Project Management, business and finance homework help

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1 Explain five key principles that are useful in measuring team performance. How would these apply to a construction project in which a multi-story housing unit is constructed?  Adapt management style- A systematic process for continually improving management policies and practices by learning from the outcomes of previously employed policies and practices.  Get the right people- Personally select the members of your core team. You should have the best understanding of the skills, abilities, and behaviors that are needed for project success.  Plan as a team-a major component of project management is the idea that planning is a team activity.  Keep the team focused-One of the most important things a project manager can do is to make sure each team member is simultaneously crystal clear on the main focus of the project on one hand and focused on its immediate task on the other. The manager must protect the team from politics, noise, and other factors that distract them and slow their progress. While the team must have clear work assignments and roles.  Set clear expectations- Nothing is more important than making sure each team member understands what is expected from him or her in advance. A key aspect of this expectation-setting activity is to review the completion criteria for any work assignment up front. 2 Vendor is defined as a team that executes a project for an organization. With this definition, explain five proven principles of vendor management. How would this concept be applied to a banking project in which the bank provides consumer services to its customers?  Vendor management is multifaceted- Effective vendor management is multifaceted. Involves evaluation and selection of proper personnel for the project team. Requires relationship management capability for the Project Manager. Delivery management involves known acceptance criteria and formal signoffs  “See” the contract, “be” the contract- You should be fully aware of what the contract states. o To ensure you clearly understand what the vendor is responsible for o To ensure you are managing the project and vendor consistently with the contract o To understand what incentives are motivating your seller.  Contract complexity should be consistent with project risk- Both the procurement process and the level of contract detail should be consistent with project risk.  If it is important, put it in- Any aspect of an outsourced project that is important to either party should be in the contract. Do not rely on assumptions.  Management commitment is key- Partnerships between organizations are the result of demonstrated management commitment. More important that that is what the contract says or doesn’t say, the commitment level and flexibility demonstrated by senior management to make the relationship work will be the determining factor. 3 How would you measure that a project is completed? Explain three different checklist items that you would look for to see that they are accomplished as part of the project. Explain how you would use these principles in a large manufacturing project. A project is completed when the success criteria set forth at the beginning is achieved and when the stakeholder expectations are met. Make sure to properly acknowledge the contributions of all project participants, close out the legal and accounting elements, and officially signal that the project is complete. 1. Gain the client acceptance- This need to be done before you attempt to close the project. Make sure that the client has formally verified and accepted the project deliverables. This need to be documented. 2. Transition deliverables to owner- Transition deliverables to the people who needed it at the beginning of the project. Complete the necessary steps to properly hand off the project deliverables to their intended owner. 3. Capture lessons learned- Both positive and negative aspects of the project should be recorded. Ideally, this allows future projects to duplicate the constructive aspects of your project and avoid similar downfalls or mistakes.
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Question 1
Just like any other project, a construct is very crucial and hence need caution in
implementing and evaluation. By considering a multistory building, problems encountered by the
team while building the lower floors can be used to improve the effectiveness of the construction
of the upper floors. This approach gives the team a chance to learn from their prior errors and
improve on the building process. These principles are also vital in the construction process as the
team will use the errors made to se...

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