The Five Pmlc Models free essay sample

Introduction Prior deciding on the project management most suitable approach, a PM must investigate the clarity of the two major variables, goal and solution (Wysocki, 2009: 299). Based on the criteria of clarity, Wysocki (2009: 327) defined 4 management â€Å"quadrants† adopting 5 PMLC models:  § TPM: Linear and Incremental  § APM: Iterative and Adoptive  § xPM and MPx: Extreme Each type of the 5 PMLC models is expected to encounter various risks and failure factors. The PM should asses the risks associated with each model, to decide the most convenient approach. Linear PMLC Model This model is the simplest among the illustrated models, since the 5 process groups are expected to occur once in the entire PMLC within the planned sequence (Wysocki, 2009: 343). A PM would adopt the linear model if the project undertaken is: clear in the aspects of goals and solutions, similar to previously executed projects, short in duration and falling in a single department’s authority. However, and despite the simplicity associated with implementing this model; Wysocki (2009: 350-353) defined six weakness points for the linear model: limited flexibility to scope changes, high cost, last minute production of deliverables, requires early detailed planning, fixed sequence of work, and lake of focus on client value. We will write a custom essay sample on The Five Pmlc Models or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the construction industry, and per my limited experience, this model is widely adopted. I believe that scope changes are the most challenging risk associated with this model. Hence, other than proper definitions of RBS, COS and POS, a PM should lay a contingency plan (including money and time) for those scope creeps, in addition to a very strict and rights reserving policy for scope changes’ approvals (Franchina, 2010). Incremental PMLC Model The model was designed to partially deliver incomplete deliverables through the PMLC through conducting sequential increments (Wysocki, 2009:358). In addition, Wysocki (2009: 360-364) defined 7 associated risk areas with this model: seldom team intactness, incremental documentation, fixed set of processes, increment definitions are not based on business value, longer duration, requires clients involvement, and other problems due to dividing the deliverables. However, the first defined risk is the most serious, I believe. Since an alternative key role would affect the project’s performance dramatically. Thus, Franchina (2010) recommended planning the key player’s task in a manner that would keep them utilized through the PMLC. However, I don’t believe in Franchina’s solution applicability, thus, I would further recommend the development of a methodology or a method statement for the crucial personnel to mitigate the effect of resources alternation. Iterative and Adaptive PMLC Model Despite the differences between the two models, both are having common risks: need for client’s involvement and undefined deliverables (Wysocki, 2009: 396-411). Franchina (2010) recommended two practical solutions:  § During the planning process, the client’s involvements should be clearly reflected on the work schedule and accountability matrix should be defined; In addition, during the planning and controlling process, the client must be aware of the developed cost estimates, to decide the feasibility of the project against the expectations. Extreme PMLC Model The name of this model explains the amount of risk associated with the adoption. Since neither the goal nor the solutions are defined, the PM would be facing two major risks: uncertainty of solutions approach and the uncertainty of achieving materialized business values. Franchina (2010) defined two mitigating actions, firstly, that the client should clearly understand, in the early stages, that his investment in a certain stage might be totally lost due to the undefined solutions, and that he might need to re-finance the project all over again. Secondly, the contractual documents might state clearly the associated risks to diminish the business-value liability of the provider. Conclusion All of the 5 PMLC models are expected to encounter risks and failures. In the iterative model, scope changes are the most serious risk, by developing contingency plans and scope change’s strict policies risks would be mitigated. In the incremental model, developing a plan that utilizes the key player’s time along the definition of each role method statement/methodology, the risk of project’s team lack of intact would be mitigated. In the iterative and adaptive models, by defining client’s responsibility along the planning process and updating the client with the budgetary progress, risks would be mitigated. Finally, extreme models are the most risk encountering models, however, through keeping the client aware of the associated risks and developing a right’s reserving contract –that diminish the liability of the provider for business value delivery— risks would be mitigated. Bibliography Franchina, T. (2010) The Five Project Management Life Cycles [Online] Project Management Forum’s Blog. Available from: http://projectmanagementforum. wordpress. com/2010/07/06/the-five-project-management-life-cycles/ (Accessed: 6 August 2011)

Julius Caesar and the Battle of Munda

Julius Caesar and the Battle of Munda Date Conflict: The Battle of Munda was part of Julius Caesars Civil War (49 BC-45 BC) and took place on March 17, 45 BC. Armies Commanders: Populares Gaius Julius CaesarMarcus Agrippa40,000 men Optimates Titus LabienusPublius Attius VarusGnaeus Pompeius70,000 men Battle of Munda - Background: In the wake of their defeats at Pharsalus (48 BC) and Thapsus (46 BC), the Optimates and supporters of the late Pompey the Great were contained in Hispania (modern Spain) by Julius Caesar. In Hispania, Gnaeus and Sextus Pompeius, Pompeys sons, worked with General Titus Labienus to raise a new army. Moving quickly, they subjugated much of Hispania Ulterior and the colonies of Italica and Corduba. Outnumbered, Caesars generals in the region, Quintus Fabius Maximus and Quintus Pedius, elected to avoid battle and requested assistance from Rome. Battle of Munda - Caesar Moves: Answering their call, Caesar marched west with several legions, including the veteran X Equestris and V Alaudae. Arriving in early December, Caesar was able to surprise local Optimate forces and quickly relieved Ulipia. Pressing on to Corduba, he found that that he was not able to take the city which was guarded by troops under Sextus Pompeius. Though he outnumbered Caesar, Gnaeus was advised by Labienus to avoid a major battle and instead compelled Caesar to embark upon a winter campaign. Gnaeus attitude began to change following the loss of Ategua. The capture of the city by Caesar badly shook the confidence of Gnaeus native troops and some began to defect. Unable to continue delaying battle, Gnaeus and Labienus formed their army of thirteen legions and 6,000 cavalry on a gentle hill approximately four miles from the town of Munda on March 17. Arriving on the field with eight legions and 8,000 cavalry, Caesar unsuccessfully attempted to trick the Optimates into moving off the hill. Having failed, Caesar ordered his men forward in a frontal assault. Clashing, the two armies battled for several hours without an advantage being gained. Battle of Munda - Caesar Triumphs: Moving to the right wing, Caesar personally took command of X Legion and drove it forward. In heavy fighting, it began to push back the enemy. Seeing this, Gnaeus moved a legion from his own right to reinforce his failing left. This weakening of the Optimate right allowed Caesars cavalry to gain a decisive advantage. Storming forward, they were able to drive back Gnaeus men. With Gnaeus line under extreme pressure, one of Caesars allies, King Bogud of Mauritania, moved around the enemys rear with cavalry to attack the Optimate camp. In an effort to block this, Labienus led the Optimate cavalry back towards their camp. This maneuver was misinterpreted by Gnaeus legions who believed that Labienus men were retreating. Beginning their own retreat, the legions soon crumbled and were routed by Caesars men. Battle of Munda - Aftermath: The Optimate army effectively ceased to exist after the battle and all thirteen standards of Gnaeus legions were taken by Caesars men. Casualties for the Optimate army are estimated at around 30,000 as opposed to only 1,000 for Caesar. Following the battle, Caesars commanders reclaimed all of Hispania and no further military challenges were mounted by the Optimates. Returning to Rome, Caesar became dictator for life until his murder the following year. Selected Sources UNRV: Battle of MundaBBC: Julius Caesar

Financial Intermediation and Risk Coursework Example | Topics and Well Written Essays - 1000 words

Financial Intermediation and Risk - Coursework Example The author of the work does some research of financial intermediation. It is a core function of commercial banking. Banks facilitate customers and corporations in such a way that they absorb the surplus liquidity in the market and pass it onto the entities which require these funds to meet their requirements. Customers can gain, firstly, by placing surplus funds which give no profit at home into the bank and earn some interest. Secondly, entities which require funds to manage their financial situation can obtain convenient loans from commercial banks. The work outlines the basic outlook and mechanism of a bank’s balance sheet. Any and all funds which have been placed with the bank come under the liability section of the balance sheet of the bank, whereas any and all fund placements by the bank come under the asset section of the balance sheet of the bank. Huge volumes of funds are flowing in and out of the bank which define various forms of bank’s participation in financial markets. The work describes how banks cope with interest rate risks. The tenure of the transaction is the first major factor which needs to be considered. For longer tenures, the risk is higher owing to the opportunity cost of entering into a less liquid transaction. The second risk which needs to be accounted for is the inverse relationship between yields and prices of securities. In an economy where the interest rate climate is on the rise, increased yields will drive the price of the security down.