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Guide for Students Needing Help with Parent Relation in Sponsored Project Management Homework Answers

by Jul 9, 2017Accounting

Project management is a major area of management studies. It involves identifying a specific area of work, planning all stages of work to be done and executing it in a time bound manner. Some projects, due to their volume and significance, are externally funded. Such projects are named as sponsored projects.

Understanding WBSE in sponsored project

Every sponsored project is manged as an independent unit by the project handling authorities. Before proceeding to understand parent relation, first we should understand the meaning of WBSEs.

When a project is approved by the sponsoring authority, it assigns funds to be used exclusively for that award. A separate award account is set up so as to note down all expenses related to that award. This account or fund is termed as WBS Element or WBSE. The motive behind creation of WBSE is to fix accountability on the Principal Investigator and other members of project team. They are entirely responsible for all amounts spent from it. Knowing meaning and implications of WBSE will be helpful in understanding parent relation in sponsored project management homework answers.

Why is a parent relation specified in sponsored projects?

We have already seen that a separate WBSE is established for every externally funded project. Sometimes, universities may establish an internal WBSE which is directly related to a sponsored project. This isfor providing for localised management of some specific areas of projects. The relation between two WBSEs is stated as a parent child relation. The main WBSE will be considered as parent and the internal as child.

Objective of parent child relation in sponsored programs

The main objective of establishing parent relation is to allocate funds specifically for each area of work to be done. By forming separate funds and allotting budgets to them, the PI can track the spending on each account. It helps in ensuring that no single unit of work exceeds its budget. Solving parent relation in sponsored project management homework answers requires lots of attention to details.

Responsibilities of parent organisation

It is the parent organisation that will be answerable to the external sponsors. Parent organisation has to ensure timely fulfilment of all work allotted.

  • It has to allocate specified areas to all child units according to their area of expertise.
  • Parent has to provide guidance to child organisations regarding project expectations, responsibilities etc.
  • It is the duty of parent organisation to allocate budget to child units. It should also track whether the expenses of child units are exceeding allocated amounts.
  • Parent unit has to ensure that all commitments to external sponsor are duly fulfilled in time. For this purpose, they should obtain periodic reports from child units.

Parent relation in sponsored project management homework answers will become easy and solvable if the concepts are properly understood.

Responsibilities of child units

A child organisation does not have any direct accountability to sponsors. They are answerable to their parent and a sponsor awardee relation exists between child and parent organisations.

  • It should provide timely financial and technical reports to parent. Financial reports state all aspects related to funds allocated and used. Technical reports should include technical detailing of work done.
  • If any change in terms are to be made, it is the duty of these units to seek approval from parenting unit. Without getting approval, they are not allowed to make any changes.
  • If the allocated budget is likely to exceed due to any reason, inform parents and get their assent.
  • It is the basic duty of every child unit to co-ordinate with main organisations till the completion of project so as to ensure its smooth closeout.

Difficulties in understanding parent relation in sponsored project management homework answers

Handling a major project with all sub tasks allocated to different child units is no easy task. There are several reasons why many are unable to cope with pressures of sponsored project.

  • Inexperience in project management:

Projects are focussed areas of study.They focus on a defined area and have a defined purpose. It calls for experienced hands to successfully complete it within stipulated time limits. A freshman may find it completely mind boggling.

  • Lack of proper knowledge base:

Doing a project in an area requires one to have in depth knowledge and learning. If the project selected is outside your comfort zone, it is especially going to be a burdensome task. Even if topic of study is of your liking, a superficial learning cannot be of much help in undertaking major tasks. Exhaustive knowledge base is a must.

  • Lack of expert guidance:

Even though you are well versed in the subject matter of projects, all work starting from planning to execution are areas which require expert guidance. If you have an expert guide to show you the way, the task becomes much simpler. Without this, you are likely to stumble along the path.

Get online expert assistance

Living in the age of technology, one can expect to obtain assistance from online resources for every need including project assistance. There are sites which offer help on various topics of projects. With such sites to your rescue, understanding parent relation in sponsored project management homework answers will not be a hard task. There are many benefits of online resources.

  • Subject matter experts:

Whatever be the topic you need to learn, expert assistance is always readily available. Many reliable sites have subject experts on every subject. The best part is that they donÒ€ℒt waive off your doubts as silly. You can ask any number of questions as you want without any embarrassment.

  • Experienced hands:

Are your heartbeats rising on hearing about project management assignments? No need to panic. Get registered to the best assignment help site and leave your worries to them. They will have people who are experienced in every aspect of projects. You will have the best project work done with least trouble.

Although the best option for project management, online sources are not free from faults. There are fraudulent players who will steal your money without solid results. Therefore make wise decisions to achieve success.