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Project Management Essay Sample 1. Crowdfunding is one of the new buzzwords of today. In return, some rewards are given to the crowd, who decide to take part in these projects by doing a contribution.
Crowdfunding projects in the past had no entrepreneurial ambition. It was not seen as a financing instrument for start-up businesses. It was seen as a system, which leads to the mobilization of the crowd for microfinancing a project they feel attracted to.
Although this system is not new, the recent changes in technology made it possible for the project owners to reach a higher number of people with the new features of Web 2. This technology makes it possible to reach the crowd on a global scale within a very short period of time Joachim As crowdfunding is derived from croudsourcing, it is vital to give its definition first.
The term crowdsourcing has been first used by Jeff Howe and Mark Robinson in the June issue of Wired Magazine, an American magazine for high technology. The most inclusive definition of crowdfunding comes from Belleflamme, Lambert and Schwienbacher There are several reasons why the entrepreneurs, artists and firms are crowdfunding their projects and ideas.
As the trend for crowdfunding increases, more reasons may be added to the list below. In their paper, Schweinbacher and Larralde list the factors influencing crowdfunding as follows: Does the entrepreneur have the necessary skills and background to manage the resources he will gain from crowdfunding?
If not, getting support from equity investors is a good idea. The riskiness of the project and the risk-taking personality of the entrepreneur are important determinants. Investors may decide to see the progress of the project and invest accordingly in time.
Some investors may need more information related to the project from the entrepreneurs before they make their decision. This may lead to idea stealing.
The form of the organization is an important factor influencing crowdfunding. For instance, non-profit organizations are found to be achieving their targets more successfully when compared to for-profit organizations as they focus more on quality rather than profit-making.
It is better to have full control of your own venture. Thus, crowdfunding is a suitable option.
You need a specific amount of money to start your business. Thus, you seek for investors. In countries like the U. If you prefer to give rewards, it is less problematic.
A crowd can be more efficient in solving problems. In order to write this paper, academic papers on this issue have been scanned. Additionally, a global and local benchmark search has been conducted to find the best examples for crowdfunding on a national and international level.Crowdfunding: Project Management Essay Sample.
1. Introduction: Crowdfunding is one of the new buzzwords of today.
|Access denied | urbanagricultureinitiative.com used Cloudflare to restrict access||These are subjected to different treatments according to the Project Management Integration Framework 15 November Project Monitoring is the monitoring of a project throughout the life cycle of the project, the monitoring of a project begins when there is a clear and verified plan of an approved project.|
Derived from the word “crowdsourcing”, it enables various projects to come alive with the financial help of an “interested crowd”. Project Portfolio Management Project Portfolio Management is a methodology to manage a company’s projects in a similar way that financial manager manages the company’s cash flow and related finances.
Essay Crowdfunding: Project Management. Crowdfunding | Duygu Korhan Ülkümen – Soner Beyhan | | Crowdfunding | | Crowdfunding | Table of Contents 1.
Introduction 1 Definition of keywords 2 Crowdsourcing 2 Crowdfunding 2 Factors Influencing crowdfunding 2 Scope of Paper 2 2. Project management includes areas in integration management, scope management, time management, cost management, quality management, human resource management, communications management, risk management, and procurement management.
The best Project Manager would have the deep understanding and ability to accomplish the following: Hard Skills Structured Project Plan Work Breakdown Structure Project schedule Dependency network Define resource requirements Manage and monitor Budget Manage and monitor project plan Preparing of various achievement reports .
Project management tools are available as desktop, web-based and collaborative applications and they are compatible for every type of project management approach.
Many organisations have begun to adopt a hybrid project management approach, by combining the best features of standard project management approaches.