The Importance Of Project Management

Based on my experience working with many IT projects, it has a start date, uses a set of resources working on a planned interdepended task that are executed over a period of time within the allocated cost and time to accomplish the planned objectives of an organization. The outcome of the accomplishment can vary depending upon the organization from a specific product, service, or meet a legal or regulatory requirement.
According to the Project management Institute (n, d), the project is a temporary endeavor undertaken by any organization to create its unique products, services or a result and defined as temporary in nature with a beginning, end in time, and therefore has a defined scope and resources. Further, a project is a unique set of operations

Project management is accomplished by planning the project, controlling the project activities subject to resource and budget constraints, identify and mitigate the risk to keep the project on schedule. Microsoft project is one of the tools used for planning, monitoring the progress of the activity, track project status for communicating and reporting. The program Evaluation and Review Technique (SNHU, 2015), which considers probabilistic estimates for task durations, provides a graph and visual representation of the interrelationship and sequence of individual project activities to determine the expected project

At a time, to meet the regulatory deadline, projects are de-scoped and the de-scoped objectives are added as a separate project initiative meant to be completed post-merger and close the merger and acquisition as a successful project. During one of the large M&A project, 2 larger financial institutes merged used big bang approach on the cutover day. Despite testing merger scenario of the entire portfolio several times, the increase in volume could not cope up with the transaction posting on time causing inconvenience to customer. Despite doubling the large system capacity to address the issue overnight, it lasted for few days causing brand reputation for next few months. Many lessons were learned during the failed project and the failure were attributed to the poorly thought through cutover strategy, missing to capture a key risk of the timing like mid-month versus month end/quarter end, identifying key risk involved with incremental rollout versus big bang approach and having test system same as the actual production