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Importance of project management in modern business
Role of project management in achieving project success
The role of project management in today's economy
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Recommended: Importance of project management in modern business
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 …show more content…
The project manager is the key person responsible for the overall project and serves as the steering mechanism for the project team (Cornell Project Management Methodology, n.d.). In order to become an effective project manager, there are certain skill sets that are required to set one on a path to project management. Organizations like the Project Management Institute serve as the conduit for training and certifying project managers. The Project Management Institute (PMI) was formed in 1969 to provide a non-profit organization for project professionals. This global organization offers eight different endorsements to aid project management professionals in acquiring positions with higher wages and career prospects (Learn about PMI, n.d.). The Project Management Institute is the foremost authority in project management (PM) fundamentals and serves as the lead organization for project administration. With organizational groups that extend globally, this institution …show more content…
Project managers, as mentioned earlier, are becoming a highly sought after commodity. There are many fields which project management professionals may enter into, such as constructions, engineering, logistics, and information technology. For those project managers who are interested in expanding their careers with new skills, this is phenomenal news. In order to validate project management on the corporate level, researchers view that ownership is required from the top (Chandler & Thomas, 2015). Corporate executives need to understand the importance of PM and embrace its functionality within the organization. This will ensure that project management continues to stay linked with areas like personnel, finance, and production. The nature of project management is crucial to business success, and enables proper development and implementation of solid practices. This further highlights that hiring project professional’s remains essential as businesses become “supported from top to bottom and from edge to edge” (Project Management is Vital for Business Success,
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Project Management: A Systems Approach to Planning, Scheduling and Controlling. Hoboken, NJ: Wiley & Co., Inc. Kim, B. &. (2011).
The project management is a skill to apply the functions correctly which measures the outcome of the project, the more the skill the nice the outcome will be. This comes through experience and having a proper knowledge of some of the functions like
The project manager leads the project and provides vision, direction and encouragement. The project manager takes lead in project planning to determine the schedule and budgets neces-sary to meet the project objectives and is responsible for delivering the project once the pro-ject has been approved by senior management. The project manager is also responsible for the project support team.
Kezner, H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6th. New York: John Wiley and Sons, Inc, 1998. Print.
This study aims to find the relationship between leadership performance style and project success and to research that whether the project success is influenced by leadership style. According to Belout and Gauvreau (2004), “Nowadays, project management has become a key activity in most modern organizations. Projects usually have a wide variety of objectives, involve numerous internal and external actors, and are conducted in various activity sectors”. Many researchers have agreed that project leadership is one of the most crucial elements of a project’s success. There are many views on leadership and according to Dulewicz and Higgs (2005), leadership has been studied more than any other aspect of human behavior. Higgs (2003) identified six
Harvard Business Review Press (2012). HBR Guide to Project Management. Boston, Massachusetts: Harvard Business School Publishing Corporation. P123-124
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].
A project manager should be aware of the key challenges and threats an organization would face as well as he/she should have the skills to tackle the crises effectively and efficiently. In addition to that, a project manager should also be able to convey the thoughts and ideas in a convenient manner who is responsible to make a framework for an effective communication to ensure clear communication between the team members even though the style of communication would be different based on the situation.
The term project management was initially developed during the 1950s and 1960s. Today, the term can be defined as, “the application of the knowledge, skills, tools, and techniques necessary to successfully complete a project” (Boyer, Verma). Project management can be divided up into five main categories; initiation, planning, execution, control, and closure. The person who is in charge of the project is referred to as the project manager. There are also many different techniques and tools that project managers use to perform their job. Even though there is a lot of time and research that goes into project, not all projects are successful.
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.
Over the course of my professional life, I have become increasingly involved in project management roles. Doing so has made me aware of the many varied challenges that can face projects and the project managers who are charged with bringing them through to completion. The success or failure of projects, in whatever economic, political or social field, rests not just on the quality of the project’s goals, but also on the abilities of those involved in the project – and above all those who are managing it – to bring it to successful completion. To do this, project managers need to be equipped with a very wide range of skills, many of which are unrelated to the type of project itself. So, for example, a project manager of an engineering project must not only have engineering
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 is defined as an organized approach which aims to bear client anticipations, in order to accomplish the requested advanced business value (Wysocki, 2014). Since the 1950’s methods and procedures were applied in a uniform way to every project from the smallest to the largest (Špundak, 2014). Their success is certain in some industries (Badewi, 2016) (Kozak - Holland, 2010). A rapid growth of complex new technologies and innovations is indisputable (Saynisch, 2010a). Important changes propose new aspects for project management (Saynisch, 2010b). Traditional project management practices that have been used years now, known as PM 1.0 are challenged and new project management practices PM 2.0 come in the surface.
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