Problems Of The 1300s Essay Sample For College

Numerous terrible pandemics have occurred (Ditrich, H. 2017). Among these were fatal illnesses that killed countless lives, religious and political connections, protracted battles between states, and, in the worst-case scenario, human captivity by fellow humans. All of these factors contributed to widespread death, property devastation, and relocation. Numerous plagues have occurred throughout history, including the Black Death, the 1054 Schism, Babylonian captivity, and even the 100 years war.

In October 1347, a ship from Kaffa in Crimea landed in Messina, Sicily, bringing sick rats and associated fleas. The rats and fleas swiftly spread across Europe through trade routes and the Silk Road (Jedwab et al.,2019). It is thought that when Genoese merchants arrived in Messina, Sicily, following a lengthy voyage via Asia and Crimea, they unwittingly brought sick rats and their fleas on board their ship. After food supplies ran out following a lengthy stay at sea, these rats were let onshore, where they plagued the city. The rats, in turn, spread the sickness to Messina’s human population.

The Black Death is said to have spread by water from Sicily to Genoa and subsequently to the rest of Europe. It spread rapidly as people moved by land and water between countries. The flagellant movement had a far-reaching effect. According to some, it aided in the reduction of death, while others feel this might have increased mortality. (Jedwab and colleagues, 2019). Flagellants were often depicted as insane individuals who would publicly beat anyone they believed were guilty for the plague. Ditrich (2017) asserts that perhaps the pandemic is relevant to 2020, when another significant epidemic will strike the planet. Globally, the epidemic is believed to have killed 75 million people.

The split of 1054 was a watershed moment in the Christian church’s history. The schism was precipitated by a disagreement about papal jurisdiction, or the degree to which the bishop of Rome (the Pope) exercised control over other bishops (Reardon2019). The dispute precipitated a split within Western Christianity, culminating in the establishment of two distinct churches: Western Christianity (Roman Catholic) and Eastern Christianity (Eastern Orthodox).

The Babylonian Captivity, which lasted from 1309 to 1376, was a time during which the pope was based in Avignon, France. (H. Dittrich 2017). This age of enormous political and ecclesiastical upheaval resulted in a schism between the French Pope and the Italian Cardinals. Clement V was the Pope, and he remained at Avignon owing to political pressure from France’s Philip IV (Ditrich, 2017). Pope Urban VI was also a resident at Avignon during this time period. Nonetheless, his treatment of his cardinals was so appalling that they chose another pope who took up residence in Rome while Urban remained at Avignon.

The Hundred Years War was a series of battles between England and the Kingdom of France between 1337 and 1453. According to Reardon (2019), The Hundred Years War was divided into The Edwardian War (1337–60), which was dubbed the Black Prince’s War. The Treaty of Bretigny (1360) brought this chapter to a close. The Caroline War (1369–89) began when France’s Charles V annulled the Treaty of Brétigny; it concluded when Charles V’s son, Charles VI, arrived to the throne and restored peace to his realm. The Lancastrian War (1415–53) started with the invasion of France by Henry V of England. According to Reardon (2019), this conflict concluded with Henry’s death and his army being crushed by French troops headed by Joan of Arc and Blaise de Monluc at the Battle of Castillon on 17 July 1453.

To summarize, the Black Death was one of the biggest calamities in human history: it took so many lives, religious and political connections, protracted battles between states, and, at its worst, human captivity by other humans. All of these factors contributed to widespread death, property devastation, and relocation. The unit was required to battle all of these occurrences in order to prevent the implications.

References

Ditrich, H. (2017). The transmission of the Black Death to Western Europe: A critical review of the existing evidence. Mediterranean Historical Review32(1), 25-39.https://papers.ssrn.com/

Ditrich, H. (2017). The Babylonian Captivity (1520). Lutheran Quarterly34(1), 71-81. https://muse.jhu.edu/

Jedwab, R., Johnson, N. D., & Koyama, M. (2019). Pandemics, places, and populations: Evidence from the Black Death. https://papers.ssrn.com/

Reardon, L. C. (2019). Religious Traditions in Politics: Catholicism. In Oxford Research Encyclopedia of Politics. https://oxfordre.com/view/

Professional Ethics: Competency Writing Sample

Introduction

The paper critically reflects on the competency concept in relevance and application to real estate and property management. Notably, property and real estate management is a considerably complex profession involving diverse bodies’ established regulations. For instance, in the UK, the regulation for property agents’ regulation prevails with its provisions governing the property managing and letting agents across the country. Such regulations gets set to ensure that all the professionals in the real estate industry follow the highlighted guidelines while promoting the professional ethics and integrity associated with the industry. For this profession, attainment of a set of personal traits, skills, knowledge, self, concept, and motivation as addressed by the iceberg model apparently contributes to performance, adhering to set regulations, maintaining integrity, and positive relations with other industries’ stakeholders. In this regard, assessing the competency of these professionals is ideal for fostering the attainment of the projected professionalism by informing on practice. To this effect, the industry’s competitiveness can be guaranteed by heightening the awareness of different competency requirements for the professionals in undertaking diverse real estate management practices. Hence, reflecting on the meaning and role of competency, the iceberg, and management competency models and competency in practice significantly demonstrates competency as a part of real estate professional ethics for benchmarking the skills and functions of the professionals at different levels of the industry.

Understanding the Sources and the Authors

It is essential to analyse key sources used as references while introducing some key authors. Assessing the quality and credibility of the sources is vital in ensuring the use of valid and reliable data and information regarding competency in the real estate and proper management industry. That gives the basis for using the most helpful literature with professional relevance while meeting the current professional standards.

Source Description Quality and Credibility Professional Relevance
Baharum et al. (2016) The author focuses on the Competency Framework in the real estate and proper management industry The source was published in the Research Gate journal and at the environmental behaviour conference. The article is under the university of Teknologi Mara Helpful in providing basic information about the complexity and challenges of real estate professionalism the need to improve one’s competency via the use of a practical framework
RICS. (2018). RICS has a history of enforcing and promoting high standards in real estate, valuation, construction, and land. The standard ae useful in understanding the issue of competence in professionalism The body is reliable and credible due to its authoritative benefits that are globally recognised and respected The source is effective in getting information that got based on the world survey on professionalism in the real estate industry
Pan, N., & Kung, R. (2019). The authors have written the article to construct a competency scale to enhance the outcome of managers, and building and construction engineers A reliable journal sponsors the source under a credible and certified university. The writeup and research on the construction of competency scale got based on scientific methods The authors are within the property development and management industry. The research got focused on promoting the competency of various professionals involved in property management
Pancak & Sirmans, (2020) The source document on how the competency of real estate professionals gets determined by real estate agency law and licensing The source is published in modern times and uses current data concerning licensing exams and law in real estate The authors have a relevant educational background, making the use of the article helpful in assessing the role of law and licensing exams in influencing the competency of a real estate professional
Jameson & Subrahmanyan, (2021) Infusion of cultural differences into the complexity of the real estate The write up of this source got based on credible references regarding the issues surrounding culture and its impact on professionalism The authors have teaching backgrounds in St. Cloud State University, hence having the ability to outline the needs of infusing cultures in the learning process to advance professional competency

Meaning and Role of Competency

Competency is a concept related to a person, which reflects behavior as a result of a competent performer. Furthermore, competence as a work phenomenon explains work areas where individuals maintain the necessary qualifications to perform optimally. According to Baharum et al. (2016), competency can be classified into five forms: foundation competencies, which contain the skills, behaviours, and knowledge that organizational teams share when meeting the set goals. On the other hand, execution competencies are apparently those distinct qualifications needed in undertaking definite work functions and serving at distinct levels. In organizational settings, competencies also exist from aspects of potential, where organisations focus at individual workers’ development to enhance proper execution, productivity and performance. Here, people also develop aspiration competences in form of the personal qualifications that one seeks to develop in the long run for the wellbeing and progress of the organization.

In real estate and property management profession, the knowledge of the Royal Institute of Chartered Surveyors (RICS) offers substantial aid in understanding of the competencies. Notably, it plays a fundamental role in spelling out the competencies’ classifications of real estate agency professionals to foster effective practice. According to RICS, (2018), competency is a combination of behaviours, abilities and skills that a specific task demands. Hence, the established competencies according to RICS are set to align real estate professionals to their specific selected fields. Similar to Baharum et al. (2016) notion of different competency classifications, RICS offers different classifications that are in alignment with the classifications. For instance, the development of technical competencies are established on line with the aspired and execution classifications in ensuring that professionals attain the hard definite skills required for their roles (RICS, 2018). On the other hand, RICS highlights the mandatory competencies which are equivalent to the foundation competencies advocated by Baharum et al. (2016). These competencies are regarded as the soft skills for business that portray an individual ability in working with other professionals, embracing integrity in practice and managing the intended workloads. Besides, competencies are paramount in shaping the real estate professionals’ abilities to conduct their roles and responsibilities in accordance to the highlighted professional guidelines of the industry. In the real estate profession, competency offers a profound professional ethics construct by facilitating the selection, recruitment and maintenance of appropriate people by matching their individual competence elements like traits, knowledge, skills, and experience, to the demands of the job descriptions. In this case, competency serves as the link between individual qualifications and the organizational performance outcomes. Hence, by utilising competency as an ethical practice of the real estate management profession, success can be attained by effective planning for succession, appropriately rewarding professionals and managing the workforce effectively. Hence, competency is an outstanding framework of professional ethics for success in performance in real estate management.

Iceberg Competency Model

Iceberg competency model effectively matches to the RICS competency framework by its proposal that competencies largely vary with tasks and roles to be performed. Nevertheless, the model offers additional elements of competencies as it classifies competencies into motivations, knowledge, self -concept, skills, knowledge and traits. Here, traits are considered as behaviours that arise from individual tendencies of confidence and tolerance to stress (Pan & Kung, 2019). Therefore, in real estate professionals, such competencies involve a set of personal strongholds that aid in the accomplishment of tasks and foster improvement at a personal level to more accomplishments. Additionally, the iceberg model describes self -concept as the personal attitudes and values towards certain events (Pan & Kung, 2019). Hence, the utilization of self-concept can be used by real estate professionals to determine the scope of practices that are ethically abiding, especially as obtained in the professional training guidelines. Furthermore, according to Pan & Kung (2019), knowledge contributes to the application of the methods and procedures acquired from professional skills and processes of developing interpersonal skills. The skills therefore are described by the model as being either hidden or observable, and including abilities like listening, inductive and deductive reasoning. Finally, motivations are the desires that need to get accomplished by individual professionals and can range from behavior practices to certain level of achievement in the industry. Hence, analysing the iceberg model offers a grasp of comprehensive competency scale in different professional levels.

Management Competency Model

Knowledge and skills development and attainment are explicit pillars of real estate professionals, while motivations, self-concept and traits are implicitly ingrained and can relatively get altered by factors like education, experience and counselling. However, maximization of competencies demand excess time and contribute to insufficient results. To this effect, focusing on the management competency model is recommended which are outstanding for application in the real estate management profession. According to Kansal & Singhal (2018), the management competency involves the construction of the trait approach, which focuses on the unusual traits of managers that are deemed to differ from ordinary professionals. Hence, real estate management professionals are challenged to develop traits that distinguishes them from other workers to attain success. Nevertheless, the complexity of identifying the unique personal traits and their relevance, and the model’s inclination to suppressing the traits of subordinate employees requires careful synthesis to foster the attainment of relevant traits for every real estate professional.

A functional element have also been critically examined in the determination of the competencies that are favourable to real estate management profession. For the management competency model, real estate managers should develop their abilities rather than rely on their inherent acquisition. Precisely, their management roles and responsibilities are supposed to be in fulfillment of the demands of the task at hand, but not through the demonstration of the potentials required by performances (Spencer & Spencer, 1993). In this regard, there exists a direct proportion of the management abilities needed with different and changing task positions and tasks. Hence, a competency domain is presented that includes leadership, administrative, technical, interpersonal and conceptual domains to the expected management ability. From this perspective, according to Zaheer et al. (2020), real estate managers should uphold and exercise diverse skills like communication, motivation, thinking, organization, administrative, leadership, and self-management skills for optimum performance and practice. On the other hand, success in management is viewed as emanating from the experiences and situations that a manager faced in the course of practice. In this regard, real estate managers and professionals should pay close attention to effective daily undertakings and embrace comprehensive thinking, understanding, analysis, and problem solving techniques to develop efficient management practices. Thus, management competencies are essential in the real estate profession, which should get cultivated by applying relevant individual-based traits, skills and knowledge to create acceptable experiences and performances within the profession, which act as the ultimate determinant of real estate professional practice.

Competency in Practice

While Real estate competency may work effectively in the industry, it is not appropriate for a proper manager or real estate professional to only focus on applying the abilities, skills, and knowledge to perform critical activities while ignoring other aspects. For instance, the understanding and application of real estate agency policies, regulations, and laws are critical in producing competent professionals to deal with the complex challenges and background of the industry (Pancak & Sirmans, 2020). To succeed at such aims, most real estate licensing exams must remain constant to improve the review of the fundamental law and authorities that prove essential in equipping real estate professionals with attitudes to meet the requirements of the markets, customers, and the industry over time. Baharum et al. (2016) find similar views that the proper management industry must embrace the use of competency framework to embrace knowledge from various backgrounds to deal with the ever-challenging situation of proper management. As per the idea of the complexity of real estate professionalism, it is evident that embracing change from various dimensions is vital in building the necessary resilience of property management. Baharum et al. (2016) and Pancak & Sirmans (2020) have a similar conclusion that investing effort and time in formulating innovative ideas and ways of succeeding in the real estate market is necessary for professionals to remain competitive in the industry over time. Such innovative ideas combine the concept of laws, culture, and education toward fostering effective real estate management and services. That gets supported by Baharum et al. (2016) by arguing that real estate and property management professionals must embrace teamwork from various backgrounds to foster the advancement of buildings while meeting the customers’ preferences. In that case, the competency framework is significantly valuable for improving the quality of services within the proper management industry.

Similarly, Jameson & Subrahmanyan’s (2021) study points out that constant upgrade of the real estate education and training program must prepare the professional to deal with the complexity of different cultures that could negatively influence their role. Integrating different cultural and professional competencies is vital in real estate professionals’ training to improve effective professional practice and competence. Identification and understanding of the critical cultural signal by the real estate professional is a requirement for making a competent employee or manager in the industry. However, the identification and comprehension of the different cultural signals in real estate is complex and requires time and effort to clearly outline how various cultures and beliefs affect the role of real estate or proper management professionals. In this case, the infusion of framework to aid in the infusion of a different culture is critical in advancing those in training skills, attitudes, and abilities. In the modern world, the integration of various cultures and belief is critical to advance one’s ability to remain relevant in the global industry. Pancak & Sirmans (2020) agrees with the findings that constant effort is necessary to continuously improve and upgrade the competency of professional in the rapidly changing world. Embracing new changes due to globalisation is critically helpful in advancing real estate and proper management professionals. In light of the complex nature of the property and real estate industry, professionals must constantly upgrade their understanding of laws, framework, tool, and changes from time to time to foster their competency in dealing with various challenges in achieving their goals and objectives.

Conclusion

Competency is ultimately crucial in the real estate management profession, as it spells out the qualifications of individual professionals that foster achievement. On the other hand, the development of competency have been largely advocated to help with the acquisition of management abilities and skills that align with the industry’s standards. To develop these competences, experiential abilities are largely needed to foster the attainment of thinking, decision making and problem solving abilities needed at management levels. Competency is also deemed a crucial element in the real estate and property management profession. To attain optimum competency and perform as a competent real estate professional, strategies to be followed have been recommended. For instance, the adherence to the regulatory and licensing standards in place is profound to sufficiently meet the needs of the clients and industry. Moreover, embracing change and innovation guarantees competency attainment and allows for constant relevance of a professional at the real estate market in offering effective services while maintaining professional resilience. Advanced and specialized training is also a requirement of attaining professional competency that requires knowledge and ability of dealing with sophisticated cultural aspects. Ultimately, competency is a remarkable concept in property and real estate management profession that can be developed and applied to promote proficiency and success of the industry. Hence, obtaining a favourable competency framework to foster attainment, development and maintenance of competency should be a significantly concern and strategy of enhancing performance and success of the real estate profession.

References

Baharum, Z., Hwa, T., & Salleh, S. (2016). Competency Framework for the Property Management Industry. Environment-Behaviour Proceedings Journal1(4), 3. https://doi.org/10.21834/e-bpj.v1i4.114

Jameson, K., & Subrahmanyan, L. (2021). Infusing Cultural Differences into Complex Real Estate Student Projects: An Exploratory Learning Experience. Journal Of Real Estate Practice And Education23(1), 38-51. https://doi.org/10.1080/15214842.2021.2007581

Kansal, J., & Singhal, S. (2018). Development of a competency model for enhancing the organisational effectiveness in a knowledge-based organisation. International Journal Of Indian Culture And Business Management16(3), 287. https://doi.org/10.1504/ijicbm.2018.090909

Pan, N., & Kung, R. (2019). Construction Of A Management Competency Scale For Site Managers Of Property Management Companies. International Journal Of Organisational Innovation11(3). Retrieved 23 March 2022.

Pancak, K., & Sirmans, C. (2020). Agency Content on Licensing Exams: Assessing Professional Competency. Journal Of Real Estate Practice And Education11(1), 15-27. https://doi.org/10.1080/10835547.2008.12091638

RICS. (2018). Pathway guide: Commercial Real Estate. Retrieved 23 March 2022, from https://www.rics.org/globalassets/rics-website/media/qualify/pathway-guides/commercial-estate-pathway-guide-chartered-rics.pdf.

Spencer, L., & Spencer, S. (1993). Competence at Work: Models for Superior Performance (1st ed.). Wiley.

Zaheer, M., Ajayi, S., Zulu, S., Oyegoke, A., & Kazemi, H. (2020). Understanding the key competencies of market-ready building surveying graduates from employers’ perspectives. Journal Of Engineering, Design And Technology19(1), 291-314. https://doi.org/10.1108/jedt-01-2020-0012

Project Portfolio Management Free Essay

Significance of Programmers and Portfolios and their management in the project’s success

Project Portfolio Management (PPM) is used when numerous initiatives are competing for limited resources. Despite the fact that this strategy appears to be advantageous to construction, it has only been used by a few organizations. Portfolio management began in finance. According to the Global Construction Survey, only one out of every three construction projects came in under budget and only one out of every four were completed on schedule in 2015 (KPMG, 2015). Project management is no longer sufficient. In today’s business environment, long-term performance and a competitive advantage are dependent on dynamic portfolio management. Project and portfolio management (PPM) methods can help businesses identify and achieve their strategic goals, The Crossrail project and programme utilized PPM. PPM has been researched, and the following advantages have been identified: The benefits of this alignment include reduced risk for the organization, increased earnings, demonstrated value for key stakeholders, improved speed to market, and success recurrence.

The data for the study was gathered through a survey and in-depth interviews (Hızal, 2019). A survey was used to collect information on 22 different building project portfolios. The participants were instructed to apply the 36 variables provided to evaluate a professional construction portfolio. All of the projects in the portfolio were evaluated. A few generic questions concerning the portfolio were also asked. Finally, participants were asked open-ended questions in order to get a more thorough picture of their opinions. In addition to the survey, three case studies about PPM and its use in the construction industry were created by interviewing construction professionals.

Project success and project management success

Completion of projects on time and within budget, as well as ensuring that the scope and quality standards are satisfied, are common indicators of project management success. The success of a project is assessed. A successful project affects a large number of people, including project managers, sponsors, clients, and end users. Schedule, budget, quality, and customer satisfaction are all important indications of a project’s success, according to (Vittal et al., 2018). Fulfills one’s position in the organization, and ensure that the owner is adequately compensated for making the greatest decision for themselves and that of customers. Builds a structure in accordance with the mentioned goals. Makes a delivery that meets all of the requirements. Makes money while also satisfying the project’s backers and team.

Project’s Success Factors

Implementing established project management strategies that increase managerial performance and encourage knowledge management is easier in a well-structured organization. All of these policies and procedures are the result of a well-structured project management process. Project teams are made up of people who work together to complete a task, and have a direct impact on project results. As a result, the literature evaluation in this part concentrates on the role of people and organizations in project success. The Crossrail project and programme, had a clear grasp on project management principles and practices, and top-level leaders must demonstrate a dedication to the discipline as well as a willingness to adapt to changing conditions.

The Portfolio’s and Project’s Maturity

With Project Management Professional (PMP) certification qualifications, an individual’s capacity to comprehend and assist projects and corporate goals is seen to improve. Their capacity to manage tasks improves when they handle projects in a portfolio. Portfolio management is used to successfully manage finite resources and pick initiatives that match with the organization’s long-term goals. Portfolio management discourages investment in projects that do not match with the company’s strategic goals. The OPM3® was developed by PMI as a tool to assist organizations in improving their project management capabilities. This paradigm is used to improve, integrate, and evaluate project management procedures. As a result, project management is connected to an organization’s success.

Discussion

Three in-depth interviews and three case studies on PPM implementation in seasoned construction professionals with 20-30 years of construction experience were conducted. PPM applications of all sizes are supported, from the simplest to the most complex. In addition, a survey of 22 construction specialists was undertaken to assess one of their prior portfolios using the 36 success indicators. This study looked at data from 22 portfolios and 73 projects. This type of research helps us better understand the views of construction project managers (PPMs), including how they define success, prioritize tasks, and manage resource transfers across jobs. Portfolio success in construction for instance The Crossrail project and programme, as the research shows, is primarily governed by the same characteristics. A five-fold cross validation procedure was used to assess the model’s predictive potential. A sensitivity analysis was also used to look at changes in success variables. It’s worth noting that there’s just a small amount of study on PPM in the construction industry.

Question 2

Significance of developing and maintaining a comprehensive business case

There are several ways in which businesses can benefit from using business cases as a management tool to help stakeholders and the broader public make evidence-based and open choices. Any subsequent policy, plan, or project can be mapped out and evaluated using this document. Realistic expectations and a clear objective are essential to the project’s success. As part of this, a detailed risk assessment must be completed. A company must be aware of the risks and opportunities involved with any expenditure before making a decision. This means that in addition to a financial ROI, a business case contains a breakdown of all the benefits that have been realized. Five Case Model was used by the British government for the Elizabeth Line Cross Rail project (Crossrail Learning Legacy). The following are business cases which benefited success of The Crossrail project and programme;

“strategic case.” Reading and Heathrow in the west will be connected to Shenfield in the east by the Elizabeth line, which will run 42 kilometers beneath London. Transport for London (TfL) will operate the new train, which will be completely integrated into the city’s existing transportation infrastructure. The new strategy will improve passenger journey times across London, improve connections, and reduce congestion on the London Underground.

‘Economic case’. More than £42 billion in economic benefits are envisaged from the Crossrail project, including the expansion of train service in London and the southeast, an increase in construction of new homes, assistance with regional recovery efforts, and new job opportunities across the country. In addition to making it easier to go around London and the surrounding areas, the Elizabeth line will also make it easier to conduct business. Heathrow Airport, London’s West End, and the City of London’s Canary Wharf will all be better connected to the region’s transportation network, which will be less congested. As a result of the Elizabeth line, 1.5 million additional people will be able to get to central London in 45 minutes or less, increasing the capacity of the train network by 10%. The new line is expected to result in the construction of more than 90,000 new homes. Over 5 million square feet of residential, commercial and retail space have been proposed within a mile of an Elizabeth line station, with roughly half of the applications citing the new railway as a basis. As a result, Crossrail’s business case rested on the notion that it would contribute to an economically healthy and stable society where everyone could succeed and have an equal opportunity.

Its mission was to develop a sustainable mode of transportation that would benefit the UK economy while simultaneously enhancing passenger satisfaction by reducing traffic, shortening commute times, and making London more accessible.

“Commercial case” The effective completion of the £148 billion Crossrail project relied on the correct commercial arrangements between the client and the contractors. Additionally, it was important for the project to be able to respond quickly to any issues that developed in terms of risk and reward. The client’s attitude toward commercial management was addressed throughout the six-year program, from the beginning to the end.

“Financial case” Government, Mayor of London, and London businesses would all contribute to the cost of Crossrail, Prime Minister David Cameron announced in October 2007. A total of £15.9 billion was committed to the Crossrail project. An agreement on expenditure of £14.8 billion was reached following the Comprehensive Spending Review in October 2010. Extra money was needed as the 2018 budget was increased to £17.6 billion to complete this vital project. As of December 2020, Crossrail and Network Rail received an additional £825 million and £390 million in financing, respectively. There is now a total of £18.8 billion available for this project. Overall, Transport for London (TfL) and the Department for Transport (DfT) have worked up an overall financing package of £18.8 billion.

The ‘executive case,’ as it was Crossrail’s project quality management was overseen by an elite team with decades of experience. The initial goal of Crossrail’s project was to build positive relationships with the company’s major contractors and supply chain. Elizabeth line operates the railway line.

Significance of benefits management and its impact on programmes

Project benefits management entails initiating, coordinating, executing, and transitioning change in the organization as a result of project management processes in order to achieve pre-defined project benefits. In some countries, such as the United Kingdom, Active Benefits Management (ABM) is a government standard that was formed out of a demand for proactive management in order to achieve targeted benefits management objectives and it is used in construction of Elizabeth railway. According to (Badewi, 2016) study, Benefits management and project management can be used to improve a project’s success. However, there is a scarcity of evidence that demonstrates the efficacy of BM methods. When examining the influence of project management methodology on investment success, the impact of BM practices was considered. Because many companies are implementing PM and BM at the same time, SEM was used based on the 200 valid responses. PM practices were found to be linked to project management and project investment performance. BM, on the other hand, has been discovered to be less important and to have a smaller impact on project performance than previously anticipated.

The project has a positive impact on the framework of good governance.

The use of contracts to describe desired behaviors and objectives is one of the most critical predictors of project success. Contracts for the project manager and the benefits should also be established to define the scope of the funder’s activity and the project manager’s responsibilities. Not only that, but the funder has a stake as well. Contracts for defining financial requirements, organizational change, and the benefits profile and project charter for the benefit owner’s and project manager’s contract are all detailed in the benefits profile.

Measuring criteria

Having the ability to accurately estimate a company’s business benefits is critical, as it identifies the value streams that will result in those benefits being realized, as well as describing those advantages and their impact. In the future, benefits can be analyzed and defined with certainty, and the baseline against which they are measured will be clear. Efficiency can be determined by investing £x on an endeavor and reaping £y in return, in some situations. Specifying the criteria and measurement techniques becomes required when things get more subjective.

Provides strategy for the long term

when it comes to benefits administration, it’s crucial to remember that a company may have a long-term strategic benefit. In order to keep the benefits coming, they may have to start new projects or programs. Often recognized as the most fundamental and crucial subject in project management.

The link between Project Management and the Benefits Management

Without balancing the multiple operations required to produce this output, deliver the desired benefits, and achieve organizational goals through organizational management, an organization will not be able to achieve its objectives. In today’s unpredictable market, a company’s governance measures must be solid if it intends to increase its return on equity. A company with sound corporate governance can obtain financial resources more affordably than one that lacks this quality control. BRM and PM success criteria are more likely to be combined than used separately. By tracking a project’s benefits, you can keep an eye on progress and make sure it’s part of your overall performance management system.

Conclusion

When PM and BM are combined in a single framework for project benefits, an organization’s chances of success improve. Project management strategies have a considerably higher impact on a project’s likelihood of success as a result of these distinctions. The success of a project investment is determined by two factors: determining who would benefit from the initiative and building a strong business case. A communication plan and a timetable are necessary for project management success, but analyzing the timeline is the most important aspect of project investment success. Combining PM and BM concepts can still result in a successful project. The link between the two disciplines is examined using a governance framework.

Reference

Badewi, A. (2016). The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework. International Journal of Project Management, 34(4), 761-778. https://doi.org/10.1016/j.ijproman.2015.05.005

Crossrail Learning Legacy https://www.crossrail.co.uk/

Hızal, A. S. (2019). Identification and modeling of critical success factors of portfolio management in construction sector (Master’s thesis, Middle East Technical University). https://open.metu.edu.tr/bitstream/handle/11511/43566/index.pdf

Vittal S. Anantatmula & Parviz F. Rad (2018) Role of Organizational Project Management Maturity Factors on Project Success, Engineering Management Journal, 30:3, 165-178, DOI: 10.1080/10429247.2018.1458208