Project Management The Iron Triangle - 1620 Words

In 21st century’s enormously competitive business surrounding, project management has turned into a key concept to implement and comprehend projects attempted by every one of the organizations. Before being able to understand that the project management triangle or The Iron Triangle is, a definition of project management is necessary. According to Lewis, scheduling, arranging, and controlling of exercises that have been undertaken to meet project targets is defined as project management. The main objectives that need to be satisfied are cost, quality, and time, while parallel not losing control of the scope of the project at the optimum level. (1995, p. 2). According to Lamers, the genuine image for the project management task is the iron triangle which adjusts triangle’s judgment of the project will be achieved by the three corners speaks to the three essential perspectives scope, cost, and time. (2000, p. 327). This essay has been written to provide focused informatio n on project management triangle’s parameters cost, time, and scope. To gain success in a project and for its successful smooth completion in a timely manner requires standard scheduling tools and techniques to be applied and used in industries. In this essay, some standard project management tools and techniques such as Critical Path Method, Primavera Project Planner, and The Pentagon Model will be discussed. The iron triangle each parameter is very important to get the success of the project. This essayShow MoreRelatedProject Management : The Iron Triangle Of Cost, Time, And Quality907 Words   |  4 PagesHistorically, project success has been directly tied to the Iron Triangle of cost, time, and quality. While most of the articles reviewed for this study refer to these standards for success criteria, the overwhelming majority find that they are not enough to fully define what success is. Atkinson (1999) defined two types of errors in project management and places using the Iron Triangle as success criteria into the category of not doing something as well as it could be done. This comes from anRead MoreBeyond the ‘Iron Triangle’: Stakeholder Perception of Key Performance Indikator (Kpis) in Large-Scale Public Sector Development Projects941 Words   |  4 PagesBeyond the ‘iron triangle’: Stakeholder perception of key performance indikator (KPIs) in large-scale public sector development projects Objectives This research has objectives to investigate the perception of the key performance indicator (KPIs) in the context of large construction project in Thailand (Second Bangkok International Airport or Suvarna bhumi Airport). The research attempted to achieve the following objective: 1. The significance of key performance indicators in perspectiveRead MoreClassical And Classical Project Management1473 Words   |  6 PagesProject management changes continually with the increasing uncertainty and complexity in contemporary projects, which makes classical project management become fall out with the times. According to Atkinson (cites in Cicmil Hodgson, 2006) traditional project management uses time, cost and scope of plan as a major standard in a project, which is called iron triangle principal. Both Cullen Parker, (2015) and Ã…  pundak (2014) mention that although the classical still can be applied to all projectsRead MoreWhat Is Project Success From My Perspective?1287 Words   |  6 PagesHow to define project success from my perspective? In recent decades, a set of issues have been triggered by the fact concerning how to define project success. Some claim that the traditional views are still suitable to define project success, such as under budget, within schedule and acceptable quality. These traditional criteria are well-known as â€Å"Golden Triangle† or â€Å"Iron Triangle†, which has been used to assess project success over several decades. However, these criteria have been criticisedRead MoreKey Elements Of Project Success Essay1787 Words   |  8 PagesThis constraint constructs a triangle with geometric proportions illustrating the strong interpedently relationship between these factors. If there is requirement to shift any one of these factors then at least one of the other factors must also be manipulated. 3.0 Discussion of Triple Constraints Most scholars have accepted generally the triple constraints as key elements of project success. If one of these three constraints get reduces it will have an impact on the other one, balancing betweenRead MoreA Big Success For The People Of Australia And At The Same Time Essay1786 Words   |  8 Pagesnitially planned. But the project was a big success for the people of Australia and at the same time a big failure from the project management point of view. But nobody remember the missed objectives. On the other hand, the Millennium Dome in London was a project completed on timThis constraint constructs a triangle with geometric proportions illustrating the strong interpedently relationship between these factors. If there is requirement to shift any one of these factors then at least one of theRead MoreThe Importance Of A Project Manager With Gibbs Reflective Cycle ( Gibbs ) Essay1029 Words   |  5 PagesIn this report here I will try to highlight an event during my time as a Project Manager with my present organisation in 2013. I will be analysing the event in line with Gibbs’ Reflective Cycle (GIBBS, 1988), as per the diagram below. Figure 1 Gibbs Reflective Cycle(GIBBS, 1988) 2. PD REFLECTION Background Before I undertook the job as a Project Manager at my present organisation, I had been working as a Mechanical Engineer in the Oil Energy sector for nearly six years. My current organisationRead MoreModel of Critical Success Factors and Success Criteria for Project and Project Management Success in a Developing Country2936 Words   |  12 Pagesgroups of success criteria (iron triangle, organizational benefits, information system benefits and stakeholder’s benefits) and five groups of CSFs (Factors related to project, leadership/manager, team members, project organization and environment) were used. Results demonstrate that every success criteria has at least one significant relationship with any group of CSF. We further developed a model in the light of the analysis to explain how project management and project success can be achieved usingRead Moreproject success: success factor and success criteria Essay2754 Words   |  12 PagesAN ESSAY ON PROJECT SUCCESS DEFINED BY SUCCESS FACTORS AND SUCCESS CRITERIA by M. Shaw Success consists of going from failure to failure without loss of enthusiasm       Winston Churchill INTRODUCTION 1. Since the 1960s there have been an increasing number of Project Management scholars that have expressed concerns regarding the ways to manage the success or failure of a project. Crawford (2000) theorised that there are two major avenues of thought in this area being: how successRead MoreProject Management Methodology Is Optimal Continues1648 Words   |  7 PagesIntroduction Emerging evidence seems to indicate the debate over which project management methodology is optimal continues. Agile approaches which include Iterative and Adaptive models (i.e. Scrum) are at one end of the spectrum. Traditional approaches which includes Linear and Incremental models (i.e. Waterfall) at the other end. With a growing demand to deliver quality products in rapidly changing global market, project managers are required to be creative in their selected approach. Which methodology

African Americans Influence On Music - 1229 Words

In today’s day and age, it’s easy to hear black culture represented in most hip-hop; that is the dominating music genre that expresses African American views. It’s not so easy to remember where African Americans influence on music al began. Black influence on music today is really unrecognized but it’s important to bring to light just how much African Americans really have contributed to the sound, style, and feel of today’s music. Not just hip-hop or rap, but all kinds of music. There was one particular sound that really changed America and that was Motown. It was one of the most powerful social and cultural changes to happen to the music industry. Motown brought a racially divided country together and touched the hearts of everyone. It all began when songwriter Berry Gordy founded a label, bought a house, and set up a recording studio in the basement in Detroit. One of the many famous bands/artists to be signed by Motown was the Jackson 5. He got them on The Ed Sullivan show and the rest is history. His cliental grew and the talent kept coming. The lyrics and arrangements being made were simple but they spoke to the heart (Cruz 2009). The creativity that came to be because of Motown, created has a strong mark on the backbone of music. Now that we’ve talked a little bit about a predominately black sound and culture, let’s move on to some other genres. Jazz was born in the United States and words like ‘cool’ and ‘hip’ were originally jazz terms. It isn’t totally clear onShow MoreRelatedAfrican American Influence On Music2019 Words   |  9 PagesAfrican American influence in music has been an ever present and controversial subject in American history. Stemming from many different cultures, religions and backgrounds, large portions of American music was introduced by, and credited to African Americans. Although in many cases, this music was used for entertainment by the masses or majority, contrary to popular belief, black music served a greater purpose than just recreation. Dating all the way back to the beginning of slavery in the U.S.Read MoreRap Music And Its Influence On African American Youth1705 Words   |  7 Pages Music and society have always been closely related. For years now music has been apart of people’s everyday lives all around the world. Having so many different genres out there, it makes it easy to be appealing to so many different ethnic backgrounds. However, one type of genre in particular has seemed to grab the attention of a younger generation. Rap music has undoubtedly had its utmost impact on African American youth, since many of the performers themselves are African American. An overtlyRead MoreAfrican American People Have Had It Rough For Years1522 Words   |  7 Pages African American people have had it rough for years. But over time, they have influenced us beyond belief. One of the main things they influenced was music. So I am here to explain to you how the African American culture has done just that! For centuries, the color blue has been associated with sadness. By the mid- nineteenth century the expression â€Å"the blues,† was commonly known in this way. Throughout history, the blues was a regular feeling that African Americans experiencedRead MoreEssay on Ragtime and Blues Influence on Jazz1377 Words   |  6 PagesParents of Jazz Jazz is a music genre that has complex characteristics and history of development and thus many musicians and scholars face troubles in defining what jazz is. In general, jazz is believed to have born in New Orleans. Jazz developed for the pleasure of the social dancers. According to the â€Å"Understanding Jazz: What Is Jazz?† of John F. Kennedy center for the Performing Arts, Jazz was created mainly by Afro-Americans, and had elements of European and Afro-American culture. Also, it emphasizesRead MoreThe Origin Of African American Music1462 Words   |  6 Pagesorigin of African-American music Nowadays, the United States has the largest music market in the world. Inheriting from the European tradition music from the European immigrants, American music has been deeply influenced by African-American music in both rhythmic and lyrical styles. African-American music includes a diverse range of music genres, such as blues, hip hop, jazz which are developed by African Americans. although these forms of African-American music may different a lot in music style,Read MoreMusic is an art that has been in this world for tens of thousands of years and has proven its900 Words   |  4 PagesMusic is an art that has been in this world for tens of thousands of years and has proven its abilities to bring people together and sometimes even make people happy. Although the jazz era ended almost a century ago, this time influenced by Louis Armstrong was a huge cultural shift that still remains in our society in which African-Americans are a vast part of our music industry amongst pop, rap, reggae, and more. Jazz was a unique form of music, there had never been anything like it before. ItRead MoreThe Evolution Of Music Throughout History934 Words   |  4 PagesThroughout history, music has and will probably always be at the heart of almost every culture. The evolution of music can be compared right along with the evolution of man and the beliefs in his era. This idea is very apparent in the articles â€Å"Minstrelsy†, â€Å"Johnny Rebel and the Cajun Roots of Right-Wing Rock†, and â€Å"Black Women and Black Men in Hip Hop Music: Misogyny, Violence and the Negotiation of (White-Owned) Space.† In â€Å"Minstrelsy† from â€Å"Encyclopedia of American Studies† it explains partRead MoreEssay on Jazz Ken Burns1444 Words   |  6 Pagescommentaries of African American artists, he retells history in an unconventional way that gives a more meaningful description than textbooks and encyclopedias. As Keith David explains, New Orleans was the home to two different social circumstances: it was the most â€Å"cosmopolitan city in America† as well as the center of the slave trade. 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The history of soul music is notable for producing a range of artists who have assisted African-American societiesRead MoreThe Power And Influence Of Gospel Music On The American Civil Rights Movement1594 Words   |  7 PagesThe Power and Influence of Gospel Music on the American Civil Rights Movement For centuries, Gospel music has influenced and promoted African-American social, moral and ethical values, playing an imperative role in modelling their past and future. Originating from the hardships of slavery and the strength of Christian worship, Gospel music has adapted to musical tastes through the development of a number of sub-genres, while retaining its moral and spiritual framework. Throughout its musical history

Case Study Return On Capital Employed

Question: Discuss about the Return on Capital Employed. Answer: Introduction: Return on capital employed or ROCE is a kind of profitability ratio which measures the efficiency of a particular enterprise to generate revenue from the capital employed by comparing operating revenue to capital employed. ROCE demonstrates how efficiently the assets of the enterprise are performing taking long term financing into consideration. For this reason it is termed as long term profitability ratio. ROCE is based on two major parts such as operating profit and capital employed. The formula of ROCE: Another formula of ROCE are: As per the given question the ROCE of the company has increased from 16.2% in 2015 to 22.7% in 2016. The reasons for such a huge improvement are discussed as follows: Curtailment of cost:- During February when Qantas decided to reduce the cost for the business by $2 billion for next three years many analyst considered that the aim of achieving cost curtailment is not possible by the company. But the company has become successful in achieving the target of cost savings Qantas also moved quickly on the job cuts, with 4000 of the 5000 planned redundancies to be completed by June, in the process saving it hundreds of millions of dollars annually on wages. Lower oil price:- Qantas has chosen to keep the majority of the gains from the lower oil price rather than pass it on to consumers in the form of lower ticket prices. Qantas loyalty program members redeeming their frequent flyer points for tickets will receive a benefit in the form of an average 14 per cent fall in fuel surcharge on some routes, including flights to the US, Asia, South America and South Africa. It has yet to lower the surcharge on routes covered by its partnership with Emirates, including the Middle East, Europe and North Africa. Lower depreciation charges:- Qantas surprised with even lower depreciation charges than expected in the first half as a result of the retirement of ageing Boeing 767 aircraft. In total, it expects depreciation charges of $1.1 billion this financial year, compared with $1.42 billion last year. That means the bigger depreciation benefit was realised in the first half. Less international competition:- The international capacity outlook is also improving, with rivals lowering their growth rate into Australia as a result of the lower dollar. An organization's cost of debt is the effective rate that itpays on all its debts. The debt of a company usually consists ofbonds, debentures, bank loans, term loan etc. Cost of debt forms a part of a company'scapital structure. Cost of debt is usually expressed in percentage in either of two ways: Before tax or after tax. In cases where interest expenses are tax deductible, the after tax approach is generally considered. The after-tax cost of debt is usually lesser than the before-tax (Pratt and Grabowski, 2008) After tax cost ofdebt = (Before tax cost of debt) x(1 Marginal tax rate). As of Jun. 2016, Qantas Airways Ltd's interest expense (positive number) was $210.214655811 Mil. Its total Book Value of Debt (D) is $3945.24117937 Mil. Cost of Debt = 210.214655811 / 3945.24117937 = 5.3283% (Gurufocus,2016). Cost of equity (also known as cost of common stock) is the minimum rate of return which a company must generate in order to convince investors to invest in the company's common stock at its current market price.Cost of equity is estimated using the capital asset pricing model. Cost of equity under the capital asset pricing model:- Cost of Equity = Risk Free Rate + Beta Coefficient Market Risk Premium Cost of Equity = Risk Free Rate + Beta Coefficient (Market Rate of Return Risk Free Rate) The current risk-free rate is 2.48%. Beta is the sensitivity of the expected excess asset returns to the expected excess market returns. Qantas Airways Ltd's beta is 1.07. (Expected Return of the Market - Risk-Free Rate of Return) is also called market premium. Market premium is estimated to be 7.5%. Cost of Equity = 2.48000000% + 1.07 * 7.5% = 10.505% Weighted average cost of capital (WACC) is the minimum average after-tax necessary rate of return, which a company must earn for all of its stake holders such as common stock-holders, preferred stock-holders and debt-holders(Armitage, 2005). WACC = r(E) w(E) + r(D) (1 t) w(D) WACC = E / (E + D)*Cost of Equity +D / (E + D)*Cost of Debt*(1 - Tax Rate) =0.5669*10.505%+0.4331* 5.3283% *(1 - 28.38%) = 7.61% Weighted average cost of capital (WACC) is the minimum average after-tax necessary rate of return which a company must earn for all of its stake holders such as common stock-holders, preferred stock-holders and debt-holders(Armitage, 2005). The return on invested capital (ROIC) is the percentage amount that a company is making for every percentage point over the Cost of Capital| Weighted Average Cost of Capital (Wilkinson, 2013). As per the given situation, the present ROIC before charging tax is 22.7% but after charging tax the ROIC is 15.9%. On the other hand, WACC of the company is 7.61%. The company is earning 8.29% (15.9% - 7.61%) over and above the weighted average cost of capital. The company is earning well enough to meet the requirement of the shareholders. Therefore the ROIC of 15.9% is well acceptable. But the company have to adapt strategies so that it can increase the wealth of the shareholders. Value of the bond (PB) = c/(1+r) + c/(1+r)2 + c/(1+r)3+ ....... + c/(1+r)10 + B/(1+r)10 PE = 5.5/(1+0.08) + 5.5/(1+0.08)2 + 5.5/(1+0.08)3 + 5.5/(1+0.08)4 +.......+ 5.5/(1+0.08)20 + $20/(1+0.08)10 = 5.5 * 0.9259 + 5.5 * 0.8573+ 5.5 * 0.7938 + 5.5 * 0.7350+ 5.5 *0.6806+5.5*0.6301 + 5.5*0.2145 + $20 * 0.2145 = 26.8521 WACC = E / (E + D)*Cost of Equity +D / (E + D)*Cost of Debt*(1 - Tax Rate) + debt/ cost of debt =0.5669*10.505%+0.4331* 5.3283% *(1 - 28.38%) + 5/(1-26.8521) = 7.80% The company has three investment plans that is equity, debt or debenture or newly issued bonds. As a student of finance, I should like to suggest that the company should like to take finance through equity and debentures. Equity shares are the ordinary shares. The holders of these shares are the real owners of the company. They have a voting right in the meetings of holders of the company. They have a control over the working of the company. Equity shareholders are paid dividend after paying it to the preference shareholders. Advantages of Equity Shares: Equity shares do not create any obligation to pay a fixed rate of dividend. Equity shares can be issued without creating any charge over the assets of the company. Disadvantages of Equity Shares: If only equity shares are issued, the company cannot take the advantage of trading on equity. As equity capital cannot be redeemed, there is a danger of over capitalisation. If a company needs funds for extension and development purpose without increasing its share capital, it can borrow from the general public by issuing certificates for a fixed period of time and at a fixed rate of interest. Such a loan certificate is called a debenture. Advantages of debentures Interest on debenture is a tax deductible expenditure and thus it saves income tax. Cost of debenture is relatively lower than preference shares and equity shares. Disadvantages of debentures Redemption of debenture involves a larger amount of cash outflow. Payment of interest on debenture is obligatory and hence it becomes burden if the company incurs loss. Risk can be defined as the change in investors actual return which will may totally different from the investors expected return. Risk involves the chances of losing the whole investment or the part thereof by the investor(Harrison, 2009). Risk can be sub divided into systematic risk and unsystematic risk. Systematic risk refers to the portion of total variability in return caused by factors affecting the prices of all securities. Economic, Political and Sociological changes are sources of systematic risk.The risk arises out of the uncertainty surrounding a particular firm or industry due to factors like labour strike, consumer preference management policies are called Unsystematic risk. Unsystematic risk is also called Diversifiable risk (Francis, 2010). TheExpected Return on a Portfoliois computed as the weighted average of the expected returns on the stocks which comprise the portfolio. The weights reflect the proportion of the portfolio invested in the stocks (Zenwealth, 2016). Risk and return are highly correlated. If an individual takes high risk then that individual will get high return and vice versa. Now as per the given situation, I have own $50000 at the Casino in Canberra. Now, I have an option of buying the shares of Qantam or else i can buy the newly issued bonds, or I can return to the Casino and again start gambling with $50000. Now as the price of the shares are cheapest in the share market I can opt for buying shares of the company with the hope of increasing the share price in future. But the share price may also fall. But as the company has re gained its financial position and started making profit so it will be a wise decision to invest in shares rather than investing it in new issue bonds or reinvesting it in casino for gambling. Referencing: Armitage, S. (2005).The cost of capital. New York: Cambridge University Press. Francis, A. (2010).Risk and Return in Portfolio Investments. [online] MBA Knowledge Base. Available at: https://www.mbaknol.com/investment-management/risk-and-return-in-portfolio-investments/ [Accessed 14 Sep. 2016]. Gurufocus.com. (2016).Qantas Airways Ltd (OTCPK:QUBSF) Intrinsic Value: DCF (FCF Based). [online] Available at: https://www.gurufocus.com/term/Intrinsic+Value+%28DCF%29/OTCPK:QUBSF/Intrinsic-Value-DCF-FCF-Based/Qantas-Airways-Ltd [Accessed 14 Sep. 2016]. Harrison, C. (2009).Risk. New York: Picador. Pratt, S. and Grabowski, R. (2008).Cost of capital. Hoboken, N.J.: John Wiley Sons. Wilkinson, J. (2013).Return on Invested Capital (ROIC) The Strategic CFO. [online] Strategiccfo.com. Available at: https://strategiccfo.com/return-on-invested-capital-roic/ [Accessed 14 Sep. 2016]. Zenwealth.com. (2016).Portfolio Risk and Return. [online] Available at: https://www.zenwealth.com/businessfinanceonline/RR/Portfolios.html [Accessed 14 Sep. 2016].