Project Management

1. 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 is such that if any 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. It is important consideration of project management as all projects are limited in some way by these three interdependent constraints. A project manager must make intelligent trade-offs between time, cost and scope.

2. Describe the two primary diagrams most frequently used in project planning.

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.

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.

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

A project manager must focus on the following:

• managing people
• communications
• change to ensure success.

4. Outline two reasons why projects fail and two reasons why projects succeed.

Two reasons why projects fail:

• Scope creep: the projects grows beyond its intended size resulting in time delays and increased costs.
• 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.

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 and Business Intelligence

1. What is your understanding of CRM?

Customer Relationship Management has become an integral component of modern business, it 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).

 

 

2. Compare operational and analytical customer relationship management.

Operational CRM is transactional, used day-to-day to record the types of things that directly happen with customers (e.g. call made, problem lodged). It is a short-term tool.

Analytical CRM is strategic, based on the concept of data mining in that it searches for patterns and trends. Supports back-office operations, and inlcudes all systems that do not deal directly with customers. It is a long-term tool.

 

 

 

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

The CRM technologies used by marketing departments are campaign management (which includes information such as costs, target audience, return on investment) and opportunity management.

The CRM technologies used by sales departments are used to coordinate the sales process, by helping salespeople organise their jobs, calendars, contacts, appointments, meetings and multimedia presentations. Essentially, it allows for the streamlining of the sales process.
http://www.youtube.com/watch?v=pM7ZaamZzDA

 

4. How could a sales department use operational CRM technologies?

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

• 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.

5. Describe business intelligence and its value to business.

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.

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

 

The problem that is associated with business intelligence is that businesses are data rich but however information poor. The solution for this is business intelligense, as it allows for better decision making to take place and reduces latency

 

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

Two benefits a business could get from data mining are:

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

Opperations Management and Supply Chain.

1. Define the term operations management.

Operations Management is the management of the processes that transform inputs into outputs (goods and services); processes are efficient and productive in producing outputs.

2. Explain operations management's role in business.

Operations management is responsible for managing the core processes used to manufacture goods and produce services. Its role is varied, typical activities include forecasting, capacity planning, scheduling, managing inventory, assuring quality, motivating and training employees and locating facilities.

3. Describe the correlation between operations management and information technology.

There is a strong correlation between operations management (OM) and information technology, so much so that modern OM's could not do their jobs without IT. OM information systems allow managers to work out what resources will be needed and in what amounts, when the resources will be required, where the work will be performed, how resources will be allocated and who will perform the work.

4. Explain supply chain management and its role in business.

Supply chain management involves the management of information flows between an among stages in a supply chain to maximise total supply chain effectiveness and profitability. Supply chain management is important to a business as it allows it to become more efficient in its production of goods and services (better at turning inputs into outputs).

5. List and describe the five components of a typical supply chain.

The five components of a typical supply chain are:

• Supplier: supplies the raw materials (inputs).
• Manufacturer: turns raw materials into products (outputs).
• Distributor: obtains the products form the manufacturer in bulk and sells to retailers.
• Retailer: retailers sell the products to the customer.
• Customer: the customer is the end party in the supply chain.

E-commerce may lead to dis-intermediation, which would remove components from the supply chain (e.g. the distributor and retailer).

http://www.youtube.com/watch?v=qyO9QSo0FjU&list=QL&playnext=1

6. Define the relationship between information technology and the supply chain.

Information technology plays a significant role in the supply chain; it is relied on to make accurate decision regarding each step of the supply chain. Without IT businesses would be overcastting or under casting. IT facilitates JIT (Just In Time) stock management systems. IT allows managers to know where specific stock is in the supply chain and can predict how much will be needed in he future.