Principles And Benefits Of Project Management

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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 …show more content…

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, …show more content…

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

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