Project Management (Week 12)

Explain the triple constraint and its importance in project management.

The triple constraint is the framework for evaluating the competing demands of cost, time and scope. The relationship between these variables means that if one of the three factors changes, at least one other factor is likely to be affected. For example, increasing the scope of a project may result in an increase in time and/or cost. 

The triple constraint is important in project management as all projects are limited by these three interdependent constraints. A project manager must make intelligent trade-offs between time, cost and scope.

Describe the two primary diagrams most frequently used in project planning

Gantt chart is a simple bar chart that depicts project tasks against a calendar, with tasks listed vertically and the project's time frame listed horizontally.

PERT (Program Evaluation and Review Technique) chart is a graphical network model that depicts a project's tasks and the relationships between those tasks. PERT charts frequently display a project's critical path; the critical path is a path from the start to the finish that passes through all the tasks that are critical to completing the project in the shortest amount of time.

Identify the three primary areas a project manager must focus on managing to ensure success

To ensure success a project manager much focus on three primary areas, which are: 

• communications
• managing people
• change 

Outline 2 reasons why projects fail and two reasons why projects succeed

Two reasons why projects fail:

• Poor planning: a failure to properly plan can be detrimental to the success of a project. Good planning uses tools such as a project plan, Gnatt charts and PERT charts.
• Scope creep: the project grows beyond its intended size resulting in time delays and increased costs.

Two reasons why projects succeed:

• Change management: A project managers ability to anticipate and react appropriately to change will better position a project for success.
• Communication: good communication is essential for the success of a project. A project manager should distribute timely, accurate and meaningful information regarding project objectives that involve time, cost and scope and quality, and the status of each.

Customer Relationship Management & Business Intelligence (Week 10)

What is your understanding of CRM?


Customer Relationship Management involves the managing of all aspects of customer interactions with an organisation with the intention of increasing good customers and increasing profitability-it costs less to retain loyal customers than find new ones. CRM has become an integral component of modern business.

Compare operational and analytical customer relationship management.

Operational CRM supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers. Analytical CRM on the other hand, supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers.

Describe and differentiate the CRM technologies used by marketing departments and sales departments

The Customer Relationship Management technologies used by marketing departments are campaign management and opportunity management. Campaign and opportunity management includes information such as costs, target audience and return on investment.

The CRM technologies used by sales departments essentially allows for the streamlining of the sales process. CRM technologies in this department are used to coordinate the sales process, by helping salespeople organise their jobs, calendars, contacts, appointments, meetings and multimedia presentations. 

How could a sales department use operational CRM technologies?

A sales department can use CRM technologies for a number of things which include:

• List generators, e.g. to find information a particular customers in a particular demographic.
• Campaign management.
• To know when and what to up-sell and cross-sell.

Describe business intelligence and its value to businesses

Business intelligence refers to technologies that provide access to data for strategic decision making. It is a long-term tool that supports decision making. It is valuable to a business as it allows managers to find patterns and trends, and better respond to change in the dynamic business environment. 

What is the Future of Business Intelligence?

Explain the problem associated with business intelligence. Describe the solution to this business problem.

The problem with business intelligence is that although businesses are data rich, their information is poor. The solution to this business problem is the use of business intelligence because it allows for better decision making to take place and also reduces latency. 

What are two possible outcomes a company could get from using data mining?

The benefits a business could get from data mining are:

• Better use of resources.
• More sales through being able to better market products based on the intelligence gained by data mining.

Operations Management & Supply Chain (Week 9)

Define the term operations management

Operations Management (OM) is the management of systems or processes that convert or transform resources into good's and services.

Explain operations management’s role in business

Operations Management ranges across the organisation and includes many interrelated activities, such as:

• Forecasting
• Capacity Planning
• Scheduling
• Managing Inventory
• Assuring Quality
• Motivating and Training Employees
• Locating Facilities

Operations Management Careers In Business

Describe the correlation between operations management and information technology

Managers use IT to heavily influence operations management decisions such as:

• WHAT:  what resources will be needed and in what amounts?
• WHEN:  When should the work be scheduled?
• WHERE: Where will the work be performed?
• HOW:  How will the work be done?
• WHO:  Who will perform the work?

Explain supply chain management and its role in a business

Supply Chain Management (SCM) involves the management of information flows between and among stages in a supply chain to maximise total supply chain effectiveness and profitability.

A supply chain is a network of organisations and facilities that transform raw materials into products delivered to customers. Supply chain includes transportation companies, warehouses, and inventories.

SCM plays a major role in a business because it allows transmitting of messages and information among the organisations involved and ensures that each stage of the chain is being monitored in order to make the process more effective and efficient.

List and describe the five components of a typical supply chain


There are 5 basic supply chain components which include:

• Plan

A company must have a plan for managing all the resources that go toward meeting customer demand for products or services.

• Source

Companies must carefully choose reliable suppliers that will deliver goods and services required for making products. They must also develop a set of pricing, delivery, and payment processes with suppliers.

• Make

Companies manufacture their products or services. This can include scheduling the activities necessary for product testing, packaging, and preparing for delivery. This portion of the supply chain measures quality levels, production output and worker productivity.

• Deliver

The set of processes that plans for and controls the efficient and effective transportation and storage or supplies from suppliers to customers.

• Return

This is typically the most problematic step in the supply chain. Companies must create a network for receiving defective and excess products and support customers who have problems with delivered products.

Define the relationship between information technology and the supply chain.

Information technology's primary role in supply chain management (SCM) is creating the integrations or tight process and information linkages between functions within a firm (such as marketing, sales & finance), and between firms, which allow the smooth flow of both information and product between customers, suppliers and transportation providers across the supply chain.