International Entrepreneurship Master Essay Example | Topics and Well Written Essays - 5500 words

International Entrepreneurship Master - Essay Example Many "high-profile" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business. Many kinds of organizations now exist to support would-be entrepreneurs, including specialized government agencies, business incubators, science parks, and some NGOs. Wikipedia attributes much of the understanding of entrepreneurship to the work of economist Joseph Schumpeter and the Austrian School of economics. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th century contributions, the traditional microeconomic theory of economics has had little room for entrepreneurs in its theoretical frameworks (instead assuming that resources would find each other through a price system). Entrepreneurship received a boost in the formalised creation of so-called incubators and science parks, where businesses can start at a small scale, share services and space while they grow, and eventually move into space of their own when they have achieved a large enough scale to be viable stand-alone businesses. It is being encouraged in an effort to revitalise fading downtowns and inner cities in America, which may have excellent resources but suffer from a lack of spirited development. (Wikipedia) For Frank H. Knight (1967) and Peter Drucker (1970) entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture. (Wikipedia) Still another view of entrepreneurship, according to Wikipedia, is that it is the process of discovering, evaluating, and exploiting opportunities in the form of new business ventures. In this paradigm, an entrepreneur could be defined as "someone who acts with ambition beyond that supportable by the resources currently under his control, in relentless pursuit of opportunity" (a definition common

Managing Projects Essay Example | Topics and Well Written Essays - 2750 words

Managing Projects - Essay Example Network Diagram (Activity on Node) 1 2. Network Diagram (Activity B is delayed by one day) 6 3. Network Diagram (Activity P is delayed by one day) 7 4. Network Diagram (Activity O is delayed three days) 8 LIST OF TABLES Table Title Page 1 Project Completion Date 4 Task 1 1. Network diagram (using activity on node the node) (Gido & Clement 2008) 2. Timings of the Activities and Total Float It was essential to estimate the duration and sequence of activities before a network diagram could be established to calculate the total float. For this purpose, information on amount of work and number of wok periods, types and quantities of resources and their availability was important. According to (PMBOK, 2004), a better way of handling this information is by using a project calendar and an alternative resource calendar. To estimate duration of each activity, list of all activities, duration estimating databases and other historical reference data which may be commercially available, project c alendar from organization process assets, constraints and assumptions from the project scope statement that may impact amount and duration of work, estimates of resource requirements for each activity; human resources and material and equipment requirements are critical inputs to the process of estimating activity durations (Lock, 2007). Estimation of costs and identification of risks associated with each activity help is determining the activity durations with more accuracy closer to actual. Then from the information gathered above, techniques like parametric estimation, analogous estimation, three point estimation and reserve analysis could be used to more precisely estimate the duration of activities (Lock, 2007). In parametric estimation, a mathematical model based on historical records using regression analysis or learning curve is created when there is no information as to on what basis estimation is to be based. Analogous estimation uses a similar previous activity as basis t o estimate the future activity. It is more widely used to estimate project durations rather than duration of a single activity when there is no much information regarding project is available. The probability of completing a project or activity on a single date is too less; therefore, in three point estimating, an optimistic, a pessimistic and most likely estimate is made for each activity and then activity duration is calculated either as average of these three or using a formula. When reasonable estimates of the project activities have been made, then reserve analysis is conducted to cater for risks of time and cost by adding contingency reserve and management reserve. The next process is to sequence activities into how the work would be performed considering their internal and external dependencies. The outcome of this process is a network diagram or a project schedule network diagram. In this report, we have used Precedence Diagramming Method (PDM) or Activity on Node where node s are used to represent activities and arrows show their dependencies. In our case study, we have used finish to start relationship while constructing the network diagram to show dependencies between the activities. Now to calculate the total float, critical path method was used. Once the duration of activities have been determined, dependencies between activities have been established and network diagram has been created the next step was to calculate the earliest and latest an activity can