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Importance of project management for students
Application of project management concepts
Application of project management concepts
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Recommended: Importance of project management for students
Project management is a term coined to describe the process of developing, organizing, motivating, and allocating resources in order to achieve specific goals. Using this method, each project that an organization gears undergoes a life cycle that is managed by a team of people and their head supervisor. Schemes under project management require intricate planning via its leaders and sponsors, hard work from its staff, and strong leadership from the project manager, but the benefits derived from project management are tremendous. The business world thrives off of well illustrated and implemented project management schemes because they create a higher opportunity for success in the ventures that organizations embark on. In this dissertation, I will delve into project management, all of its steps and practices, and reveal how it can aid any organization in achieving its goals one step at a time. Project management appears to be ideally suited for a business environment requiring accountability, flexibility, innovation, speed, and continuous improvement (Larson & Gray, 2011). Industries worldwide can employ project management as a tool that will apply information, expertise and techniques in order to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals – and thus, better compete in their markets (Project Management Institute, Inc., 2014). Project management shapes its focus around an organizations core values, objectives, resources and the schedule of each assignment. Not only does an organization gain more control and assurance through the use of project management, but it is also to foresee possible risks and threats, which allows an oppor... ... middle of paper ... ...st reviewed with the project sponsor, stakeholder and team to confirm that the overall goal has been achieved. Meeting the goal means that objectives were met, the time frame was not exceeded and resources were kept within budget. If any final issues need to be addressed they are assigned to the proper individual/team and a review is conducted to help aid in the next project to come. In conclusion, project management utilizes the project life cycle (defining, planning, executing and closing) and all parties involved in the project (the sponsor, stakeholders, manager and team members) at an optimal level through the strategic use of organization and implementation to help a project reach its full potential with minimal delay. It creates numerous schemes based off of critically thought out research in order to dramatically increase the project’s chances for success.
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Frame, J.D., Managing Projects in Organizations: How to Make the Best use of Time, Techniques and People, third ed., San Francisco: Jossey-Bass,112-117, 2003.
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
Projects are widely used by many organizations and government institutions in the course of conducting their business. One of the reasons for this is because they have been proven to be effective in initiating change and translating strategic programs into daily activities. However, it has been established that most projects fail to deliver on time, budget, and customer specifications. In most cases, this failure is caused by over-optimism by the project management team. This over-optimism commonly referred to as optimism bias can simply be defined as overestimating the projects benefits and conversely underestimating its cost and duration time. Research have portrayed that this is often caused by failure to properly identify, understand, and manage effectively the risk associated with the project therefore putting its success at jeopardy(Mott McDonald, 2002). Fortunately, this biasness can be detected and minimized during the project gateway process.
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.
Action #1: Training in project management. As stated in the case, these organizations were at different levels of project management maturity, including two of them that were “clueless” about project management. As their goal was to implement an enterprise project management methodology, training in project management represent the first step in this endeavor. It will also help them to create a general and common understanding of what project management is and how it should be implemented, as the other tow companies that knew and implemented project management, exert their implementation in a different way.
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.
Project success is critical to business performance and still many projects suffer from overruns, delays and failure. Each project is different and consists of risks. According to Morris and Hough (1987), project failure rate are high when one fail to consider and analyze project risks. As per Jiang & Klein (2001), the way project risks are managed has a direct effect on the project deliverables. Tzvi et al. (2002) suggested that there is no risk free project. Project risk management aims to maximize opportunities and minimize threats. This ensures achievements of project objectives. Hence, it is unlikely that a project will be successful without effective project risk management.
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
Project management is a discipline based on careful planning, organization, motivation and control of resources to achieve specific goals and meet specific success criteria. Since every project is unique in nature, a project manager must learn to adapt and identify key areas to drive success. Thus, as a learning initiative, we were given a project to manage through a simulation program named Sim4Project. The emphasis of this simulation was on learning-by-doing, just like in a real-life project. Sim4Project provided a good mix of theoretical knowledge as well as hands-on experience. Professor Leonie gave feedbacks at the end of each period to ensure we were incorporating the project management principles learned in the classroom.
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
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
“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