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The aspect of project management is a process which draws positive forms of attention to any company. It is safe to indicate that at one stage in their development,most companies are expected to introduce project management skills and capabilities to their routine operation for the purpose of increasing long-term client fulfillment, profits, morale of their respective employees, as well as quality upgrading of their services or goods developed. In most cases, the process of project management is assigned to an experienced project manager who possesses the skills and abilities to undertake the project fully and produce reliable and realistic results altogether (Bradley, 2006). These skills and abilities are meant to equip the project personnel with the confidence to affect positive results. The process of project management is attributed to five variables which are considered as the main attributes that determine the whole process altogether. This research paper will, therefore, try to examine the relationship affected by the aforementioned variables and ways through which they will affect the project at hand: Hardware updating._x000D_
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a) Scope: this variable is considered to be the most fundamental of all the variables since it illustrates on the channel through which the project at hand will be taken. The scope of the project at hand introduces all those who are new to it on the objectives to carry out. It should be noted that the scope of the project explains the deliverables of the project. In our case scenario, the major scope involves the task of updating the hardware of the Company to an advanced system so that high productivity is attained. The task involves implementing or, rather, replacing the existing outdated application to a more advanced CRM application throughout its corporate offices. It should be noted that by determining the scope of the project, the whole task is broken down into workable components which will be used with ease during the entire process of implementation. It is also fair to implicate that the scope of the project helps to distinguish on what to deliver and what not to deliver. The scope, thus, aids the project management team to focus on those features of the project which will bring about the desired outcome: effective CRM application which enhances level of production with the additional features brought about by the advanced technological advancement altogether (Bradley, 2006)._x000D_
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b) Time: this is the second variable which is considered to be of most importance not only to the project itself but also the production of the company as a whole. Time is described as sequence of periods which are irreversible in nature. The aspect of time in any project management is of great importance since it determines both the effectiveness and efficiency of the project at hand. In this case scenario, time is of essence when determining issues related to designing, installation, maintenance and training. It is also considered to be a phenomenon facet when deciding on the longevity of the period before the project is implemented and allowed to run._x000D_
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c) Cost: this is another variable which is of great importance to the project at hand. The cost of the project at hand is used to determine the amount of resources as well as the materials needed to conduct the hardware update effectively and efficiently. In order to effectively carry out the process of implementing the CRM application, it will be safe that the company embarks on selecting individuals who possess relevant qualifications as well as experience to undertake the task. Hiring these individuals is a cost to the firm which it should plan to spend altogether. The materials required in this project involve sophisticated pieces of chips which are bought at an extra cost, especially because the implementation is targeted to replace the outdated equipment or rather application to the new CRM application. The subsequent cost will arise when determining the amount of time needed to complete the task wholly. In this case, cost is computed in terms of man-hours needed altogether. An effective cost plan will ensure that reliable efforts are met in order to prevent occurrences of collapse and underestimation._x000D_
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d) Quality: the element of quality is dependent upon the cost, time and scope put in place to undertake the task at hand. It is a variable which concerns itself with the productivity of the variables altogether. It is safe to indicate that the project at hand: hardware update, is implemented to enhance reliability, maintainability, and the ease of operating it altogether, lest it will be of no value at all. The element of quality will take to expound on the procedures as well as standards needed for conducting hardware updating effectively and efficiently. The CRM application to be installed should also be matching to the needs of the company at hand._x000D_
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e) Risk: this element or rather variable of the project management is concerned with the end results. It is fair to indicate that the result of any project outcome relies on past performance and experience, so that those projects which have been conducted severally possess the ability to produce favorable results, while unique projects are considered more risky to undertake. Considering that the project at hand “hardware upgrading” is unique, chances of getting unfavorable end results are high altogether. Thus, it is the responsibility of the project head to conduct the program with much enthusiasm as well as professionalism to avoid disappointments altogether._x000D_
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Factors Needed in Selecting Projects of Business Value_x000D_
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When selecting projects that will deliver great business value, a project manager is expected to engage in making relevant decisions pertaining to the productivity of the project as a whole. Projects are to be selected when it is established that their implementation will enhance profitability of the firm, increase customer satisfaction as well as increase the morale of the employees altogether. The aforementioned facets have always been used to determine on whether it will be economical for a company to undertake the process of project management or not to undertake the project lest resources are used for an activity which will yield no results (Lewis, 2005)._x000D_
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Factors that Influence Project Risk_x000D_
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The two main facets which influence project risk are the probabilistic factor as well as the experience of the project manager at hand. Probability is used to determine the outcome of past projects. This means that those projects which are unique, such as the project at hand, are more likely to produce an unexpected outcome altogether as compared to projects which have been carried out for an extensive period of time. Experience and skills of the project manager is another facet used to determine the level of risk involved so that experienced managers will conduct the project at a certain favorable risk level (McGhee and McAliney, 2007)._x000D_
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Recommendations for the minimization of the project risk. In my opinion, the following are the strategies which, when implemented during the process of project management, will reduce the amount of risk involved:_x000D_
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i) Increasing the cost of conducting the project at hand. By doing so, the company will minimize the risk of operating under a shortage of materials or expertise needed. Financial resources should be introduced and maintained at an acceptable level in order to prevent the project from collapsing or producing outcomes of poor quality._x000D_
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ii) Increasing amoun tof time: the project manager for this project should allocate more time to the project, especially that it is a unique project and needs much time to materialize effectively as needed._x000D_
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iii) Decreasing the scope of the project hardware update: this is because the project is unique and is being conducted for the very first time by the company. Narrowing the scope aids in reducing the objectives to a more workable level.