Cengage Learning.
Turner, R. (2007). Gower handbook of project management (4th ed.). Great Britain: Gower Publishing, Ltd.
Wysocki, R.K. (2011). Effective Project Management: Traditional, Agile, Extreme (5th ed.). USA: John Wiley and Sons.

Ethics at Workplace

Ethical consideration is very important at the workplace. It motivates people to work with their full potential and honesty in the welfare of the organization. Following the ethical activities in the organization includes proper allocation of resources, selecting the best man for the job, perform the task ethically, following all the norms and rules of the company and maintain the trust of the employees and the customer (Sims 2003). Ethical consideration helps the organization to retain satisfied employees with it. Additionally, it also provides competitive advantage to the organization as the customers are become more satisfied due to ethical activates of the organization (Westerholm, Nilstun & Øvretveit, 2004).

Also the ethical activities help the organization in achieving its vision and mission as the staff is align to attain the goals of the organization. Ethics create a healthy work culture in the organization that helps the organization to sustain in this competitive environment and generate profits in the long run (Bredeson & Goree, 2011). Assignment Help Performing work ethically results into less pressure on the employees, lesser misconduct in the work and provides greater satisfaction to customer, employees and the organization (Li & Madsen, 2011).

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References
Bredeson, D. & Goree, K. (2011). Ethics in the Workplace. USA: Cengage Learning.

Sims, R. R. (2003) Ethics and corporate social responsibility: why giants fall. USA: Greenwood Publishing Group.

Westerholm, P., Nilstun, T. & Øvretveit, J. (2004). Practical ethics in occupational health. UK: Radcliffe Publishing.

Basic Financial Terms

Finance: Finance is typically a branch of economics that helps in studying the management of money and other assets. It assists to manage and utilize the available economic resources effectively to generate profits (Brigham & Houston, 2009).

Efficient market: In an efficient market the price of every security will be correctly valued depending on the available information. It defines the effectiveness of market operations with minimum friction in transactional cost (Dacorogna, 2001).

Primary market: Primary market is the market from where the corporate are raising new capital with the help of IPO and FPO. It helps the investor to invest their funds as the market is much safe due to less manipulation in the prices (Wilson, 2009).

Secondary market: In secondary market investor can directly purchase the assets from the other investors at the market price irrespective of the assts issue price. All the stock exchanges work as the secondary market for example New York Stock Exchange (Wilson, 2009).

Risk: Risk is defined as the uncertain factor that is included in any decision. It is most important concept of the financial management as investor has to minimize its risk in investment and to generate revenue (Holton, 2004).

Security: Security is negotiable instrument having some financial value and is traded in both primary and secondary market. Its price will be decided on the basis of demand and supply of the security. It can be classified mainly into debt, equity and derivative securities (Klein & Iammartino, 2009).

Stock: Those assets which are purchased to resale it or its derivative in tangible or intangible form to generate profit is known as stock. It helps in determining the profit of any business. It includes raw material, finished goods, payment on account, etc (HM Revenue & Customs, 2011).

Bond: Bond is a debt security that generates revenue for the investor in term of interest. The debt holder has to repay the principle at some later date fixed at the time of issuing bond. It is also known as loan (Maeda, Beck-Woods & Lyman, 2009).

Capital: financial capital is the money used by the businessman to buy the raw material and other assets in order to produce products or services in order to generate income for the organization (Ellis, 2004).

Debt: A debt is the bowered amount given by a party known as creditor to another party, debtor for a fix amount for a fix period of time with floating or fixed interest rate. Debt can be represented by a loan note, bond and mortgage (Hunt, 2004).

Yield: It is described as the amount of money received by the owner of the security. It is applied differently on different types of security such as fixed income instruments, insurance products (Barnhill, Maxwell & Shenkman, 2003).

Rate of return: Rate of return is the ratio of money received or lost on a fixed investment i.e. it is the percentage of amount received on a particular invested amount. It is also known as return on investment (Brigham & Ehrhardt, 2010).

Return on investment: Return on investment is also same as the rate of return that helps the investor to calculate the profit percentage on any invested amount. It is helpful to understand the overall return of the portfolio if the investor invests in more than two investments (Brigham & Ehrhardt, 2010).

Cash flow: Cash flow is the amount of cash transected while performing the business activity calculated for a fix period of time by using cash flow statement. The net result found will always be the cash in hand or nil balance (Maeda, Beck-Woods & Lyman, 2009).

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References

Barnhill, T. M., Maxwell, W. F. & Shenkman, M. R. (2003). High yield bonds: market structure, portfolio management, and credit risk modeling. USA: McGraw-Hill Professional.

Brigham, E. F. & Ehrhardt, M. C. (2010). Financial Management Theory and Practice. USA: Cengage Learning.

Brigham, E. F. & Houston, J. F. (2009). Fundamentals of Financial Management. USA: Cengage Learning.

Dacorogna, M. M. (2001). An introduction to high-frequency finance. USA: Academic Press.

Ellis, C. D. (2004). Capital: the story of long-term investment excellence. USA: John Wiley and Sons.

Helfert, E. A. (2001). Financial analysis: tools and techniques: a guide for managers. USA: McGraw-Hill Professional.

HM Revenue & Customs. (2011). Stock: meaning of: what is stock? Retrieved September 09, 2011 from http://www.hmrc.gov.uk/manuals/bimmanual/bim33015.htm.

Holton, G. A. (2004). Defining Risk. Financial Analysts journal, 6(60), 1-7.

Hunt, A. E. (2004). The debt: a story of a past redeemed. USA: Thomas Nelson Inc.

Klein, P. J. & Iammartino, B. R. (2009). Getting Started in Security Analysisi. USA: John Wiley and Sons.

Madura, J. (2003). What every investor needs to know about accounting fraud. USA: McGraw-Hill Professional.

Maeda, M., Beck-Woods, M. A. & Lyman, J. A. (2009). The Complete Guide to Investing in Bonds and Bond Funds: How to Earn High Rates of Return – Safely. USA: Atlantic Publishing Company.

Sims, R. R. (2003) Ethics and corporate social responsibility: why giants fall. USA: Greenwood Publishing Group.

Westerholm, P., Nilstun, T. & Øvretveit, J. (2004). Practical ethics in occupational health. UK: Radcliffe Publishing.

Wilson, C. (2009). Financial management: principles and applications. Australia: Pearson Australia.

Controlling and It's Steps

Controlling is one of the managerial functions like planning, organizing, staffing and directing. This tutorial would be a good homework help for our students studying basic elements of management. It is an important function because it helps to check the errors and to take the corrective action so that deviations from standards are minimized and desired goals can be achieved. Control in management means setting standards, measuring actual performance and taking corrective action. It needs to be done at all levels of management.

Characteristics of Controlling

• Control is a continuous process
• Control is a management process
• Control is done in each level of organizational hierarchy
• Control is forward looking
• Control is closely linked with planning
• Control is a tool for achieving organizational activities

Steps of Controlling

1. Establishing Standards: Standards are the stated norms against which actual results are measured. These are the plans and targets that organization has to achieve in the course of business function. Standards generally are classified into two-

A. Measurable or tangible - Those standards which can be measured and expressed are called as measurable standards. They can be in form of cost, output, expenditure, time, profit, etc.

B. Non-measurable or intangible- There are standards which cannot be measured monetarily. For example- performance of a manager, deviation of workers, their attitudes towards a concern.


2. Measuring Performance: The second major step in controlling is to measure the performance. Finding out deviations becomes easy through measuring the actual performance. Measurement of tangible standards is easy as it can be expressed in units, cost, money terms, etc. Quantitative measurement becomes difficult when performance of manager has to be measured. It can be measured only by-

• Attitude of the workers,
• Their morale to work,
• Their communication with the superiors.

3. Correction of Deviation: Comparison of actual performance with the planned targets is very important. Deviation can be defined as the gap between actual performance and the planned targets. Minor deviations have to be ignored. Major deviations like replacement of machinery, appointment of workers, quality of raw material, rate of profits, etc. should be looked upon consciously.

4. Follow through Action: After taking the corrective actions, manager has to review these action whether performance has been improved or not.

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Committee in Management with Advantages and Disadvantages

A committee is a group of people assembled by the management to take decisions or advise on a particular issue. This post would be a good tutorial for assignment help for students studying organisation behaviour.

Committees perform some managerial functions and have their own definite structure. They have some authority and responsibility and depending on that it may be line or staff committee. There are some different types of committees that have been adopted by the organization. If the committee have the power to take decisions and make it done through the subordinates then it is line committee. Line committee is also known as plural executive or executive committee.

And if committee is of advisory in nature then it is staff authority. Committees that is formed temporary and do not have any authority are of informal in nature.

Advantages of Committees

There are advantages with the committee system these are as follows:

• Integrated Group Knowledge: Committees help to bring together a variety views, interests, and expertise together for completion of task. It helps in improving the quality of decisions.
• Representative: Decisions taken by the committee are easily accepted by all departments, because it represents the interest of the entire department.
• Co-ordination of plans and policies: Committees makes all plans and policies involving the activities of different departments. This helps in bringing coordination in all the departments and considering the interest of all.
• Establish teamwork: Committees believe in doing the work in team that leads to conformity of the organization goals. It is further helpful in making personal interaction that builds mutual understanding.
• Participative: Sometimes committees involve the subordinates interest in the decision making process. That leads to bring the participative approach and boost up the morale of the employees.
• Improved Communication: Committees provide more of face to face communication rather than written reports or memoranda. It helps in solving the problems frequently.

Disadvantages of Committees
Some of the disadvantages of committees are mentioned below:

• Expensive: Committees involve large amount of time in taking the decisions and that further increases the cost. It also takes time and cost in preparing the reports and maintaining the staff.
• Compromise: Sometimes decision made by the committee on the basis of majority that is not justified because some of the group members have to compromise.
• Part time job: Work in a committee being part time and an additional responsibility beyond normal responsibilities within parent department, members of the committee may not take the work of committee very seriously.
• Responsibility: Committees dilute the responsibility for a task. No single person can be held responsible for poor results produced by committee.