Decussion quesions Essay Example | Topics and Well Written Essays - 1250 words

Decussion quesions - Essay Example 1. Transparency Each pharmaceutical company is out to make profit. The need to ensure the competition does not have an edge over the company; a lot of resources are invested in keeping a company’s secrets. The fact that different companies cannot share information on how best to implement projects is a serious challenge in managing different portfolios. 2. Time A lot of time is taken in developing any new drug. On top of time, a lot of individual processes have to be undertaken and some of these processes need to be run simultaneously. It becomes a challenge to the project management team to ensure that time allocated is used as efficiently as it can possibly be used. The team has to ensure that not a single process exceeds its allotted time or the entire project will be affected. In addition to that, the team should be able to reconfigure the timetable if any delays may occur in the process off project execution. 3. Regulations The pharmaceutical industry product affects huma n health and therefore it has to be closely regulated by the government to protect the people. This regulation are much welcome but they also pose a challenge to any project management team. Everything that is to be undertaken in the development process has to be within the rules and this causes a strain on time and resources which are always limited. If the regulations are not followed a company may end up losing billions therefore the project management in this industry has to be stringent. 4. Multiple projects A single drug company might have several drugs under development at one particular time. These projects have different needs and requirement and this may pose a challenge to any project management team. It is important to ensure that all the resources made available to the team are equitably distributed and well utilized. It is also paramount that not a single project is left behind since if there is an imbalance in the resource distribution, all projects will be affected.? What Are The Advantage And Disadvantages Of Using Project Management? Project management is the process by which projects are planned, operated and monitored (Pinto 5). The main aim of this process it to ensure that the project’s objectives are achieved as efficiently as they possibly can. As much as project management is geared towards increasing efficiency of the implementation of a project, it has both advantages and disadvantages. Advantages Project management has been credited as a tool for bringing changes within an organization effectively. Recent research conducted in several organizations attributes successful management changes have been due to proper project management. Today most organizations include project management as a tool for attaining business goals. Secondly, Project management employs various tools that enable the evaluation of projects. The ability to evaluate projects enables project managers to rapidly determine whether the proposed project is viabl e and this is done by looking at how efficiently the previous projects were implemented (Pinto 19). The evaluation also enables the project manager to determine the best method to use to implement the proposed project. Thirdly, during the project development and implementation process, the teams involved work efficiently. The use of project management provides a tool to reduce costs implication of any new projects. Using multilevel approach to solve a problem cuts on cost and also promotes