Abstract Science Construction’s business is in planning, developing and building road projects. The major of its clients are municipalities, city governments, and other public sector entities. While the bankruptcy rates for these clients is very low, when economic downturns happen, their ability to pay in a timely fashion also suffers. This leads to businesses such as Science Construction needing to take on additional debt and to find creative methods in order to stay afloat during times of recession. Methods such as selling accounts receivables at discounted rates and taking larger lines of credit through banks and other lending institutions are some of the ways organizations can remain viable when their cash inflows have turned into a trickle. Science Construction is asking the Turkish Courts to postpone their bankruptcy proceedings for a year while they attempt to restructure. Through this, suggestions such as forcing shareholders to pay their debt to the organization, gaining credi
Cost and time are very essential to every project and its success however, standard compromise could cause a project set back which could incur more cost than budgeted on the project and even waste more time than necessary. Standards are measure, or model in comparative evaluations set to prevent excesses or inequalities. In project management, “project planning standards defined project activities and address the specific requirements of individual projects” (Finn, 2019). Suffice to mention that “Stakeholders are all those who need to be considered in achieving project goals and whose participation and support are crucial to its success” (Project Management, 2018). At the project planning phase, identification of stakeholders, analysis of their interest and effective communication to them and everyone directly or indirectly involved in the project is crucial as it helps maximize success and reduce risks. Project success depends on effective communication as it helps to define and clear doubts on the expectations of everyone involved. In summary, I totally agree that adherence to the standard is not negotiable in managing project, impact analysis to stakeholders as well as effective communication to all the parties involved.
Innovation and Standard are two different things that should be segregated for proper checks. Many of the product that were developed today did not start with safety in mind. Just as the author stated “just doing it”, the idea started with a thought to just make something of value. Take for example, when the first airplane was built, the wright brothers did not factor in activities like routing maintenance, the level of training for pilot, run way design and many more. But as the invention evolve, some other specialists came into the industry to study the entire chain of process and began to develop standard of operations for air flight. Also is social media, it can present a huge advantage to innovative organizations that strive to provide cutting-edge products and services, but there can also be negative consequences – innovation cannot occur at the cost of compliance (Secpage, n.d.). “Compliance insures the safety, health and wellbeing of consumers” (Secpage, n.d.). The essence of having someone else handle the rule and standard other than the innovator is to ensure holistic look at the safety standard of the product and ensure compliance to regulations. I believe rules and regulation exist for human safety and the understanding of it ensures properly application of it and unbiased. In conclusion, innovative people cannot and should not be the ones to apply standard however, there are those trained to question every aspect of the invention for safety compliance. Those trained on rules and regulations should lay out the standards for innovator's compliance. The only way to have a balanced ecosystem.
All project life cycle phases are essential to a successful project outcome however, within the context of the story, the planning phase of this magnitude of project is critical. The planning phase is where project manager break down the larger project into smaller tasks, gather teams and prepare a schedule for the assignments completion (Lucidchart Content Team, 2017). The planning phase is where the risk is anticipated, issues that may put the project on hold are identified and the approach to mitigate the risk is developed. This is why it is extremely important that a certified contractor was used for such project. A certified individual tasked with such job will take into consideration the acceptable standard to follow when executing the project of that nature because every project is unique and require unique and professional approach for it to be a success and last.
References
Finn O. (2019). Setting Standards for Project Management and the Project Plan. Retrieved from: https://www.brighthubpm.com/project-planning/37861-project-management-planning-standards/
Lucidchart Content Team (2017). The 4 Phases of the Project Management Life Cycle. Retrieved from: https://www.lucidchart.com/blog/the-4-phases-of-the-project-management-life-cycle
Project Management (2018). What is Stakeholder Analysis? Retrieved from: https://project-management.com/what-is-stakeholder-analysis/
Secpage (n.d.). The balance between innovation and compliance. Retrieved from: https://www.specpage.com/innovation-compliance/
Comments