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What is the importance of project management
What is the importance of project management
What is the importance of project management
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The roles of project sponsor and project manager are both vital to the success of a project. Assuming these roles within a major corporation is a huge task and can takes the use of certain strategies to complete projects successfully. During most projects it is custom for the project manager to work closely with the project sponsor from start to finish. When each individual understands what their role in the project is, and the other’s role, they can then easily work together to ensure a smooth completion is successful. This paper will cover three strategies that a sponsor can use to help ensure project success, and also three strategies that a project manager can use to help ensure project success. I will describe how the strategies are used …show more content…
If a project sponsor has been championing a project and it finally got approved one of the next steps should be to set performance standards. This strategy is important because it allows the goals to be set in regards to the project’s strategic value, and also how the goals will be measured. Having set goals and a plan of how to keep track of them is a key element of a successful project. During this time is also when the sponsor would select a project manager for the project and start to mentor them. Another important strategy is to develop relationships with the key stakeholders. “Successful executive sponsors create an environment that is conducive to effective communication between project teams and stakeholders” (Kloppenborg & Tesch, 2015). The project sponsor should be the bridge between the project’s customer and the project, ensuring communication about planning and desires. This is an important part of the success of a project because maintain relationships, effective communication, and quality performance is what helps keep everything running smoothly. The next strategy for a successful project is to ensure there is a solid evaluation process set up to review the project once it reaches completion. This is an important step because it will determine if everything is completed correctly, if the expectations were fully met, and to make sure the customer’s needs have been met. If a project is completed successfully it can open the door to future
In any project it is important to do a stakeholder analysis in order to be able to identify the stakeholders and prioritise them by power and their interest to the success of the strategy or project. Once you identify them there is need to fully understand what motivates them in this project and what might be done to get their much needed support, thereby reducing obstacles to successful implementation. There maybe need to dangle carrots in order to get buy in from key stake holders. Incentives and rewards goes a long way in motivating other stakeholders to get results oriented effort.
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
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.)?
The project management team must identify the stakeholders, determine their requirements and then manage and identify those requirements to ensure a successful project. Stakeholder’s identification is often difficult. Key stakeholders on every project include: Project manager this is the individual responsible for managing the project. Customers are the individuals or organization that will use the project’s product. There may be multiple layers of customers. Project team members are the group that performs the work of the project and sponsor the individual or group within or external to the performance organization that provided the financial resources, in cash or in kind, for the project (Project Management institute, 2000)
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.
. hy do some executives refuse to function as Project Sponsors? The Project Sponsor ought to be a dynamic part that can distinguish the prerequisites, design, arrange and influence the group to work appropriately. He ought to be the person who can go out on a limb in checking all the key components like if the task is being overseen legitimately or not, or in the event that it is under appropriate control, favoring expectations, settling the issues and so forth.
A project manager should have a clear vision of the desired outcome and he/she should be aware of
People in top management positions, is a key stakeholders in projects success. Top management can help project managers secure adequate resources, get approval for unique project needs in a timely manner, receive cooperation from people throughout the organization, and learn how to be better leaders. The reason why project success come from the project managers, but there are other important factor that make the project success such as takes careful planning, attention to detail and effective communication.
The project sponsor has so many responsibilities to take care of. Every project needs a project sponsor and every project sponsor have certain roles and duties to perform on a day –to –day basis. A successful project sponsor stands between the project’s success and failure. He behaves as an escalation point in situations where project managers couldn’t handle and fall beyond control. A forceful job can lead to a project failure.
Successful projects go through a lengthy initiation and planning stage. This cycle could appear slow and lengthy considering all the factors. Every phase of initiation and planning need to have well-defined tasks and goals. Tasks such as identifying the project manager, a manager that can collaborate and
As a Business Improvement Manager the aim is to drive implementations strategically, with top management visibility and the use of consistent and standardised project management practices and to deploy these competencies with the goal of maximising organisational value. There is an opportunity in the delivery of projects for organisations to add value to better serve their clients and compete in the marketplace. To use the influence of relationships to have active and engaged sponsors who serve as advocates for project initiatives that lead the organisational change towards business excellence.
“Project definition provides a complete understanding of project and serves to guide the project Manager and project team in planning and implementation. It also provides the basis of decision making for executives who need to evaluate the potential for project success and completion on time, within budget, and according to performance specifications.”(Hill 2008)
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
It is important to have the whole team involved and every team member should about the status of the project and identify there responsibility towards the project success.