International Business Project Management Unit 6

The ability to influence the project team to achieve goals, high performance, and communicate the vision of the project.

It focuses on directing a person to reach a specific point using established behaviors.

A key skill for project managers to integrate efforts, create a satisfying work environment, and establish trust amongst team members.

The ability to influence a team to achieve project goals, high performance, and share a vision.

Project managers need to learn techniques to build cohesive teams that are engaged, satisfied, and trust each other.

They involve guiding a team from one point to another through debate and collaboration.

They involve directing a person on how to move from one point to another using expected behaviors.

These help project managers create an environment where all members feel satisfied, engaged, and trust each other.

Leaders focus on team needs, share authority, and encourage participation.

Team members have freedom to work independently with minimal supervision, while the manager monitors progress.

Leader makes decisions alone, with little team input.

Leader focuses on completing tasks and meeting deadlines.

Leader directs team members on specific tasks, timings, and methods.

Team operates with minimal leader involvement, which can lead to chaos and lack of direction.

Leader confidently addresses issues and establishes authority with respect.

Managing conflicts effectively leads to increased productivity, better relationships, and improved decision-making.

The level of authority assigned to a project manager to utilize resources, make decisions, approve deliverables, and influence team members.

A document outlining the team's shared values, agreements, and operational procedures. It's key to minimizing miscommunication and maximizing productivity.

A hierarchical breakdown of all resources needed for the project, categorized by type (labor, materials, software, facilities, etc.).

A visual representation of resource availability showing working days, shifts, holidays, and resource utilization.

The process of allocating the right resources to tasks at the right time.

A project manager's ability to influence project outcomes by using authority and leadership.

A project manager's responsibility to authorize work completion and ensure quality standards are met.

Communication that goes from superiors to subordinates within a project team.

Communication that flows between members of the same level of authority within a project team.

Communication that travels upwards, from subordinates to superiors within a project team.

Information exchange in a project team that's not officially documented, like casual conversation.

Information exchange in a project team that's formally approved and documented, like written reports.

The process of using various methods and tools (letters, memos, reports, emails, etc.) to share information within the project team.

The flow of information between the project team and external stakeholders.

The use of technology for information exchange and collaboration in projects, for example, databases, websites, or social media.

A contract type where the buyer pays a fixed total price for a defined product, service, or result. This is best when requirements are clear and changes are minimal. The seller bears the risk of cost overruns.

A contract where the buyer pays all the seller's actual legitimate costs, plus a fee for the seller's profit. It's used when the work is uncertain or constantly changing. The buyer takes on the financial risk.

A hybrid contract that combines elements of fixed-price and cost-reimbursable. The unit price of labor or materials is set, but the total quantity is flexible. It balances risk between the buyer and seller.

A fixed-price contract where the price is established upfront and doesn't change, regardless of costs incurred by the seller. The seller is highly motivated to finish quickly and efficiently. However, it's risky if the work isn't well defined.

A fixed-price contract with a price ceiling. The seller receives an incentive based on cost, schedule, or technical performance, but any cost exceeding the ceiling is borne by them. Both parties benefit

A fixed-price contract that allows for pre-defined adjustments to the price due to changes in external factors, such as inflation or currency fluctuations. It protects both parties from unexpected cost increases.

The seller receives all allowable costs plus a fixed fee (typically a percentage of the initial project cost) that is predetermined and doesn't change unless the project scope changes.

The seller is reimbursed for allowable costs and receives an incentive fee based on meeting performance objectives outlined in the contract. Both buyer and seller share cost variances based on a pre-negotiated formula (e.g., 80/20).

The seller gets reimbursed for all legitimate costs, but the majority of their fee depends on achieving broad performance criteria defined in the contract. The buyer subjectively evaluates the seller's performance to determine the fee.

A contract type where the buyer pays a fixed price for the defined project scope. The seller bears the risk of cost overruns, but the buyer is guaranteed a fixed price.

The buyer pays for materials and labor used on the project, plus an hourly rate for the seller's time.

This contract type involves the seller being reimbursed for their costs along with a predetermined fee structure. This type of contract can include a fixed fee (CPFF), an incentive fee (CPIF), or an award fee (CPAF).

The buyer carries a higher risk of cost overruns because they are responsible for reimbursing the seller for their costs.

The seller carries a higher risk of earning less than expected because their potential revenue is tied to the actual project costs.