Week9_Augustine_Oleru_ Project Management Training Options for Nigerian Engineers

Week9_Augustine_Oleru_ Project Management Training Options for Nigerian Engineers

Problem Statement
WHAT IS THE BEST PROJECT MANAGEMENT TRAINING OPTIONS FOR NIGERIAN ENGINEERS?

Over the years, Nigerian Engineers that handles Nigerian projects are found be inexperience and less productive. Most of the executed projects done by these engineers suffer immense dilapidation and deformation. Hence, this situation poses a great trait to industries where these engineers deliver their services. Therefore, it calls for mandatory training for all Nigerian engineers.
on this work we are going to look at different project management trainings and certifications options with the view of selecting the best fit using best practice.

Alternatives

For this paper, we are going to look at three training certification programs that can be of immense advantage to the project professionals in Nigeria.

1. PMI’s PMP This credential is a very important industry-recognized certification for project managers. Globally recognized and demanded, the PMP^® demonstrates that you have the experience, education and competency to successfully lead and direct projects.
Nigeria engineers will require this type of project management training in order to be more efficient and effective in carrying out engineering & project services.

2. AACE’s CCC/CCE This certification has distinguished cost and management professionals who have the knowledge and skills that impact the bottom line. AACE certification ensures a high quality standard over the years in project management.

3. Aus-CPPM. This is a high standard Australian based project management certification (Certified Practising Project Manager)

Developing Outcomes
Scoring Model for selection (using Spread sheet solution)

QUALITY

1) Work experience requirements;

2) Formal educational requirements

3) Examination for knowledge

4) Assessment process used to determine competency.

COST

1) Total Certification Fee.

2) Cost of books

INTERNTIONAL RECOGNITION/ACCEPTABILITY

Quality

SN	Comparable criteria	PMI’s PMP	AACE’s CCC/CCE	Aus-CPPM
1	Work experience requirements;	4500	8000	6000
2	Formal educational requirements (B.Sc)	5000	5000	5000
3	Formal educational requirements (M.Sc)	0	0	0
3	Examination for knowledge	35	0	0
4	Assessment process used to determine competency.	85	210	0
6	Level of effort required for preparation	4	7	0
	TOTAL	9624	13217	13000

Cost

1	Total Certification Fee + Membership Fee (USD)	525	475	463.52
2	Cost of Books (USD)	50	130
	TOTAL	575	605	463.52

Recognition /acceptability

1	On scale of 1-10	7	8	4
	TOTAL	7	8	4

Analysis and Comparison of alternatives

This is done on Additive weighting technique.

The weighted ratings of the three main criteria of quality, cost, and acceptability- On weighting ration

Criteria Weighting	Quality		Cost		Recognition		Total Ranking
	45%		35%		20%
	Ranking Value	Weighted Value	Ranking Value	Weighted Value	Ranking Value	Weighted Value
PMI’s PMP	27	12.15	31	10.85	37	7.4	30.4
AACE’s CCC/CCE	37	16.65	30	10.5	42	8.4	35.55
Aus-CPPM	36	16.2	39	13.65	20	4	33.85

I. The best alternative is the one with the highest ranking of higher quality lower cost and higher recognition and acceptability. In this case the AACE’s CCC/CCE.

Conclusion and Recommendation
To combat project management deficiencies in the country, we need to provide structured world class training and certifications for our engineers and project people, And from the result of the analysis option 2 (AACE’s CCC/CCE) is most preferred.

Reference

Engineering Economy, 14^th Edition, CH 6 ; by William G. Sullivan
Project Management Credentials Compared - A Preliminary Analysis By Paul D. Giammalvo, PhD
Everyday project management. C.C Akagha 2009

PMP Credential Handbook revised feb1 2011by PMI incl.

W7_OKIEMUTE ODUDU_ CHOOSING A MASTER’S DEGREE PROGRAM

Problem Definition

It’s been long since I obtained my first degree in Production Engineering, and I am now considering enrolling for a master’s program.
However, I am having difficulty choosing a master’s degree; I don’t know whether to continue in my area of engineering competency or opt for something different and challenging.

Proposed Alternative Solutions

As a result of my indecision, I would consider only the three most important options I have at hand:

1. Master of Engineering in Production (MEng)
2. Master of Business Administration (MBA)
3. Master of Science in Project Management (MSc)

Outcome of the Proposed Alternatives

1. Master of Engineering in Production (MEng)

- easy to undertake because of my first degree experience as a production engineer
- less stressful for me when combining working and schooling
- opportunity to deepen my knowledge in this area
- enhancement of my technical competency in production engineering

2. Master of Business Administration (MBA)

- exposure to management training and skills
- gain leadership qualities
- exposure to non technical areas
- usually more expensive
- Available in the universities closest to my place of work

3. Master of Science in Project Management (MSc)

- opportunity to improvement my knowledge further in project management in addition to the numerous trainings and experience I have gained
- enhancement of my current work
- increase my competency in project management
- opportunity to gain ideas and knowledge outside the oil and gas.
- the few number of schools that offered the program is farther from my place of work

Selection of Preferred Alternative

The preferred alternative would meet the following criteria in order of importance.

- Optimal cost
- Knowledge relevant to my long term professional aspiration
- Distance from my place of work
- Usefulness in private practice/consulting

Analysis and Comparison of Alternatives

- Choosing masters in production engineering would not provide me with the needed knowledge to fulfil my long term aspiration in management and business.

- However, a masters degree in either project management or business administration would enable me fulfil my desire in project management, business leadership, and consulting.

- Also, the cost of MBA is more than that of masters in either project management or production engineering, while the university that offers project management is quite a great distance from the city I work.


Selection of Preferred Alternative

Based on the selected criteria above, I finally opted for MBA program.

Performance Monitoring

I have reduced my weekend activities in other to prepare myself for the task at hand.

References

“Masters Courses”, Findamasters.com
Engineering Economy,14th Edition, P27.

W4_OKIEMUTE ODUDU_ INVESTING MY $10,000 SPECIAL RECOGNITION BONUS

Problem Definition

My team successfully delivered a challenging project that was ranked top quartile by my organisation, and I was subsequently given a $10,000 special recognition bonus. I have decided to invest the money but I don’t know the best investment scheme to select, that would give the best return in 5yrs form today, knowing that numerous schemes exist.

Alternatives
I decided to select an option from the below listed alternatives.
Alternative1: Bonds
Alternative 2: Stocks
Alternative 3: Fixed deposit

Outcome of the Alternatives

Alternative1: Bonds
This is known as fixed income securities and they are safer and stable than any other form of investment with long term maturity. The expected outcome of this type is as follows.

-can be used as collateral
- 8% P/A interest or coupon rate for 5years on invested amount
-expected return: $3,500 or 35% at maturity
-guarantee regular inflow of cash payable quarterly on investment
- investment can only be called off after some days notice.

Alternative 2: Stocks
These are very risky form of investment with the highest prospect of returns at the shortest possible time. However it also has the highest risk profile with high volatility.

- cannot be easily used as collateral because not all company shares are valued or accepted
-the expected returns can be more than 100%, i.e. equal or more than the $10,000
- Stocks are very liquid and can be trade after only 5 days of investment
- investment can easily be called off, i.e. within a week after investing in stocks on the secondary market

Alternative 3: Fixed Deposit
This involves placement of funds with any bank or financial organisation for a fixed period of time at an agreed interest. They are safer means of investment than stocks and are easily used as collateral. The investment data are as follows.

-10% annual interest on investment
-interest is usually paid at the end of the tenure.
-expected return on investment: 50% on investment or $5,000
-investment can only be called off after some days notice.

Selection Criteria for the Various Alternatives
The following are the key criteria in order of decreasing weighting or importance for choosing the best alternative.

1. Net return on investment> 50%
2. Safety of funds
3. Use as collateral
4. Ease of withdrawal or recall of investment

Analysis and Comparison of the Alternativesa.

a. Stocks have the highest possible return on investment than bonds and fixed deposit scheme, i.e. Stocks>Fixed Deposit>Bonds
b. Bonds and fixed deposit are safer than stock investment
c. Stocks is more risky than both bonds and fixed deposit respectively
d. An investor can easily withdraw or recall his investment in stocks i.e. within a week, but not all types of companies shares are accepted as collateral.

Selection of Preferred Alternative
Based on the selection criteria and analysis of the alternative above, I would prefer to invest my $10,000 bonus money on stocks because I stand the chance of gaining more returns on my investment, with some risks.

Performance Monitoring
I would undergo a consistent tracking of my stock performance and withdraw or recall my investment if there is an unusual drop in the value of the initial amount, so as to guard against loses.

References

1. “Trading in Bond as an Investment Window”, Meristem Securities Limited
2. Proshare (www.proshareng.com)
3. Stockmarketnigeria.com

W6_OKIEMUTE ODUDU_ WHERE TO SPEND MY NEXT VACATION

Problem Definition

I have had a hectic workload since the beginning of the year and I am seriously considering a nice location to spend my upcoming holiday. As a result, I am considering a location outside Nigeria for the first time, and the thought that quickly came to my mind is either Asia or USA, in additional, I may still going to a nice location I haven’t been to in Nigeria.

Alternative Locations for Vacation
1. Alternative1- A place I have not visited in Nigeria
2. Alternative 2- U.S.A
3. Alternative 3- Indonesia

Outcome of the Alternatives
Carrying detailed enquiry on each of the alternatives produces the given outcome for each destination

1. Alternative1- A place I have not visited in Nigeria.
I have been spending most of my holidays in Nigeria and as such, I am less thrilled spending the next one in the country. However, a new location in Nigeria would still be attractive, and the following are some of the realities in Nigeria.
- cheap vacation cost, since I am resident in Nigeria
- few places of interest
- My boss might easily reach me for work related issues.

2. Alternative 2- U.S.A
-expensive transportation
- most travelling agencies are offering a range of $3,200 - $4,000 for a 2-week all expense holiday in the U.S.A
- cheap hotels and meals
- numerous choice places of interest
- gain new experience: I have never been to the U.S once
- meet diverse people

3. Alternative 3- Indonesia
- cheaper hotels
- most travelling agencies are offering a range of $3,000 - $3,500 for a 2-week all expense holiday in Indonesia
- choice places of interest
- less places of interest
- less fun and excitement because Indonesia society is about the same as Nigeria in terms of corruption
- opportunity to meet diverse people e.g. Dr Paul .D. Giammalvo of AACE

Selection Criteria
I. cost of vacation should not be too expensive. Must be less than $4,500
II. availability of choice places of interest
III. new experience (first time experience)
IV. meet diverse people and culture

Analysis of Alternatives
Below is the analysis for each alternative based on the above selection criteria.
- Nigeria offers no new experience for me.
- Though it would be a first time experience visiting either the U.S or Indonesia, America would offer much fun and excitement
- The cost difference between the destination offered for U.S.A and Indonesia is quite small, making the U.S.A to have more value for money
- Visiting Indonesia would offer me the opportunity of meeting Dr. Paul Giammalvo, while I may have a chance of stumbling onto President Obama

Preferred Alternative
The result of the above analysis shows the U.S.A as the preferred destination for my plan vacation. Though the difference in cost between the U.S.A and Indonesia is small, U.S.A would provide more satisfaction.

Performance Monitoring
I would engage the services of only reputable travel and holiday agency for my trip.

References
1. Motherland Attraction – Tourist Attractions (www.motherlandnigeria.com)
2. Tourism Indonesia (tourismindonesia.com)
3. Travel Destinations- USA Travel and Tourism Guide (www.usatourist.com)