Reflective Journal 2
EPM-1113 Project Management: Overview and Context
Course Name : PMLT Winter 2021
Unit 2: Contemporary Project Management
Name: Akshata Suhas Katkar
Student ID: C0807526
Professor: Mr. Inam Rehman
1|Reflective Journal 2
Table of Contents
Introduction
Project Environment Overview
1.Enterprise environmental factors (EEFs)
2.Organizational process assets (OPAs)
The Project Selection and Prioritization
Strategic Planning Process
Methods of selecting a project using Cost-benefit Analysis Model
1. Internal rate of return (IRR)
2. Payback Period (PP)
References
2|Reflective Journal 2
Introduction
“Operations keeps the lights on, strategy provides a light at the end of
the tunnel, but project management is the train engine that moves the
organization forward.” – Joy Gumz
As the business has shifted from local to global, advancements in
technology and developments in the plethora of industries have caused
a need for disciplinary Contemporary Project management techniques.
In this Reflective journal, we will talk about project environment
overview related to the influencing factors such as Enterprise
environmental factors (EEFs)and Organisational process assets (OPAs).
Furthermore, we will discuss the Strategic planning process, Portfolio
management, and methods of selecting a project using the cost-benefit
analysis model as discussed in class.
3|Reflective Journal 2
Project Environment Overview
A project is a temporary endeavor undertaken to create a unique
product, service, or result (Project Management Institute, 2017).
The project environment is the consists of interior and exterior agents.
These comprise infrastructure, culture, resources, marketplace, political
unrest that impact a project. The two major factors that impact the
working of the project are below,
1.Enterprise environmental factors (EEFs) indicate circumstances that
change, compel, or govern the project and are uncontrollable by the
project team. These factors may have adverse effects on the project
outcome.
For example, a potential resource working on a project had to leave
midway for a personal emergency. This can have a major setback on
project deadlines.
2.Organizational process assets (OPAs) are the plans, processes,
policies, procedures, and knowledge bases specific to and used by the
performing organization (Project Management Institute, 2017).Every
organization maintains a set of templates, guidelines, contracts, and
registers which aid their management. These can also include lessons
learned in past projects.
For example, every student has a habit of creating short notes of topics
that can be helpful during exams.
Here’s a list of common OPAs: Change management processes and
matrix, SLAs, Operational guidelines.
4|Reflective Journal 2
The Project Selection and Prioritization
Strategic Planning Process acts as a blueprint for an organization
toward working on future aspects of projects. It mainly comprises
strategic analysis, strategic objectives, guiding principles, flow-down
objectives, and portfolio management.
Strategic analysis is a process in which the project manager performs
SWOT analysis considering the elements which are or not in control of
the project team.
Guiding Principles such as purpose, vision, mission, accountability of
organization are taken into contemplation while deciding on a project.
Strategic objectives constitute the project-specific goals needed to be
achieved for a stipulated period of time. Objectives like productivity,
profit, sales important or critical to the organization.
For example, one has to exercise religiously to achieve a goal fit
physique.
Flow-down objectives drive strategic objectives while implementing a
project in an operational environment.
Portfolio management is an approach adopted by the project manager
to analyze ability, performance, and respective returns related to
certain projects.
For example, a portfolio can be a resume that includes our skills in a
particular field to land a perfect job. It is basically used to sell our skills
in the market.
5|Reflective Journal 2
Methods of selecting a project using Costbenefit Analysis Model
Cost-benefit Analysis is basically a qualitative approach applied during
project selection. It uses financial parameters to calculate the benefits
and costs incurred from the project.
The cost-benefit Analysis Model applies the below techniques,
Internal rate of return (IRR) gives you the value of return suspected to
generate annually on an investment.
Higher IRR is better.
Payback Period (PP) is simply the calculation of duration on initial
return on investment.
The shortest payback period is considered satisfactory
I would like to mention my friend Arlene Smith's participation in class
was good as her experiences helped me to understand certain topics
easily. Also, my active participation in class by giving examples relating
to my previous experiences would have helped my classmates too.
6|Reflective Journal 2
References
 PMBOK Guide v6 book
 Contemporary Project management 4th edition book
 https://www.knowledgehut.com/blog/project-management/
7|Reflective Journal 2