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Comparison between two retail companies picked are Walmart and Costco

The two retail companies picked are Walmart and Costco whose 2017 Financial statement links are provided below: WALMART https://www.nasdaq.com/symbol/ wmt/financials?query=income- statement COSTCO https://www.nasdaq.com/symbol/ cost/financials?query=income- statement Both organizations are well known brands and position themselves well with their customer base. Walmart’s value proposition is “We save people money so they can live better”. On the other hand, Costco’s value proposition is “All-in-one convenience and everyday affordability”. Both retailers focus on cost saving for their customers. Looking at their financial statements and by analyzing them a few key areas are evident when comparing the two organization. Looking at the current ratio and quick ratio we can determine the short-term solvency of each organization. The current ratio can be determined by dividing the assets by the liabilities. Walmart’s current ratio sits at 0.86 while Costco’s sits at 0.99. The quick ratio is c
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Do you agree that innovative people cannot be also people that understand, apply and adhere to standards?


In my opinion, 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).
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.
Overall, 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.


Innovative people are risk takers and sometimes are vulnerable to taking short cuts or compromising the normal standards to achieve their goals or proof a short term objective. Hence, I don’t believe that people who believe in the -just do it- principle can run a structured project with project management methodologies. There are numerous compliance, requirements, industry standards, and legal requirements in running of any project.  Innovative individuals set new rules of the game, they often work outside of the norm and disrupt the status quo. Innovative individuals are an important element to a project but need to be led and guided in adhering to project management principles.  They, however, cannot play the leadership role.


I can say that the planning phase is the most important phase because it’s the phase, where the project solution is developed with the detailed plans and steps to meet the objectives. From the anecdotes and as per the PMBOK categorization, managing communication and managing stakeholders are the two crucial areas for managing projects. Projects invariably touch lots of people, not just the end users (customers) who benefit directly from the project outcomes. This can include project participants, managers who oversee the project, and external stakeholders who have an interest in the success of the project. Meanwhile managing communication is about communications planning, information distribution, performance reporting, and stakeholder management (Hartney, 2016). More so, identifying stakeholders early, and as they arise and change throughout the project remains a key success factor. Managing stakeholders is about identifying stakeholders, their interest level, and their potential to influence the project.

The crucial aspect for project management is application knowledge of standards and regulations.  The project was not being managed by a qualified individual, therefore all standards and regulations were overlooked. Understanding the project environment and communicating effectively with all stakeholders, this includes asking tough questions to help realize a successful yet safe outcome of the project.

As rightly stated by the Value of Project Management article, I am convinced that project management helps to lower costs, bring greater efficiencies, improve customer and stakeholder satisfaction, and increase competitive advantage (The Value of Project Management, 2010).

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/

Hartney, J. (2016). The 10 PMBOK Knowledge Areas. Retrieved from https://www.projectengineer.net/the-10-pmbok-knowledge-areas/

The Value of Project Management (2010). Project Management Institute. Retrieved from http://www.pmi.org/Business-Solutions/~/media/PDF/Business-Solutions/Value%20of%20Project%20Management_FINAL.ashx


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