QUESTION ONE Services- A project may benefit from, and often require, hiring third parties for additional tasks. This includes hiring professional and expert developers to increase the software design flexibility.
Labor - The labor resource concerns the staff involved in a project. Not every staff member is involved in the entire duration of a project.
Equipment - Equipment can be purchased once or reused over multiple projects but as the company expands, the need for more staff and space necessitates increases.
Funding - usually in the form of investment or capital, It is used to purchase, acquire, and maintain all other resources in a project.
Time - Time is the resource majorly influences against the other primary resources i.e. project timescales can be reduced by increasing other resources
Materials - They are used in the completion of a project and may form part of deliverables. Office stationery is common example of this type of resource in project management.
1. Lack of trust - Trust is crucial to teamwork as team members need to be acquainted in all aspects professionally and personally, particularly in projects where tensions will run high at some point to establish work efficiencies.
2. Conflict and tension -Difference of opinion can be bad or healthy and, if carelessly ignored, can trigger conflict in the team. Positively, it can make people think differently, expanding their horizons through insights and innovation can happen resulting in the team to flourish.
3. Not sharing information - Project team members all bring a unique set of skills, knowledge, experience and wisdom to the table. Effective project teams needs to share generously for the benefit of everyone and for the benefit of the project’s success.
4. Low engagement - If engaged, team members on a given project will be interested in what they do and be committed to the project mission.
5. Badly perceived - A project team has an image and a reputation created by the actions and behaviors of the team members. As a project team, you need to make sure that everyone understands and takes responsibility for their roles on what is delivered on the project and how it is delivered.
QUESTION THREE Project Selection (Initiation phase) - In this phase, the idea for the project is explored and elaborated. The goal of this phase is to examine the feasibility of the project.
Project Planning (Definition phase) - In this phase, the requirements that are associated with a project result are specified as clearly as possible. This involves identifying the expectations that all of the involved parties have with regard to the project result.
Project Rollout (Design phase)- In the design phase, one or more designs are developed, with which the project result can apparently be achieved. Depending on the subject of the project, the products of the design phase can include sketches, flow charts, HTML screen designs, prototypes and UML schemas.
Project Execution (Implementation phase) - This phase involves the construction of the actual project result. Programmers are occupied with encoding, designers are involved in developing graphic material, contractors are building, and the actual reorganization takes place.
Project Control and Monitoring -During this phase, the project manager monitors the project timeline, project plan and team member performance. He may set up project review meetings and require periodic project performance reports
QUESTION FOUR Analogous Estimating – This is carried out when the costs are routine and predictable e.g repair to equipment that is always breaking down. This method of estimation relies upon a combination of historical data and expert judgment of the project manager.
Parametric Estimating – Estimates are calculated based on parameters. This approach determines the underlying unit cost for a particular component of a project and then sales that unit cost as appropriate.
Three Points Estimating - This technique helps reduce biases and uncertainties while estimating assumptions. Here, you determine three estimates, instead of one, and you take their average to reduce the uncertainties, risks, and biases.
Bottom-up Estimating – This involves analysis to identify things that need to be purchased and tasks that need to be completed. In bottom-up estimating, a larger project is broken down into a number of smaller components. The project manager then estimates costs specifically for each of these smaller work packages.