Paper Example on Business Value of Project and Program Management

2021-06-17 11:17:50
2 pages
461 words
University/College: 
Boston College
Type of paper: 
Critical thinking
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Program and project management plays an integral role in the well-being of any business organization. It assists firms in attaining profits by creating better costs. Similarly, through the project and program management, project managers, as well as other stakeholders, have the ability to evaluate the best cost estimates and then plan or budget for implementing a specific project in the firm. For instance, according to Ponnappa, (2014) a company must select a formal criteria such as NPV, IRR, and MIRR. These metrics are essential as they help in guiding the organization on which projects to pursue a wide variety of options that will accrue the most profits. Moreover, according to Milosevic, (2003) project and program management help in ensuring that the final service or product produced has the needed specifications and quality of the clients.

Question 2

It is undeniably evident that business and technology cannot be separated at any cost. The business environment is increasingly becoming more dynamic intriguing the need for significant changes in the community business technology. Technology has the capability of fostering business evolution as well as expanding the market share globally. Various variables contribute to a strong cross-unit relationship. These factors include:

Availability of skilled labor: there is need of having well-skilled personnel to have a successful integration of technology into business. For example, the installation of technology to business will need an expert as well as require trained computer literates.

Favorable cost: the aim of any business is to make profits. Price and quality considerate will attract more business. For example, the cost of purchasing a technological device and installing them. A fair price will make the business buy it and install it.

Efficiency: for any business to use technology, its system must be of the highest quality regarding speed of developing and processing the required business documents. The perfect example is when an organization deals with process material it will need a technological system that has a high processing speed.

Security of information: an organization must be guaranteed on the safety of its documents of the new technology. According to Hakansson, (2014) a good technology must not be prone to hacking as well as other cyber-crimes.

Another factor is compatibility of the technology to the organization: the technology must benefit the organization and its clients. For instance, it has to be able to reduce the processing time.

 

References

Boons, f., & ludeke-freund, f. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of cleaner production, 45, 9-19.

Hakansson, h. (2014). Corporate technological behavior (Routledge Revivals): co-operation and networks. Routledge.

Milosevic, d. Z. (2003). Project management toolbox: tools and techniques for the practicing project manager. Wiley. Isbn 978-0- 471-20822-8.

Ponnappa, g. (2014). Project stakeholder management. Project management journal, 45(2), e3- e3.http://dx.doi.org/10.1002/pmj.21400

 

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