FDRMATWE ASSESSMENT 1 [10B IIIARKS] Read the case study below and answer the question that follows. Keavik Paper Company In recent years. Keflavik Paper Company has been having problems with its project management process. A number of commercial projects. for example, have come in late and well over budget. and product performance has been inconsistent. A comprehensive analysis of the process has traced many of the problems back to faulty project selection methods. Ketlavilc is a medium-sized corporation that manufactures a variety of paper products. including specialty papers and the coated papers used in the photography and printing industries. Despite cyclical downturns due to general economic conditions, the firm's annual sales have grown steadily though slowly. About five years ago. Keflavik embarked on a project-based approach to new product opportunities. The goal was to improve protability and generate additional sales volume by developing new commercial products quickly, with better targeting to specic customer needs. The results so far have not been encouraging. The company's project development record is spotty. Some projects have been delivered on time. but others have been late; budgets have been routinely overrun; and product performance has been inconsistent, with some projects yielding good returns and others losing money. Top management hired a consultant to analyse the rm's processes and determine the most efcient way to x its project management procedures. The consultant attributed the main problems not to the project management processes themselves. but to the manner in which projects are added to the company's portfolio. The primary mechanism for new project selection focused almost exclusively on discounted cash ow models. such as net present value analysis. Essentially, if a project promised protable revenue streams. it was approved by top management. l[Tine result of this practice was the development of a "family" of projects that were often almost completely unrelated. No one. it seems. ever asked whether projects that were added to the portfolio fit with other ongoing projects. Keavik attempted to expand into coated papers, photographic products. shipping and packaging materials, and other lines that strayed far from the rm's original niche. New projects were rarely measured against the nn's strategic mission. and little effort was made to evaluate them according to its technical resources. Some new projects, for example. failed to t because they required signicant organizational learning and new technical expertise and training {all of which was expensive and time-consuming}. The result was a portfolio of diverse. mismatched projects that was difcult to manage. Further, the diverse nature of the new product line and development processes decreased organizational learning and made it impossible for Ketlavilt's project managers to move easily from one assignment to the next. The hodgepodge of projects made it difficult for managers to apply lessons learned from one project to the next. Since the skills acquired on one project were largely non-transferable. project teams routinely had to relearn processes whenever they moved to a new project. The consultant suggested that Keflavilc rethink its project selection and screening processes. In order to lend some coherence to its portfolio, the firm needed to include alternative screening mechanisms. Source: https:ffwww.assigI1mentessays.comlthe-keavilt-paper-company-iso-case-withl Answer ALL the questions in this section. Question 1 [25 Merl-ts} Drganisations generally tend to only select projects which are aligned with their strategic goals and objectives where they can derive maximum benets. At Ketlavilc paper company it 1was seemingly different. Appraise the comparative overview of portfolios, programs and projects and recommend to the project manager of Keflavilt on the merits of classifying initiatives correctly. Question 2 [25 Merl-ts} Appraise the portfolio. programs and projects relationships in light of the challenges experiences by Ketlavil-t. In your discussion explain some factors that inuence project success. Question 3 [25 Marks} Control scope deals with ensuring that actual project work is equivalent to the baseline soope plan. ivlanj.r methods can he used to control scope. Ev referring to the inputs, tools and techniques and outputs. evaluate and recommend to the Kefiavik project manager soope control of the project. Question 4 [25 Marks) Lil-Le anjr human undertaking, projects need to be performed and delivered under certain constraints {limits or restrictions}. Using the theory that you have studied on project constraints, identif'jr the constraints of the case studj.r projectsr'initiatives and recommend to the project manager on 1.vajrs to manage each constraint. Use a suitable diagram to demonstrate that constraints