Financial management of international projects
There are various challenges that are faced by project managers when working on the international projects. These challenges are discussed below for different projects (Whiteman, 2008). Electronic manufacturing project management challenges Electronic manufacturing projects are faced by the challenge of communication. Here, project managers are required to have good communication skills in order to meet project goals. They must communicate across all functions where there are in trances of nationalities and cultures. The in trances lead to difficulties in communication.
In order to solve communication challenges, managers can make use of interpreters or learning the stakeholders’ language. Here technology is vital, which allows data verbal, written or graphic to be transmitted globally and almost instant (Whiteman, 2008). There is the challenge of team building whereby developing a cohesive team is difficult under the best of circumstances. There is a complexity due to international factors in the process of building the team. It is more especially when international cultural and communication issues are included (Whiteman, 2008).
The managers are also faced with legal challenge whereby some acceptable ways of doing business in some countries are illegal in other countries. For this kind of a challenge it is important for a manager to be
Need essay sample on "Financial management of international projects"? We will write a custom essay sample specifically for you for only $ 13.90/page
Schedule challenges are experienced where Schedules forms of a project are often in conflict with the attributes of quality and cost. Schedule challenges occur when projects are delayed hence leading to additional costs being incurred. To solve schedule challenges, managers should increase the complexity factors when dealing with renewable project schedules (Henries and Mc Intyre, 2008). Product and quality challenges are also faced when products are to deliver a specific product which meets the customer’s quality needs.
Here the project team must be aware of the new or changing standards and certifications to ensure the project meets the requirements (Henries and Mc Intyre, 2008). There are challenges that are related to research and development. Here, renewable projects team may find themselves deeply ingrained in the challenge of research and development. This challenge can be solved by establishing and deploying the design renewable components. The need to have extra resources such as research time and product and technique evaluation is important (Henries and Mc Intyre, 2008).
Renewable energy projects are also face by Production and operations challenge. The solution to be employed here is adding more resources to address key aspects of a successful integration into the project. Addition of research time, evaluation of technologies and methods and training time fro operational staff is required. Marketing challenges are faced where new technologies, evolving processes and policies must be considered when incorporating any facet of renewable in a project. Clearly identifying a realistic timeframe that considers analysis time, prediction and evolution from research to applied solutions is critical.
Pricing changes must also be considered (Henries and Mc Intyre, 2008). Testing and validation requirements are also a challenge to these projects. The project manager must ensure that the testing program validates the complex system design under all conditions. Having a detailed testing knowledge base is important for managers to solve testing and validation challenge (Ireland L, 2008). The use of renewable energy components in a project is based on long term benefits. These require resources that have a negative impact on the project costs.
On order to manage the cost challenge in projects, managers require good earned value analysis capabilities. The need to have advanced forecasting skills and negotiation skills is also important (Ireland L, 2008). E-science project management challenges Technology challenge is encountered where projects face challenges of very short life cycles, imprecise system integration methods and cutting edge laboratory systems that have not been proven in real world situations. To solve the challenge managers should ensure that project teams clearly and continuously deploys a risk mitigation programme.
This will help capitalizing on the positive risk which may occur and mitigate the negative risk which might occur as well (Spencer, 2008). The challenge of culture is also face by project managers in the E-Science projects. This is usually due to cultural diversity. There can be a collaboration of different ethnic, religious or cultural backgrounds who are working towards a common goal on a project. This is critical since different cultures have different operating systems. The respect for other cultures may be a problem. In order to solve this challenge, managers should determine the cultural trends in a certain country.
This will enable the manager work within the expected cultural trends of that country (Spencer, 2008). Conclusions The ability to solve challenges faced by projects leads to a good financial management of international projects. Project management opportunities are expanded. Project manager roles as well continue to expand into such areas as the business development arena. Despite the many challenges facing project managers, employing renewable into the various aspects of a project can provide significant benefits. New emerging opportunities in the whole world require all managers to expand their skills (Ireland L, 2008).
References Whiteman, L, (2008), Electronics manufacturing project management Challenges in the global economy, http://leewhiteman. com/international %20pm%20paper-051208. pdf. Dr. Ireland L, (2008), Business Development: The Expanding Role of the project Manager, http://asapm. org/asapmag/articles/PrezSez04? 08. pdf Henries M & Mc In tyre A. , (2008), renewable energy projects: project management, Opportunities, challenges and risks. www. asapm. org. Spencer D, (2008), challenges and opportunities for E-science project management, university of Oxford.