'Budget Plan Essay\r'

'When managing a travail, there argon several(prenominal) factors that consider managers essential consider that de array experience a successful trade union movement. The steps allow for overhaul assemble, develop and manage a undertaking police squad. In addition, stick outning allows for sm other execution and addresses how managers locoweed prise the draw close and coiffureance during the stand out. Ameri squeeze out Bank of atomic number 49 (ABI) has recently acquired First America Financial receipts Group (FAFS), this acquisition top require the sound brookion manager to structure a project that will widen the bank’s portfolio as rise as implement the latest technologies.\r\nAssembling a project squad ups fulfills thought and consideration. Since the success of the project depends on the engagement of the members of the team, the assembly is a vital part of project management. Putting together a bang-up project team is no easy task. The finis is to figure out sure, from source to end, that the project runs as eloquent as possible. Getting the assembly wrong could cost time, money and result in a failed project. overdue to the uniqueness of the acquisition between establishing a magnetic core team to complete the project would ensure speed.\r\n outcome project team members be experienced professionals, which actor team members would devote their time and undivided forethought to the project (Gray & adenine; Larson). Assembling a team with core member lowlife buoy also step-down risk and ensure that projects be completed on time. other thing to consider is the latest technologies that entertain been adopted by ABI. It’s vital that this investiture remains intact end-to-end the acquisitions. The core team, establish on professional experience, can develop a project that will utilize this technology and hold up an eye on ABI’s position as a drawing cardshiphip player among regional bank.\r\ nOnce core team leaders are selected they will be disposed(p) the opportunity to select respective(prenominal)s to help complete the penning of their teams. Core member will be responsible for(p) for the development of their team based on the require of their specific portion of the project. Before the project begins, leaders will be responsible for identifying each team member’s professional aspirations and what ways they can be motivated to enhance performance. Once motivational marionettes stir been identified, project manager will enrolment out the project with a kick arrive at that will get the team excited just about the beginning phase of the project.\r\nIn addition, project leader will have weekly meeting with team member to maintain an open flow of colloquy throughout each phase of the project. This communication will ensure that team members are updated on both(prenominal) salmagundis and will also allow them to interact with other team members. Anoth er factor that will loan to the development of the team is clear lasts accompanied with a completion time line. Once the team has move from getting to k in a flash each other their contract will begin to move towards getting the goal accomplished (Gray & Larson, 2008).\r\nThis focus will lay down a higher-level of performance amongst team members especially when rewards and incentives have been implemented. In addition to rewards, team managers will make sure that each team member is adequately train to perform their job function. Job dressing gives the team members the confidence and skills needed required to perform their perspective duties. After the teams have been assembled and developed, managing the project now because the focus. In order to ensure the highest performance from project managers must maintain their involvement in the projects from beginning to end.\r\nProject managers play a key character in developing a high-performance team. They military recruit members, comport meetings, establish indemnity, create a honey oil sense of purpose or a share vision, manage reward systems that encourage team acidulate, coordinate decision making, resolve conflict that emerge at heart the team, and rejuvenate the team when energy wanes (Gray & Larson, 2008). Managing this mathematical surgical operation also gives the better knowledge of the challenges as comfortably as the successes of the project. Project managers will also conduct plan meetings for the team.\r\nThese meetings will establish rules and update on the development during each phase of the project. Another classic factor in the project management subprogram is the execustion phase. Project execution phase refers managing the individual browse components that is required to advance the process of the project development. The goal of managing a projects execution is to guide the project to the crowning(prenominal) goal (www. project-management-knowledge. com). Since the execution phase is directly related to the success of the project, developing a contingency plan can prepare the project for any unpredict fit obstacles.\r\nAccording to Lewwongcharoen and Milosevic, a contingency plan has a positive impact on the outcome of a project. When a contingency plan is prepared, project managers can handle the anticipated changes that occur in the subsequently stages of the project life cycle (Lewwongcharoen & Milosevic, 2010). The banking exertion is predictably unpredictable, project managers must be able to adapt to any changes that many occur throughout the course of the project. Tracking the progress and performance evaluation is another most-valuable measure of project management.\r\n hotshot of the major goals of progress reporting is to catch any negative variances from plan as early as possible to determine if corrective action is demand (Gray & Larson, 2008). Control chart is a mode acting frequently used to monitor a projects progress. When progress charts are used, managers are able to mark milestones. Mangers can also identify key points within a project and use these points to support an action to keep the project on the right path. Once manages has stabled how the progress of the project will be evaluated, they can accordingly determine performance evaluation.\r\nBefore performance can be evaluated, managers must have communicated performance standards. The trump out way to measure the performance of a project is to do so against the plan of the organization. One method that can be used is a build breakdown structure (WBS). A work breakdown structure is the cornerstone of every program because it defines in detail the work necessary to accomplish a project objective (GAO Reports, 2009). Not only will a WBS clearly define the goals of the project but it also is a great tool for measuring performance.\r\nEach phase of the project is as equally as important as the next. Another vital factor to consi der is the project leading and the importance of having a sponsor. Project leadership is important because it involves recognizing and articulating the need to significantly alter the wariness and operation of the project, aligning people to the virgin focalization, and motivating them to work together to overcome hurdles produced by the change and to realize new objectives (Gray & Larson, 2008).\r\nThere are consistent changes that arise when completing a project. What’s special about leadership is that when these changes occur, leaders are able to align the team in the new direction of the project. Without this alignment, a change in direction could cause the team to split into spate direction was well. Some people deal well with change, those individual show signs of strong leadership and would be an asset to the project goals. Project sponsor also kick down greatly to the success of the project.\r\nProject sponsors champion the project and use their influence to gain approval of the project (Gray & Larson, 2008). Like leaders, sponsors are able to rile individual behind the final goal of the project. Sponsors are simultaneously involved with juggling multiple needfully of stakeholders and user groups, departmental procedures, and government edicts while continually dealing with a legacy of mistrust and adversarial contracts (Kloppenborg, Manolis & Tesch, 2009).\r\nManaging a project and its risk is a full-grown deal. There are many factors that project managers must consider once the organization has decided to take on a new project. Teams must be assembled, goals must be determined and risk must be evaluated. When done correctly the end result is not only a successful project but also a motivated team. References www. project-management-knowledge. com/definitions\r\n'