Executive Summary
Project Management is a systematic method of planning and guiding projects from beginning to the end in order to achieve a specific task/ goal. It is the application of knowledge and techniques that supports project activities through five stages. In today’s competitive global market, project management plays a crucial role in delivering optimal results consistently. Thus, this report offers an analysis and evaluation of the principles, various practices and applications used in project management.
Initially an introduction to project management is outlined with its benefit to the organizations. Then, an understanding on how organization objectives are achieved through programmes and projects is described. Some of the methodologies
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Benefits of Project Management to Organizations
There are many reasons and advantages as to why it is beneficial for an organization to manage work by projects. One benefit is that it is more efficient in achieving the required target. Project management provides a “roadmap” that can easily be followed and meet project completion targets. It allows you to identify difficulties and weaknesses in advance thus making you work smarter (Picariello, 2008).
Moreover, it improves customer satisfaction. It assists the organization to complete the project timely and cost effectively, which enhances customer satisfaction. Smart project management provides tools which maintain this positive customer / manager relationship to persist. It also boost effectiveness in providing services. The strategies, which allow successful completion of one project, can be applied to other projects as well (Picariello,
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A project management methodology is a system or a set of processes designed to achieve business objectives efficiently and consistently. An effective methodology is repeatable and independent of individuals. There by same processes can be undertaken by all project and programme managers (Grimsley, 2003).
Project management methodology is mainly followed by almost all the business entities in the world, now using the computerized project management methodology. Usually the leaders and senior managers of the company decide business strategies and goals of the organization. Once the expected outcome of the company is targeted for a specific period of time, to achieve the expected results senior management has to design programmes to achieve the objectives through the successful management of a portfolio of projects and the planned resource realization of benefits.
A Company or business entity should have a future vision, the way it should move forward in the existing socio economic and political environment in the country and around the world. Today no one can lead the business without knowing the anticipated changes in the socio economic situation in the country and around the world. Projects are formulated considering these situations and expected to get best results by minimizing the threats and weaknesses and maximizing the strengths and
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Large and small businesses, governments, and schools strive to build the next new gadget, manage resources more efficiently, and teach or train in more creative ways. If they set out blindly on a task without proper oversight and thought about the process, then surely the result would be a dismal failure. Project management enables these entities, and various others, to carefully consider the many variables before, during, and after the project actually takes place. Project management refers to the careful planning, organization, and management through a single one-time activity. Projects are non-routine tasks that are set out to be accomplished for a specific amount of time (Trelles-Duckett & Lonergan , n.d.). Projects have an absolute
Project management is "the art and science of converting vision into reality" (Atkinson, 1999). Project management delivers results. Project managers enjoy the challenge of juggling multiple responsibilities and optimizing workflow in a highly competitive environment. From managing the development of a website to launching new company wide integration system, project managers keep projects on time, on track and within budget. Strong business, management and organizational skills as well as experience with current technologies put qualified candidates in high demand in this extraordinary career field. The practice of project management focuses efforts on your mission by defining priorities, utilizing resources, and producing outstanding goods and services for businesses and customers alike. A successful project translates a broad public mission into concrete results and outcomes.
In today's business it is in the best interest of companies to have project managers. Common sense isn't always easily accomplished. Anyone who's ever worked on a project in a technical setting knows this. Indeed, much of working with others consists of solving unexpected problems and learning from mistakes along the way. Knowing this and having the proper tools a project manager will be able to manage and complete the most intense project out there.
A project is a temporary endeavour undertaken to create a unique product or service. They are goal oriented, have a definite start and finish time, must be done within cost, schedule and quality parameters. Projects involve the coordinated undertaking of interrelated activities (Project Management: Achieving Competitive Advantage). According to Tom Peters, “Projects, rather than repetitive tasks, are now the basis for most value-added in business”. Based on this, it is clear that projects are of utmost importance to businesses in both the service and the manufacturing industries.
As for “traditional project management”, hereinafter the definition formulated by the Project Management Institute will be used: “Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements” [2].
The scope of this report is to provide project managers with valuable insights on the author’s own philosophical view on project management, focusing on the organization’s internal & external environment and circumstances affecting the project’s success eg. The project management structure, forming virtual teams, and the organization’s stakeholders etc. Laufer et al. (2015) had also emphasized the importance of long-term planning in dealing with these unforeseen events, which raises the point that project managers must be well-equipped with the proper knowledge and tools to appropriately handle such situations. The success of a project is undeniably crucial to an organization because businesses would be able to meet the customers’
Project Management - The term that dictates the future of a project. A successful project owes all its credits to the Project Management and the evidence is obvious when the service (result of the project) meets all its expectations. Yet we have witnessed several projects failing even after having a plan in place, following the plan and meeting all the requirements. Why have these projects failed and what more is critical to the success of the project? All projects are conceived with a vision to satisfy certain needs of the business. Hence the beneficiary of these needs become key stakeholders. Appropriate participation of this key stakeholder in steering the project insures the success of the project. Also businesses are impacted by competition and changing market place resulting in skewed expectation management. Managing expectations enhances the success of the project immensely. Now, goal of the project plays a pivotal role and hence respecting it, is an important task, in project management. Governance in projects plays this role in guaranteeing the projects success. This is what I call Project Management Synergy beyond traditional processes.
Gray, Larson. (2005). Project management: The managerial process. [University of Phoenix Custom Edition e-text]. Columbus, OH: McGraw-Hill Companies. Retrieved February 5, 2007, from University of Phoenix, rEsource, MGT 573Project Management in the Business Environment Web site.
("Project Management Methodologies for Beginners - Workfront," n.d.) A project management methodology is tailored to the company on how things should be done. While a project manager can be successful in project management, every single company is distinct for everyone. Because of this organic nature of each company and project management methodology is useful, it looks to the needs of each team and adjusts to fitting the style needed and how each team should
In this paper will talk about the Project Management the role of project management is becoming more and more important and valuable in order to make the project a success. Consequently, it has now become even more significant to avoid the reasons for a failure of a project beforehand. There are an ample amount of reasons for which a software project might result in a failure. Some are high in likelihood and effect while others are less likely and risky. Project Manager revolves around the primary functions for effective results and consists of: planning, organizing, staffing, guidance, and control. There are 14 principles revolve under those functions. Software managers must develop the skills, knowledge and abilities in each of these functions to provide an acceptable product successfully on schedule and within budget. [1]
When you are selected to be in charge of any situation the responsibility of accomplishment or disappointment falls onto you. Once you are placed in a management role of a project you must be able to lead individuals effectively and efficiently in order to reach the expected conclusion of projects placed upon you. The success of a project manager can be broken down into specific roles and responsibility. A successful project manager must understand the concept of the project as well as be a leader, a coordinator, a motivator, and a communicator to the client and his or her fellow team members. Project managers also take on the responsibility of trying to avoiding common mistakes made by project managers that could potential lead to the failure
“Project management is the application of knowledge, skills, tools, and techniques to organisational and project activities to achieve the aims of an organisation through projects” (PMI, 2003).
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan