FORMATIVE ASSESSMENT 1 [100 Marks] PROJECT TASK GETTING CAPITAL PROJECTS BACK ON TRACK The first signs of a distressed project are clear. Cost begins to creep, and the project rapidly consumes the float that planners built into the schedule. As work progresses, important milestone dates continue to slip, and each forecast of projected expenses is higher than the last. Team meetings are less productive, and people become skeptical that progress reports truly reflect realities in the field. As frustration builds, enthusiasm wanes. Even the most seasoned managers may miss early signals that their project is in trouble because of cognitive bias. Some convince themselves that things are not as bad as they seem, or simply do not see that a turnaround is imminent. Others blame factors beyond their control, such as poor weather. When managers do intervene, their response is typically mutedoften a series of isolated initiatives that have little impact. By the time they take more decisive action, the project has veered into dangerous territory. With capital projects becoming more expensive and complicated each year, managers cannot afford to repeat these mistakes. So how can they improve? There is no secret formula that will work in every instance since each project faces unique challenges. Research on distressed projects, combined with interviews with internal and external experts, suggests that leaders of successful turnarounds implement some common tactics. With reference to any project of your choice, you have been requested to develop a quality turnaround strategy that will enable the organisation to remain competitive and most importantly to consistently meet the requirements of its stakeholders. Your turnaround strategy should address the following areas: Answer ALL the questions in this section. Question 1 1.1 Introduction of the project and organisation of your choice. (10 marks) The project quality challenges facing the organisation (macro and micro level). This should provide a detailed overview of the issues that the turnaround strategy should be able to address. 1.2 (15 marks) Provide a detailed account of the contents of the turnaround strategy, this should entail an introduction of various quality concepts and frameworks that will be relevant in addressing the identified challenges and opportunities. The section should also address how the identified concepts/ frameworks and or philosophies should be implemented. In other words, you need to make sure that for this section you provide a blueprint on how the organisation should handle project quality upon adoption of the turnaround strategy. 1.3 (30 marks) Provide a detailed account of the factors that need to be prioritised to ensure that the suggested project quality turnaround strategy is a success. 1.4 (20 marks) Provide a detailed evaluation of the project quality turnaround strategy that you are recommending for the organisation. Your response should primarily address the pros and cons associated to investing in project quality strategy development and implementation. 1.5 (20 marks) 1.6 Conclusion (5 marks