BUS 361 Study Guide - Final Guide: Project Manager, Project Planning, Cost Accounting

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 361
• Professor: Michael

Document Summary

Project: repeat process of product, several objectives, ongoing, people are homogenous, well-established systems, greater certainty, new process or product, one objective, more heterogeneous, greater uncertainty, outside of line organization. Integrated system efforts: part line organization, established practices, support status quo. Project success rates: violates established practice, upsets status quo. It projects = over half become runaways: software and hardware projects = 65% fail rate, technology-based projects and programs = 30% successful, 10 major government contracts have over billion in cost overruns and are a combined. 1. 2 why are projects important: shortened product life cycles. Another factor must be taken into consideration: the promise that the delivered product can generate future opportunities, whether commercial or technical, for the organization. Its not enough to assess a project according to its immediate success, we must also evaluate it in terms of its commercial success as well as its potential for generating new business and new opportunities.