I don’t know how to handle this Management question and need guidance.
There are two person’s opinion about the discussion board questions. i have to reply them separately.
just give your opinion.
reply for person 1 post……
reply for person 2 post….
PERSON 1 POST: (DAYS)
For my literature review, I selected the Work Breakdown Structure as my topic.
Article: Applying the Work Breakdown Structure to the Project Management Lifecycle
Authors: Brotherton, Shelly, Fried, Robert and Norman, Eric
This article describes how important the work breakdown structure is stating that component or full-project failures when they do occur, can often be traced to a poorly developed or nonexistent WBS. A poorly constructed WBS can result in adverse project outcomes including ongoing, repeated project re-plans and extensions, unclear work assignments, scope creep or unmanageable, frequently changing scope, budget overrun, missed deadlines, and unusable new products or delivered features. The WBS is a foundational building block to initiating, planning, executing, and monitoring and controlling processes that are used to manage projects. (Brotherton, Fried & Norman, 2008)
The authors state that the project manager will reference a set of key documents to begin the development of the WBS. These include and may not be limited to: the project charter, the project problem statement or scope definition, applicable contract or agreement documentation, and existing project management practice. (Brotherton, Fried & Norman, 2008)
The article continues that there are many project management tools and techniques that use the WBS or its components as input. The WBS is used as a starting point for scope management and is integral to other PMI processes, and, as a result, the standards that define these processes explicitly or implicitly rely on the WBS. (Brotherton, Fried & Norman, 2008) WBS, as defined in the PMBOK Guide is a deliverable-oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. It organizes and defines the total scope of the project. Each descending level represents an increasingly detailed definition of the project work. (PMI, 2017, p.161)
The WBS is then decomposed into work packages. The deliverable orientation of the hierarchy includes both internal and external deliverables. With this definition, it is clear the WBS provides an unambiguous statement of the objectives and deliverables of the work to be performed. It represents an explicit description of the project’s scope, deliverables and outcomes, the “what” of the project. The article then uses a practical example of house construction to show how the concepts are used in a real-world example. (Brotherton, Fried & Norman, 2008)
The article also states that the WBS plays a vital role in the executing, monitoring, controlling, and closeout phases of a project, and in so doing, transitions from being seen primarily as a planning tool, to having an active role, where the WBS becomes the basis for decision making. It establishes clear boundaries for the project during the initiating and planning phases and provides a ready tool for ensuring those boundaries are protected during the remaining phases of the project. To develop effective work breakdown structures and apply them throughout the conduct and duration of projects, the project manager should take guidance and apply WBS construction activities independently of the project schedule or scheduling tools. (Brotherton, Fried & Norman, 2008)
This article directly correlates with the PMBOK Guide and showcases how not only important the WBS is in projects but how its components are used in many other areas throughout the project life cycle. By providing an example regarding house construction, the article uses a real-world example to prove just how integrated the WBS is in projects. This article relates directly to my research topic regarding WBS because not only does it describe its importance, the article also shows how WBS is used throughout the project life cycle.
PERSON 2 POST :(GILBERT)
My literature review article is on how to identify, evaluate and prioritize risk. My focus has been on the recovery or re-direction that companies have made to survive during the pandemic. Since the S & P peaked three months ago, tech giants like Amazon, Netflix have fared well, as have drug makers like Gilead. Outside activities and equipment have strived as well. My neighbor waited three months to obtain a huffy bicycle. I currently have a large hole in my yard, pending my pool ordered at the end of May. Energy companies like Haliburton have been hit hard, along with banks like Wells Fargo. Just recently, the large hotels and casinos in Las Vegas have notified their employees that were furloughed, that they will now be laid off. Retailers like Nordstrom and Victoria’s Secret parent company iBrands have suffered as shoppers stay home, but those catering to home-bodies, like Dominoes, Walmart and Kroger are thriving (Kelleher, 2020).
Now is the time for companies to evaluate risks and decide if the recovery efforts will prove to be profitable. The only problem is the unknown. It’s hard to evaluate a pandemic of this magnitude. My favorite popcorn small business in the neighborhood informed that 7 out of 10 of her suppliers have gone out of business. She is in debt and the company has always been profitable for the past 10 years. She is 55 years old and has to decide if she will be able to ride this level of uncertainty out or just close the doors.
PMBOK describes decision-making techniques that can be used to select a risk response strategy that includes but are not limited to multicriteria decision analysis. One or more risk response strategies may be under consideration. Decision making techniques can help prioritize risk response strategies. Multicriteria decision analysis uses a decision matrix to provide a systemic approach for establishing key decision criteria, evaluating and ranking alternatives, and selecting a preferred option. Criteria for risk response selection may include but are not limited to cost of response, likely effectiveness of response in changing probability and/or impact, resource availability, timing constraints (urgency, proximity and dormancy), level of impact if the risk occurs, effect of response on related risks, introduction of secondary risks, etc. (PMBOK, 2017)
Investors should heed another risk too: a wave of corporate insolvencies among companies without the resources to weather the storm. J. Crew, JC Penny and Neiman Marcus have all filed for bankruptcy. The ripple effect of many businesses failing will have an effect on the economy worldwide. As companies go bankrupt, it can jeopardize the banks stuck holding their bad loans. (Kelleher, 2020).
With COVID-19 putting outdated business models to the test, the shift to digital will likely accelerate. Organizations need to take bold action, tempered with a full appreciation of risk from the impact of cyberattacks to the loss of crucial talent. Making the right technology investments will be crucial moving forward, requiring organizational leaders to work closely with their technology officer to update legacy systems and establish new digital capabilities (Salerno, 2020). Not all businesses can be digitized, but it is an alternative that even the neighborhood popcorn business can consider.