Team Insight Paper
One of the basic requirements of PM587 is participation in a team project. Team participants for this group were three. The project required guidelines related to the Strategic Business Unit (SBU) processes and how decisions are reached on selecting projects which are most closely aligned with the goals and values of the company. The project also required an analysis, a selection criteria and procedural techniques for applying portfolio management theory and methods. Our project team was formed on the second week of the session and at this time we were faced with two challenges:
1) Our project began one week later than the provided schedule. Groups should have ...view middle of the document...
A portfolio plan was developed for insurance industry products.
2) Each member was assigned portions of the task. Howard was familiar with the insurance industry and provided the company background introduction, a description of both the company and SBU missions and strategies, and also an organization structure model. Henry would be responsible for the proposed portfolio process and the reasons for selection. Loree was in charge of selection criteria and the method for applying the selection criteria.
3) Our milestone dates were the Sunday of week 4 and of week 7 with the final document scheduled to be submitted by midnight of that Sunday.
4) Each member realized that overtime might be required because of the projects late start, and that there existed the possibility of having several multitasking situations like quizzes, on-online discussions and etc.
The kick off meeting served to provide each member with a clear understanding of his/her assignment. Communication is always an important aspect in any project and in this instance e-mail was the main communication tool. In spite of this being the accepted method, we still found issues. We did not specify when we needed to check email or how to let each other know when documents were ready for approval and which document version was the final edition before submitting. Howard recommended the use of a change log for each document. Any changes made were recorded in the log by using a new version entry of the document and highlighting the changes made. This method allowed for distinguishing which version was the final edition. This also helped to align the strategies of each member when preparing a final document; and it assisted in creating a back reference to previous versions, in the case of a disputed edit.
Thursday was usually the day chosen for status meetings. These meetings gave the team an opportunity to discuss project timelines, implementation requirements, raise issues, ask questions and determine our path towards a successful project completion. The ability to conduct a face to face meeting is a very important communication method in a project. It enhances the understanding level amongst team members and brings in to view things such as individual work habits, thereby helping to reduce potential conflict issues and it provides a forum to change or share additional opinions about the project.