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.
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.
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.
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.
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.
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
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