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Why is project management important
What is the importance of project management
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Abstract Most organizations run their businesses by the use of projects. What is a project? How can it be defined? What is project management and why has project management become so significant in today’s modern business environment? The purpose of the paper is to consider the why, what, who, when and where today that project management has become so important. Attempt to consider the history of business and project management to find these answers. What is a Project? First, let’s define what is a project. According to the book “The AMA handbook of project management” edited by Paul C. Dinsmore, PMP and Jeannette Cabanis-Brewin a “Project” can be defined as “a temporary endeavor undertaken to create a unique product, service, …show more content…
J., Russell, J. S., & Cameron, W. S. 2015, Page 43). With advances in technology and communication, the speed at which local and global companies can do business is exceptional. The need to stay relevant is imperative. References Project Management Institute (2013). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newton Square, PA: Author. ISBN: 9781935589679. Dinsmore, P.C., & Cabanis-Brewin, J (2014). The AMA handbook of project management (4th ed.). New York, NY: AMACOM. ISBN: 9780814433393. Seymour, T., & Hussein, S. (2014). The history of project management. International Journal of Management & Information Systems (IJMIS), 18(4), 233. doi:10.19030/ijmis.v18i4.8820 Laufer, A., Hoffman, E. J., Russell, J. S., & Cameron, W. S. (2015). What successful project managers do. MIT Sloan Management Review, 56(3), 43. Desmond, C. (2015). Project management office. IEEE Engineering Management Review, 43(1), 15-16. doi:10.1109/EMR.2015.2393512 Morris, P. W. G. (2013). Reconstructing project management (1st ed.). GB: Wiley-Blackwell. The Holy Bible: New International Version. (2011). Colorado Springs, CO:
Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling and Controlling. Hoboken, NJ: Wiley.
Graham, R. J. & Randall, L., Creating an Environment for Successful Projects: The Quests to Manage Project Management, second ed. San Francisco: Jossey-Bass, 65-113, 2003.
Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration , 4(1), 13-22.
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.
The projects in today’s world are given a lot of importance and it will continue to grow in the coming years. There are a lot of companies which do not have production, but all of them do have projects. There are a lot of books which have been published on which related to planning and managing the projects. The one of the most important one was published by the author Eli Goldratt in his book ‘Critical chain’. This book basically talks and shows how the application of theory of constraints in the field of project management. The novel is basically based on one of the MBA classes in America where a number of ideas are developed in discussions among the students and the lecturers. The lecturer is basically fighting for a tenure with the president of the university who expects a downturn in the executive MBA. The lecturer who teaches project management has a word with one the senior colleagues and project management was the right topic to teach. There were three students who were placed in the project management team of their company which manufactures electronic products. The students are enrolled in this MBA class along with other students, here they discover a new approach to project management which is known as the
Project Management Institute (PMI) (2013). Project Management Professional (PMP) Handbook. [ONLINE] Available at: http://www.pmi.org/certification/~/media/pdf/certifications/pdc_pmphandbook.ashx. [Last Accessed 20 April 2014].
Since first taking the quiz “How Good Are Your Project Management Skills?” until now, can you identify areas of growth or knowledge regarding project management specifically, or leadership in general? Do you find yourself giving more consideration to particular areas, principles, or practices (e.g. scheduling, scope management, communication styles, etc.)?
-Customers: The company felt the importance of being customer-centric and innovate by adapting to customer
The topic of my group (group 4) was “How to totally float through your project for free” and the presentation was held by Roger Goodman who works for PMI NZ and Ernst & Young supply chain management with many years of working experience in many different countries such as Saudi Arabia and China.
However, APM (2006) has defined the project management as “the process by which projects are defined, planned, monitored, controlled and delivered such that the agreed benefits are realised. Projects are unique, transient endeavours undertaken to achieve a desired outcome. Projects bring about change and project management is recognised as the most efficient way of managing such change”.
In the globalized economy, Successful project managers are in much demand across many industries. Organizations strongly need experienced project managers to lead their staff to accomplish their business goals and deliver successful projects. In an increasingly complex environment, project managers need to turn into many roles and have all kinds of responsibilities at each level of management within an organization. Good project managers are not born. They need to be trained. They develop their skills through study, practise and experience. They become better project managers after they finish a successful project each time. They learn new techniques and apply them on their projects. They learn their lessons from failed projects and then improve to be better project managers in the future.
Projects contribute to innovation and development process of organizations. They indeed are different and they vary in size, types and challenges. In other words, projects are unique and specific with unambiguous deliverable targeted on meeting certain need or purpose (Mantel et al, 2005 p.1). It can be construction projects, or launching a new product or service, or the conduct of marketing event such as sales, promotions. In particular, a project personnel team, who are experts in specific function that regarding to project and then be grouped, plays an important role in planning, running and controlling the project. Therefore, this essay will discuss about why project personnel team is a critical resource of the project management.
Gray, C. F. & Lawson, E. W. (2005). Project management: The managerial process. [University of Phoenix Custom Edition e-text]. New York, NY: McGraw-Hill. Retrieved February 24, 2007, from University of Phoenix, rEsource, MBA590 Strategic Implementation and Alignment.
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