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Project Management Discussion Question
Every project has to have objectives so as to be effective and accomplish its purpose. The objectives become the driving force for the project. These objectives need to be clear and precise. In the pursuit to accomplish the laid objectives, the company needs to meet several factors, known as critical factors to success. Irrespective of how hard an organization tries to excel, risks do occur at times. After the risks have occurred, measures need to be implemented to counteract their impacts.
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Improve security; the association intends to improve the security of their residences, through activities such as employing a security officer. It is expensive for an individual to employ one, but for the association it will be cheap and achievable. Maintain the environment clean, it is also a target of the association to keep their environment clean and conducive to reduce the risk of infections and diseases. Help members in case of anything, the association has an intention to help the members in cases of emergences nd social functions and events. Protect the interests of landlords as well as tenants; lastly, the association has an intention to safeguard the interests of their landlords, as well as theirs. The landlords may mistreat the tenants through increasing rents unreasonably while the tenants may offend the landlords through defaulting payment and bad debts.
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Critical success factors
Experienced project managing; for every project to be successful it requires a skilled and knowledgeable manager in that field. Strict supervision of staff implementing is required, and the integration of their skills is inevitable. Formal methodology: an official way of doing things that concern the project is needed. Since the project is an investment that the organization has made, it is critical to run it in an official way to reduce wastes and slackness. Minimized scope; the project should have a sensible scope to reduce ambiguity in its implementation. Ambiguous project statement complicates its implementation. Executive support; the management of the organization need to support the project so that it may approve its implementation as well as approving thee capital that is needed. In case the executive does not give its input to a project, it becomes hard to realize the success of the project. Project estimates; a project requires finances and time to accomplish. These two resources need to be estimated for the organization to determine whether it will be possible and rewarding to implement in it.
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Loss of customers; the customers who used to attend the shows wand were attracted and maintained by music will quit. Competitors will take advantage; this will give the competitors of this theatre a ground to beat them since they will improve their music thus attract the customers of this theatre. Reduced profits; the theatre will experience lower profits since customers will demand a reduction on the charges as a result of the missing music.
Conclusively, the theatre needs to organize another orchestra to entertain the customers with music to counteract the leaving group. The theatre has to take the risk of putting another group in place because if it fears this risk then it is at a higher possibility to go through the other three.
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