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Friday, January 24, 2014

Project Management Case 5

Question 1 - What and who is the culprit of the G-World’s situation?

What is a competition? A competition is defined as the condition or an act of competing. And competition in business or economics. And as also defined in wikipedia, in economoics, it is the rivalry within a number of sellers which is trying to attain such goals as increasing profits, market share and sales volume by differing the elements of the marketing, such as the price, the product, the distribution and the promotion. In the world of business, you can’t avoid competitions. And this competition is most of the time or always present among different companies. Competing is already attached or innate in the area of business. And you can’t even deny the fact that there is always a competition when it comes to business, this only means that competition is always present. When a certain company is arising, there’s a certainty that another business or company will also  compete for that certain company for more clients. This another business or company also has the same products or has the same services offered by the company. In order to gain clients in a business, the company must be able to compete with their rivals. Playing with your competitors in a particular business will help to improve your company’s popularity. Most likely with this setup, consumers will tend to compare the products of those different companies. They will evaluate or define what are those common among these companies’ products. By defining the common features or aspects of products or services offered among companies, consumer or clients will also evaluate the dissimilarities of those products or services. By comparing similarities and also contrasting, the clients will more be specific of what is more suitable for them. A client or a consumer will evaluate if what among those products and/or services will closely fit or will be good enough for what they want and for what is their needs. If the competitors of a specific business will increase in number, the more rivalry a business could have. With this, the number of clients a company or business have will also be divided since they have many competitors also. That is why thinking of an idea which your business or your company will be more higher or will be more popular to the people so that they will prefer your company’s product or services than to any other company’s products and services.

Competition leads to innovation. One business cannot improve if it was the only player in that type of business. It means that for a business to be able to be a better business or company it could be, having a competitor or having competitors could help. Healthy competition will motivate your company for a change which will differentiate yor company from the others by which do yo think will cause it to happen. So having a strategic plan will help to boost the staffs of a certain company or business to think of an idea or strategy which they could use for their business to be more and will be more popular than other company of the same type. And with this, the company could also gain more clients for their business. By gaining more number of clients or consumers, the more they will be known and which they could be better than their competitors.To surpass a business rival, they should think of something which will be their asset among with their competitors, it might be something that they do have or will have which their competitors does not have. By making a plan for a competitor of a business, they should follow what that plan is composed of, such as the set of activities or steps which they must achieve or do. To achieve the target outcome of their plan, they must observe following of the set of plans indicated the final framework. The business also should also be responsible in being aware of the flaws of their company. The flaw or flaws of a company of what I am talking about is those things about the company which could be an alas for the other company or the competitor of a certain company. This something could be their asset of your competitor to you. And this could lead to your company to lose. With this, I came to a conclusion that, some business fails because they fail to prepare to their competitors which they will met along the way. And also, they fail to immunize their company before that competitor will turn them down. They fail to prepare to their competitors, this only means that failing to prepare for a business’ competitor could lead the business or a company to fail. If the rival company is starting to rise, the main company should already have a solution to prevent their company to be obsolete. They should already prepared with this type of situation, what are those reasons that have caused the rival company in arising and they should also aware what are those ideas or resolution which can help to make their company coequal with their rival company or be better than with them. In this given situation, I point out G-World Company as the culprit of their situation. Since they can’t put all the blame to Universe Corporation as well as to their Client X for their situation. Universe Corporation will only just being a competitive competitor of their. Although Universe Competition is a factor why they lose their client which is Client X, but the cause of what is their situation is, is their company itself. At the start of any project, a project manager is responsible in creating a risk management plan to be able to identify risk which can be harmful to their project and to apply corresponding action or solutions for it. So, let us define first risk management plan. What is risk management plan? Risk Management Plan is a a piece of written, printed, or an electronic matter which supplies data or a proof or it may defined as which as serves as an official record which a project manager of a certain project prepares to predict or forecast risks, calculate impacts and to determine replies to a certain issues. What is a risk? So, let us define risk. A risk is defined in wikipedia as “an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.” Risk is already innate with any type of project and one of the jobs of a project manager is to be able to manage risks and should also be able to develop plans to address them. This is which the risk management plan takes place. A project risk management includes the step by step process of directing risk management planning, identification, analysis, response, planning, and controlling risk on a project. The objectives of this plan are to elevate or increase the probability and impact of positive events and to lessen or reduce the probability and impact of negative events in a certain project. Managing a project risk results to a risk management plan. A risk management plan is a process of defining how to conduct risk management activities for a project. It is a plan which contains an analysis of a possible risks which having both high and low impact. (as well as mitigation strategies to help the project avoid being derailed should common problems arise) This risk management plan should be periodically inspect by the project team in order to prevent having the analysis become old or not fresh (and not reflective of actual potential project risks). First of all, before avoiding the risk, we must first identify those risks which can affect the project. A project team should determine how those areas of uncertainty can impact the performance of the project. After identifying those risks, we must also document their characteristics. Most critically, a risk management plan includes a risk strategy. These were, avoid the risk, control or mitigate risk, accept risk and transfer risk. Avoid risk includes changing of plan to overcome the problem. Control or mitigate risk in order to reduce impact or probability through intermediate steps. Controlling risk, it is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Accept risk includes taking the chance of negative impact and eventually budget the cost and lastly, transfer risk is to outsource risk or such a portion of the risk to third party/ies that can manage.

Let us connect what is stated above to the scenario given. In order for the G-World Company to be prepared with the Universe Corporation, the project manager of the G-World Company must be prepared and he or she should also prepared a project risk management plan in order for them to what may be the impact of Universe’s Corporation’s perfermentation. As long as possible, they should follow or be guided with those risk strategy stated above. Avoiding risk involves changing of plan to overcome the problem. In a project, to deal with a certain problem, adjusting the plans may or should be apply. If they still insist with their original plans to continue, there is a big possibility that the project might be ruined. This strategy is indicates that in any project there should be always a spare plan or there should always be more than one plan like plan b, plan c and so on and so forth. With this setup, the project team can be able to be guided to their project although risk emerges along the way. What the G-World Company did, they are selling their project two in order to have another investment project prospect. This is because they does not want their project one, which is their mother products to be dead. This part of the given scenario of case five is an example of what does the first strategy I mentioned which is the avoiding the risk. The G-World company thinks that selling their project two which is the subsidiary business of G-World Company which accommodates educational center facilities for IT of technical or vocational courses would be a solution to their problem. Another strategy is to control or mitigate risk. This strategy could be a guide to reduce impact or probability  through intermediate steps. Lessening the risk will also lessen the impact of the risk to the project. To connect to the scenario given, it was same with the situation with the first strategy, the G-World Company thinks that selling their project two to some company will help their problem. Next strategy is controlling the risk where they must be able to implement risk plans, tracking identified risks, monitoring residual risks, identifying new risks and evaluating risk process effectiveness throughout this situation. The risk of emerging competitors also might affect a particular business. A company or a certain business must be able to prepare for their competitors. In order for them not to be lose by their rivals.

If someone losses a company, a business or a project, they can’t put the blame on their competitors. If these/this competitors/competitor is just being a competitive competitor and have not done any unjustifiable act to them. Because at the end of the day, the final choice and decision depends upon the company, on the business or on a project team. If they does not want to lose their job, they must follow procedures, follow the project management cycle, and like with this scenario, avoid or preventing risk or if it cannot be prevented, just to lessen the impact of the risk to the project through preparing a risk management plan by managing risk. In my own evaluation also, G-World Company should also have prepared some plans on how they can manage to compete with their competitor. Preparing plans or any idea which they can use to be the first among with their competitors. In additional, G-World as a company must do what they must do, strive hard for their company to be above than others and for their business to be a success.

2. What was Client’s X problem of not choosing Project One of G-World company?

In business, choosing someone to work with is somewhat a tough decision to make. First of all, before I will going to answer if what was Client X’s problem of not choosing Project One of G-World Company, I will cite first some example situations which this question of this case can be relate. For an instance, someone is a regular customer in a certain burger shop, and we will call this burger shop as the shop A. Then, one day, a new burger shop was launched and let us call this new burger shop as the shop B. This someone who is a regular customer of shop A tried the burger which the shop B is selling. Upon eating, this regular customer of shop A came to a conclusion that the burger of shop B is yummier and cheaper than the burger of shop A, although the burger of shop A is larger than the burger of shop B. This regular customer reflected that from now on, she will buy burger on shop B. What were those things that made the regular customer of shop A to shift to shop B? This example scenario can be an example or a guideline to be able to answer the second question of this case five. Let us have an another example scenario. If someone is going to buy an appliance or you are going to buy a gadget, what are those factors which you will consider as a customer in choosing the product you want to buy? And this product you will going to choose will also fit what you want for what you need. Clients develop decisions on which company they would like to be a partner or to be partners with after considering a variety of factors. These factors they consider were just what in their standards.If those company having or meeting those factors or higher than that standards is most likely chosen by most clients. By choosing your preferred producer, there are factors which you will consider and which that suits your needs and wants as a consumer. The price, the quality, the features, the service. These factors could affect a clients decision when it comes to business. Client X might found out some of these factors which they found out more productive to Universe than to the G-World Company.

Pricing is a big part in a business. It is because money really really matters when it comes into business. It is an important factor where the entrepreneurs or the businessmen is considering in terms of a business. This factor will surely affect a certain company or a business or a certain project if this component will not given much attention. Based on the example scenario given above, pricing or the price of the product is one of the factors which causes the regular customer of shop A is not a regular customer of them. It is because that certain customer already transferred to shop B’s product. This is one of the factor because money is really really matters on a business and in the client’s side as well. A business also considering two factors in pricing their product, the value of the product and the profit they will earn . The value of the product is a one component because the price of a product really matters to the clients. The customers will determine if the price of the product is the price of what the product should really deserve. With this reasoning, the consumers will evaluate the product that the price justifies the product. By justifying the price of the product to the product, there were also elements or factors which will be consider. These another factor which can be relate to the pricing will be clarified or we will talk about later.

Quality is an another important factor of a client is considering. It is the standard of a particular product as measured against the other things of a similar product. In project management, there is what we called project quality management to determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which it was undertaken. In the context of achieving International Organization for Standardization (ISO) compatibility. These approaches recognize the importance of customer satisfaction, prevention over inspection, continuous improvement, management responsibility and cost of quality. Customer satisfaction. Understanding, evaluating, defining, and managing requirements so that what does the clients expectation will be met. Customer satisfaction is one of the very important part or factor in client’s side.  Prevention over inspection. Quality should be planned, designed, and built into—not inspected into the project’s management or the project’s deliverables. Continuous improvement. The PDCA (plan-do-check-act) cycle is the basis for quality improvement. Management Responsibility. Success requires the participation of all members of the project team. Cost of quality (COQ). Cost of quality refers to the total cost of the conformance work and the nonconformance work. There are five aspects of quality in a business context. These are producing, checking, quality control, quality management, and quality assurance. Producing which is providing something. Checking defines as confirming that something has been done correctly. Quality Control as a controlling a process to ensure that the outcomes are predictable. It is the process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes. Quality Management is the type of management which directing an organization so that it optimizes its performance through analysis and improvement. It is the process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with relevant quality requirements. Quality Assurance is which must obtain confidence that a product or service will be satisfactory. (Normally performed by a purchaser. It is the process of auditing the quality requirements and the results from quality control measurements to ensure that appropriate quality standards and operational definitions are used. The quality assurance process implements a set of planned and systematic acts and processes defined within the project’s quality management plan.

Another factor which I can consider that might be affect Client X’s decision is involving which is matters in services. The type of services the Universe Corporation is having might be better than what the G-World Company is providing. To consider as a good and having a better service is can be describe as having better or serving better than the company’s or business’ competing companies. Offering a services must be able to have the qualities such as providing service which is in line with today’s trends or technologies. The service offered by a business must still be balance the need to remain being a competitive in the marketplace. With this, a company could achieve this by attracting or encouraging clients to their company’s project with the need to ensure that the services of your company or business are cost-effective and also be able to correspond to what is the actual demands of the company’s clients.

The main thought of all of what is stated above is, the problem of client x of not choosing the project one of G-World company has something to do with the factors which may affect a client’s decision. This may be the price of the IT products and the pricing of the services of G-World Company. This might be that the  pricing of G-World Company is much higher than the pricing of Universe Corporation. May be that is why Client X much preferred Universe Coporation than G-World Company. Or it might also be the quality of the products. That the products of Universe Corporation is much more okay than the quality of products of G-World Company. Or it may be there is something in the quality of products of Universe Corporation which the quality of product of G-World Company does not have.

At the end of the day, it is still the choice of your client if their will still or if their will continue using your products, for example, G-World Company’s client which is the client x, if they will continue using or purchasing the IT products of G-World Company. The company cannot oblige their customers to continue purchasing their products and still acquire their services. A company cannot compel their clients not to purchase to other company’s products such as in the situation of G-World, where they cannot oblige client x not to transfer to Universe Corporation and continue having partnership with their company. Client X, as a client, they have the rights or freedom to choose which company they want to purchase IT products. If which company they prefer to receive IT services. It may be that or there should be reason for Client X why they shift to Universe Corporation from G-World Company. As a client, they also have standards for their own needs. They may have high standards which is reasonable enough to their requirement. It may be because they have set standards for the IT products they will going to purchase and as well as in the services they want to get. But unfortunately, may be the Universe Corporation had surpassed that standards of Client X. Although, may be the G-World Company meet Client X’s standards but their competing company, which is Universe Company had transcend that. Of course, as a client, they will going to choose higher than the their standards if there is. It is because, they are into business and money is involve. Mostly, a company runs or operates maily for the reason on earning a profit. That is why money really matters when it comes to business. Of course, if you are having one type or such business, will you accept that your business will be failed or will just earn profit but that profit is not justified for what your business is offering or for what it should be? Will you continue running your company as like that? Of course not. It so impractical having a business with top products or services without having to get it. That is why it is in business, it was a fussy thing to do if you are going to operate such business or in any kind or type of business. All plans should be in order or should always be follow procedures and mostly it is documented so that there is no question for this and for that. As a business, G-World Company must have prepared for their competing company, Universe Corporation in particular because this company is rising. They should think of an idea where their company could survive with the competition. Client X might be having the standards of somewhat relating to innovation. It may be that the Universe Corporation is having the newest or the trending IT products and the leading IT services than the G-World Company. One company cannot remain for what the company is for forever. There should still be innovation such as upgrading equipments or improving services so that their customers will be satisfied with that certain company. And in additional, that particular company will be able to gather or they will be able to encourage more clients for their business. A company should be able to pass their own company’s standard to be able to lead to innovation In business, you must always innovate, because nowadays, there is always new every month, every week and even every day of the year. People are being creative as time goes by, that is why change is considered as the only persistent in this world. When it comes to business, it is usual to observe the price points of your competitors. Setting prices which are same or just as long as in line with your competitors. Or it could be that, if needed, you can set price higher or lower to the competitor’s price. As what I have read by then, if one company wants to attract clients, they should or could set prices which are five to 10 percent below the prices of competing companies or business.

3. How are they going to manage the sudden drop off of Project 2?

When it comes to business, projects are subject to have any kind of risk. Risk is innate in any type of business. We cannot deny the fact that risk is always present. In order to manage those risks where a company will be facing or where they will encounter along the way, they should be able to identify them, and have a corresponding solution for it. It is always essential to be prepared to whatever possible risk a business or a company may encounter. To relate with the question in this given scenario, G-World Company’s Project two’s sudden drop off. Where G-Worlds Company does not able to identify or envision the possible consequence or let us just say a possible outcome of having their second project while their company is in turmoil. In project management, one should be able to follow steps and procedures in having the risk management plan where one can be able to manage risk which may come along the way. At the beginning, the company should be able to identify the corresponding risks of their actions. And those risks might be and could be affect their business and it might be a big part of the business where it may be the cause or the reason for having problems, might be big or small. Performing qualitative risk analysis also applied and also includes in preparing risk management plan. Where in here, the process of prioritizing the risk for further analysis is done. After identifying those risks, they should be able to prioritize the risks they have identified in order to know which risks will greatly affect the business and which risk should be prioritize less. By prioritizing the risks, they could be able to identify what are those risks which should have much attention so that corresponding solution will be applied. Performing the quantitative risk analysis comes next. After analyzing and prioritizing the risks in their actions or in a certain project, they should be able to perform the quantitative risk analysis. This analysis comes with a process of analyzing numerically the effect or effects of those identified risk. Those risks’ effects might be affect the whole project or the company, that is why it is important to list down all the effects it could or will be produced.After this type of analysis comes the plan risk responses. Plan Risk Responses includes the developing of options and actions to enhance opportunities and to reduce threats to a certain project deliverables. In business, there should always be a spare plan or set of options where or which a company could be used if the first plan will not be successful. Same applies in dealing with risks. A company or a project team must be able to develop plan or options on which will be the solution for the risks they have been identified. By developing options, they were able to reduce the threats which may affect a certain project or possibly be, greatly affect the whole company or business. After having plan risk response, one should be able to control now those risks that where identified. Controlling the risks is defined as the process of implementing risk response plan as what is mentioned above, it involves tracking of identified risks, also the identifying new risks and evaluating those in a process effectiveness. Tracing of identified risks means that they must be able to identify the risk of the risk. Which means that those risk that may appear along the putting solution to the risks that were first identified
Having a business is not easy as one two three. All must be in order and must follow procedures, same as what is stated above, the project risk management. Having this type of management will help us in decision making, this will help us in the way that we can able to be guided with those risk that corresponded together with the decisions we will make and with the actions we will do. To be able to run a business, one should be prepared enough with having the enough knowledge a person must have in putting a business. It is not basically required that, that person must know all about that matters with business, which they must know every little detail of business. Required steps and procedures in putting up and running a business will do. Because knowing more about in the field of business will be done in the process. It means that, while your business is running, you could always be learn new things which could be an add up to your knowledge. So, if one is planning to put a business, he or she must not be worry if he or she does not know all about where business matters. It has something to do with learn from experience. Another thing which matters most in the world of business is the failure of a certain project in a particular company. Failure helps a company or a certain business to be able to learn the things they does not know yet. And this new knowledge could be applied in the future so that the same mistakes will never be done again. Knowing and learning from past mistakes will be our guide to be able to be better in the future, same goes in business, they can use this learnings from their past mistakes in order for their company to be a better business than before and in order for their company to be able to be a successful business. By learning those mistakes from the past, they should already jot it down or record it down so that if the same thing happens again in the future, they already have a corresponding solution for that problem again. With this, they can avoid similar result. Because the G-World Company does not have an alternative solution or method, it have caused to the sudden drop off of their second project. In my own analization, G-World Company should be able to focus on their mother business since this is the main project of their company. If having the project two is necessary, they should have be a well trained staffs having the enough knowledge needed for a person or for the staffs to have in running more than one project in a company. They should be capable enough in handling such situations since they planned and already executed it within their company. For the G-World Company to be able to be manage this kind of situation, they will be better to sell their company’s second project in order to sustain the needs of their mother business which is the project one, if this action is what their company think is the best for their company’s current situation. But they must also should be able to know the risk of this action which they will be execute. To be able to know the risk of their company’s any action, they could be prevent on having another major problem again. Because to know the risk is to be able to guide your company as well as your staff in whatever the outcome is. After the G-World Company will be successful in selling their project two and if their company’s situation will be back to normal, they should analyze if there company can be able now to raise again their subsidiary or supplementary project in order to continue their sales. With this, the staffs of the company should already be able to have a sufficient or enough knowledge in handling things. Especially, it has something to do in identifying risk of their actions. Because every actions has a corresponding outcome especially when it is a big thins which really matters most. And together with this, the company which includes the staffs of it should be able to identify what are those things that have caused their major problems from the past. If what are those reasons which made their mother business or their company’s main project is in chaos and their company’s second project to a sudden drop-off. By identifying and listing down those reasons of what I have previously stated, each of these, they should be able to apply it in the future especially when the same problem or issues may occur along the way. Those reasons will be their company’s guide for the better future of their business and in order for their business to be a successful one. Along the way, as a company, the staffs should be work as one. Being in a business or a company must be able to communicate to each other well for the company to have a better business. Because to have a better business is started first in having a good communication with your team and with what the company’s scope is. One should be able to motivate others, they should motivate one another to do their job well for their company to succeed. By motivating, it includes giving time with your staff to have a free time to celebrate if your team had reached a great achievement, in order to thank each of them for the successful job they have done. But, failing to do what they should do does not mean that they should not be recognize. Recognizing one’s effort although it a success or not is a good way also for having a good communication. Recognizing the job the one had done and cheering them up may or will help them to do greater things in the future than the things they have already done. It was like learning from your failures. It does only means that one might be able to strive harder next time and could lead the business into a successful one with having staffs which were determined to be a successful staff also. If this will be done so, the head of the company or of the team must be able to give them credits or rewards in order for them to continue what they are doing. That their job is a plus for the company and could result also to them to have a better benefits.
But first, before recognizing, motivating others and cheering up them, one should be able to motivate first herself or his self because what you do must be started with your own. As what the saying’s thought is, do what you preach.

Overall, managing a sudden drop off of any kind of project depends upon the project manager that holds it. It all really depends upon to whatever situation he or she will be done since he or she is the project manager of the project. As a project manager requires to have an enough understanding on what a project manager would do. All the things that being one must perform. Being in a business or a company or in a project team comes great responsibilities. They must be able to responsible to what actions they will do or decisions they will make. Otherwise, they could lose their job since the company may think that they are not responsible enough and that they are not accountable and not responsible for that type of position they are into in the company. The bottom line of this so long thing of explaining things is that think first before you act. The G-World Company must be able to determine first the consequences or the positive results for their company for whatever decisions they were going to make. They must determine first what really their company’s problem is and what are those reasons which have caused it. They must be able to understand it and so that they could analyze and develop solutions for it. By developing solutions for it means of evaluating all of those reasons that have caused and possibly causes the issue. They should be responsible enough in whatever may be the result of selling their company’s second project. At the end of the day, it only matters with the the plans of G-World Company for their business. If it will result to be a positive or negative outcome, it all depends with their company and they should be accountable for whatever the outcome will be.

4. Is selling Project Two can satisfy what G-World is expecting?
Most of the time, to decide is a hard thing to do. Sometimes, it is easy to decide, sometimes it is quite hard or it might be very very hard. But, deciding’s level of difficulty depends upon the situation.Deciding something comes with great responsibilities. Because by making a decision and once you have done it, you are the one who is responsible for whatever option you chose. In business, deciding in something which will affect a big part or plays an important role in the business comes with big and great responsibilities. Because deciding in business must follow steps and procedures in order for the execution of that decision will run smoothly. The company should be able to critically plan  the situation if this decision, after its execution will not negatively affect the business itself or if it will result to a positive outcome.Let me relate what was defined about to the case given. It is a hard decision if I were in the G-World Company’s situation since this second project of their company is intended to have a mass expansion of the business matter of their company. But, since their company is having a difficult situation and they does not want their project one which is their project one to be dead, they want this project two of their company to be sold to some company so that G-World Company would get another investment project prospect. With this set up, G-World Company expected that their first project, which is selling of IT products and services will not be dead and will be able to come back to the line. But, is selling G-World Company is really the solution for their problem? Is selling the second project of G-World Company can satisfy what their company is expecting and will really be the result of this act?

In my own opinion, selling of project two of G-World Company can satisfy what their company is expecting if their company will be able to manage and be guided to what their company really wants to happen or the outcome they really want. Before coming up to the decision of selling their company’s project two, G-World Company should already planned the risk of whatever they may get along with this kind of decision. They must be able to execute or they must be able to make a risk management plan so that they will be guided in whatever risk they will encounter. Having a risk management plan will help the G-World Company be directed to this selling of project two of them. That if their will be any risk of it, they could control it and have a corresponding solution for it.

Project Risk Management includes the processes of creating risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project. This type of project management could be used to the situation of G-World Company since by selling their second project do have a risks. Such as risk of the effect of this act to their company. Plan Risk Management will define on how to make risk management activities for this situation. Identifying the risks is part of this type of management which will help same as what I have mentioned a while ago, by determining which or what are those risks which may affect the company or the project. Performing a qualitative risk analysis in order to prioritize risks for further analysis or action by assessing and combining their probability of occurrence and impact. Performing a quantitative risk analysis which they will be able to numerically analyze the effect of identified risks on overall project objectives. Planning risk responses to develop options and actions to enhance opportunities and to reduce threats to project objectives. Control risks to implement risks response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout this situation. By identifying those risk of this G-World Company’s decision, the company should also perform the project stakeholder management. With this type of management, they will be able to evaluate if who are those people or other organizations that could be affected to whatever outcome this deed. Project Stakeholder Management includes the processes required to identify the people, groups or organization that could impact or be impacted with by the project or to relate to this situation of G-World Company. To be able to analyze stakeholder’s expectation and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution. Stakeholder management also focuses on continuous communication with stakeholders to understand their need and expectations, addressing issues as they occur, managing conflicting interests and fostering appropriate stakeholder engagement in project decisions and activities. Stakeholder satisfaction should be managed as a key project objective.

If the G-World company wants their mother business which is their project one not to be dead, they must follow all the steps and procedures which is the most important key in every business. To follow the procedures such as the types of management a company must imply will lead the business to its successful point or goal. With the use of project management, they will be able to be guided in all things they will be doing along the way in their business, such as in any fields in their company, such as the cost, the budgeting, the human resource, and etc. I came up to a conclusion that the problem may be is that there are not capable enough in managing more than one project together or at the same time. The processes or types of management that involves in project management supports the idea that I have mentioned above. This includes project integration management, project scope management, project time management, project cost management, project quality management, project human resources management, project communication management, and project procurement management. Let me have a simple and short explanation to each of these. First is the project integration management. This type of management in dealing with projects mainly involves the initiating and the planning stage in a project. Project Integration Management is the stage where planning for the project takes place. Here the project team will be able to identify, define, combine and unify the various processes and various project management activities within the project management process groups. Next is the project scope management, in this type of management, the project team will be able to learn the scope of the project they will working or of the project they are working or dealing with. With this kind of management, they will be able to identify if how wide their project is. By defining or analyzing the scope of the project, they can also be able to identify the scope of requirements or resources they will be using for the implementation of the requirements. This managements includes the collecting of requirements, defining the scope, creating wbs or work breakdown structure, it also includes validating the scope and controlling it. Third is the project time management. In this process includes the processes required in order to manage the timely completion of a particular project. Time is another very important factor when it comes to business since each of the project has a deadline. Which means that completing successfully the project within the time frame is very very important since it matters about money. If they could be able to complete the task as early before the target deadline, they will get some rewards, otherwise, a corresponding penalty will be applied. That is why, in business it has this motto, ‘time is money’. Project Cost Management comes next, in this type of management mainly involves the costing and budgeting for the resources of the project that will be used for its implementation.  This management involves budgeting, estimations, controlling and managing the costs which will be using in the project. The project manager should be able to determine and control the budget with this management so that they can control the funds for the project and they will not be over budget which may cause some issues or issue along the  way. Fifth is the Project Quality Management, where the quality of the project takes place, obviously. Setting the quality at its finest or putting it on the highest level it could be will satisfy the needs of it. Setting its quality must be able to meet its main and important requirements. Project Quality Management works to ensure that the they will be able to meet and validated the project requirement, including product requirements.Next to the project quality management is the project human resources management. This type of management includes the processses that organize, lead and manage each of the people within the project team. The project team is composed of the people which each of them is having their assigned task or roles and also their responsibilities for completing the project. As a project manager, he or she must be able to determine if a specific individual is responsible enough for that kind of position  That he or she will be able to do the task that are given or will be given to him or her. Also, that their skills were fit in to that specific job he or she is into. Next is the project communication management, which deals with the interaction with the project manager towards to her or his team members. To be able to communicate with his or her staffs, they must be able to have a stable communication with their clients and stakeholders so that the implementation of the project will run smoothly. Communication is very very important in business because without having communication, they can’t be able to work properly with the project. Such as how can the project team identify the needs and wants for their clients and same goes to the project team members as well. Without a proper communication may lead the project to become a trash. Without a proper communication with each of the project team members will lead to confusion of tasks that needs to be achieve step by step.Second from the last is the project risk management which involves, of course, the risk within a project. Risk is innate to any type of project which means that to any kind of business project, it is always present. We cannot prevent risk not to be present but we can control it and could be prepared on solutions which may help to control it. In order to control a risk within a project, we must first identify what are those risks and apply a corresponding processes after it. Such as performing qualitative risk analysis which is the step in prioritizing the risk in a particular project. With this, we can be able to identify which of those risks must be having a much attention, which risk must be prioritize first. In being prepared in any of those risks will help the project team in dealing with these  risks and will help them tp be guided in particular problem or issues that comes with it. And lastly is the project procurement management. This is the last process in what the PMBOK has stated. In this type of management involves the management of a contract and processes of change control which is a requirement to develop and control contracts of the issued purchase orders by the member of the project team. Project Procurement Management includes the processes which is necessary to purchase or obtain products, services or result needed from outside the project team. Which is the organization or the company or business can be either the buyer or the seller of the products. These nine types of management that is stated in the Project Management Book of Knowledge, 5th Edition will be a guideline for a company or business to deal with a certain project. By being guided with these management or processes, they will be able to lead their team in their success. That is why it is much important to follow procedures and follow the different types of management mentioned above when it comes to business, specifically in dealing or handling a certain project.


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