Finance

2. Task 1 Proposal writing or Literature Review writing (4 pages) 30 points
Proposal writing instruction: Write a brief proposal for your thesis research project, which
should include the statement of the question, rationale and methodology （see template provided）.
Literature Review writing instruction: Write a brief literature review about one key issue (or
concept) in your research topic area in ENGLISH.

ANSWER

Proposal writing or Literature Review writing

Project Planning Processes

Summary

Project managers are required to navigate through an increasing volume of information and implement processes that effectively respond to planning processes and project success. This is a study done to evaluate the correlation between project planning processes and project success. This is with bias the four planning input factors that are human, management, organizational, and technical factors. The keywords in the study include project planning activities, planning input factors, and project success.

Statement Question

            There is a positive relationship between input factors and project planning activities (Tesfaye et al., 2016). There is also a positive relationship between project planning activities and project success.

            The study ascertains the importance of projects to the economic development of a country. As a continuous process throughout the delivery of a project, planning is key to project performance and success. Research suggests that planning is one of the main contributors to the success of a project (IRJET, 2019). It is essential for project managers to prepare a solid project plan and ensure that it is followed throughout the delivery of the project. Project management has different processes and phases before completion (Serrador, 2012). Each phase has elaborate and comprehensive activities that require to be carried out. Success performance measures within a project include completion time, meeting budget cost, and meeting the planned performance. Planning therefore plays a critical function in project success (Khan et al., 2019). The project has to undergo different phases which all contribute to the overall success of the project.

Rationale

Since projects are a major contributor to economic success, it is important to understand the factors that contribute to their success. Effective planning is one of those reasons. There are various project planning activities and planning input factors that characterize a project. Some of these activities and factors are more significant than others in determining project success. The authors of this study hope the findings of their research will help differentiate the main factors of planning processes and planning input factors that contribute to project success.

Literature Review

Project success is an important subject in project management (Tesfaye et al., 2016). It is dependent on two variables namely the success of the project and the success of the product. The study evaluates literature from many writers and studies to come up with a comprehensive paper tackling project success in relation to project planning. The studies explored deal with project planning activities, planning input factors, and project success. There are studies covered on project planning which have a significant impact on overall project success. Project success implies that the specific objectives of the stakeholders are met (Tesfaye et al., 2016). The mission that was planned has been fulfilled

The authors of this study hope the findings of their research will help differentiate the main factors of planning processes and planning input factors that contribute to the success of the project. Project success is a widely covered issue in the review. There are many studies dealing with the determinants of project success and covering the causes of project success and the standards to measure them. The authors distinguish between success criteria and success factors. Time, cost, and quality are suggested as the main variables in success criteria. The study uses the iron triangle utilizing the viewpoint of project management procedures. Research suggests that project success is dependent on the project management processes outlined.

The authors of this article set out to differentiate between project and project management. A project is explained as a collection of unique and multifaceted activities and processes that require resources to fulfill the planned objectives. Project management has to do with the application of knowledge, skills, tools, and techniques to those activities and processes. The use of knowledge, skills, tools, and techniques is dependent on the activities and practices based on the different stages of the project.

Project planning is the process of defining the activities and processes of the project and the resources required to see it to the end. Other important elements include cost and time. The plan includes human resources, materials, and other resources required to complete the project. The authors of this article indicate several times in the paper that a project plan is critical to the success of a project. Lack of planning is sometimes the main reason for the failure of a project (Alexander, 2018)). Planning enables the project management team to tackle the different factors that may determine a project’s failure or success. In the lifecycle of a project, there are many activities that require to be carried out in the planning stages. Managers have limited time to handle their numerous responsibilities. It is therefore imperative that they give adequate attention to those activities that yield more results for project success. This study sets out to identify those key activities.

Project planning input aspects have a clear effect on project planning processes. Management factors, organizational factors, and human factors all contribute to project planning activities.

Research Methodology

Human, Managerial, Technical, and Organizational aspects were considered when investigating the critical planning activities on project success. Project success is characterized by project planning activities and planning input factors. Project planning activities are risk, time, cost, scope, quality, interaction, procurement, and integration (Tesfaye et al., 2016). The research uses Confirmatory Factor Analysis to categorize the main determinant aspects on project planning on success. Questionnaire items were used. The data collection method applied was a quantitative survey of 120 contractors. 67 respondents were randomly selected from a population of 120.

Results and Discussion

            Time, cost, and risk were found to be the most significant project planning activities to project success. Time is significantly impacted by technical and organizational factors, cost by management factor, and risk by technical factor. More effort put in technical and organizational factors will yield better results on the plan for time and risk. The management factor has a direct effect on better cost planning. Having effective planning on cost, risk, and time is ground for project success. Interestingly, the research finds no value of the human factors on vital project activities. Project managers are advised to give more focus on the technical factor, organizational factor, and the management factor as they have more impact on the three key inputs namely time, risk, and cost. The human factor is seen to have more influence on procurement and integration inputs which have an insignificant influence on the vital project activities.

Conclusion

The study by Tesfaye et al succeeds in creating a correlation between project planning activities, planning input factors, and project success. The survey is relatively wide and yields measurable results that confirm their hypotheses. Amongst the many project planning factors listed, they were able to narrow down to the three most significant in contributing to project success. Their literature review is diverse and informative. It is exhaustive of the topic of discussion. The authors are also careful to point out that their study may yield different results in different industries but is generally representative of factors contributing to project success. It is however striking and quite surprising that the study does not find any correlation between human factor and vital project activities. Only time, risk, and cost are important among the eight planning input factors surveyed. Project managers and team experiences have no bearing on the vital activities.

References

Alexander, M. (2018). Why planning is the most critical step in project management. https://www.techrepublic.com/article/why-planning-is-the-most-critical-step-in-project-management/

IRJET. (2019). The impact of effective planning on project success – A literature review. International Research Journal of Engineering and Technology (IRJET). https://www.irjet.net/archives/V6/i2/IRJET-V6I2490.pdf

Khan, S & Saher, N & Yunis, M. (2019). Project planning, project success and project risk. Global Social Sciences Review, Humanity Only, vol. 4(1), pages 315-324.  https://ideas.repec.org/a/gss/journl/v4y2019i1p315-324.html

Serrador, P. (2012). The importance of the planning phase to project success. Project Management Institute. https://www.pmi.org/learning/library/importance-planning-phase-project-success-6021

Tesfaye, E., Lemma, T., Berhan, E. & Beshah, B. (2016). Key project planning processes affecting project success. International Journal for Quality Research 11(1) 159–172. https://ijbssnet.com/journals/Vol_9_No_1_January_2018/10.pdf