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Key concepts of project management
Key concepts of project management
Key concepts of project management
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Atkinson (1999) in Project Management: cost, time and quality, two best guesses and a phenomenon, its time to accept other criteria, tries to define project management, and describes the criteria that guarantees project success. Many authors, association, etc. have defined project management differently. For example, “The British Standard for project manager defines project management as the planning, monitoring and control of all aspects of a project and the motivation of all those involved in it to achieve project objectives on time and to specified cost, quality, and performance” (Atkinson, 1999).
Whereas, the UK Association of Project Management (APM) defines project management as “ the planning, organization, monitoring, and control of all aspects of a project and motivation of all involved to achieve project objectives sagely and within agreed time, cost, and performance criteria. The project manger is single point of responsibility for achieving this” (Atkinson, 1999). These definitions were mainly based on “The Iron Triangle”: which includes time, cost, and quality. Atkinson (1999) argues on considering other
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success criteria besides “The Iron Triangle”. Atkinson (1999) introduces new model for success criteria called “The Square Root”.
The Square Root framework includes Iron Triangle: cost, time, and quality; the information system: maintainability, reliability, validity, and information quality use; benefits (organization): improved efficiency, improved effectiveness, increased profits, strategic goals, organizational learning, and reduced waste; benefits (stakeholder community): satisfied user, social and environmental impact, personal development, professional learning, contractors, profits, capital, suppliers, content, project team, economic, and impact to surrounding community. However, considering all success criteria the most important factors to consider while measuring projects success are scope, time, cost, quality, and risks. These five elements play a essential role in project
success.
The initiation phase of a project is not complete without a clearly defined goal and realistic, measurable objectives that describe the business benefits which are expected to be delivered upon completion of a project (Laureate Educatio...
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Phadnis, S. (2006). Selection of project metrics. iSixSigma. Retrieved on 16 August, 2006 from Website: http://www.isixsigma.com/library/content/c011008a.asp
The project used numerous resources which included manpower and money to achieve the set targets. But evaluation upon its completion shows that there were some positive aspects and also negative outcomes of the project. Hence it is fair to compare both the negatives and the positives so as to come up with an overall verdict and conclusion on the success achieved and the failures/challenges encountered...
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,
Achieving the anticipated outcome of cost, time, and quality are traditionally what determines the success or failure of a project (Chipulu et al., 2014). Project success is dependent on the support of senior management, but their involvement in projects and understanding of project management methodologies is perceived to be inadequate by project managers (Ancosky, 2013) or lack of proper governance makes them ineffective (Young & Poon, 2013).
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].
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
Project management requires the measurement of several key data points, metrics and milestones during the lifetime of the project. These data points must be easy to read and interpret. The metrics or indicators used are of different types, qualitative, quantitative, leading, lagging, process, output and more. The measures1 must be collected, interpreted and implemented to enable the management and steering of the project. An important goal of project management is to choose a mix of project metrics such that the different stakeholders each get a precise overview of the project progress in an easy way (Kerzner, 2013).
Project management is the application of skills, knowledge, and techniques to perform projects efficiently and effectively . It is a strategic competency for organizations to enabling them to link results of project to business goals and will be better compete in their markets.
They believe that traditional project management literature is not a multiple functional encyclopaedia but a guideline with theories to solve problems throughout the project. However, the reality is that traditional project management has some limitations and shortcomings. This does not mean traditional methods are wrong, but develops this methodology. In other words, identifying the shortcomings and limitations of traditional views is not the final purpose, the purpose is to enhance and improve it with new knowledge and technology.
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