Value Of Project Management And Management

Executive Summary Project management is the science of planning, organizing, executing, and managing the resources needed to achieve a specific goal. Effective project managers (PM) strategically facilitate the entire project management process to ensure the project’s success. To do this the PM must adequately meet the specific requirements (i.e., time, scope, quality, and cost) set forth by the project and its stakeholders. It is theorized that PM must possess a set of core competencies in order to successfully manage a project. Those competencies are development of project management knowledge areas, application of appropriate project management tools and techniques, understanding of the project

In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.

With the exceptional growth in technology, the present day projects are often large and complex involving a significant risk. So, a Project Management Methodology enables the delivery organization to handle these projects comprehensively, systematically and in an integrated manner, which results in strategic, tactical and operational benefits.

Discussion Question: The Importance of Project Management. Project management has become an important aspect of business in many companies. Projects are integrated with the strategic views of the corporation to ensure maximum benefits are achieved.

Describe specific practices that successful project managers apply in exercising their leadership and management roles overall.

Successful organizations are always looking for ways to improve process and procedures, increase revenues and profits, while staying relevant in today’s business world. Strong leadership is the backbone of any organization and is the catalyst for driving a culture of innovation and change. Organizations looking to make small or large-scale changes typically do so through the implementation of work projects. Projects are collaborative efforts carefully planned and designed to achieve a specific goal. According to Young (2010), “projects take careful planning, and a successful project is one that is done on time and within budget” (p.344). Project management is the activity of planning, organizing, motivating, and controlling resources, while monitoring procedures and timelines, and usually has an assigned project manager (PM). Organizations such as Apple are known to have many projects in motion at any given time. This many projects happening simultaneously can be extremely complex, expensive, and taxing on resources, but somehow Apple has managed to implement project after project with huge success.

The purpose of this paper is to recommend that Project Management is a concept that focuses on the dynamic characteristics of a multi-facetted organization. In such a changing situation, effective communication is a characteristic that should be stressed and becomes the most important tool for the project manager and team members.

Project management is an essential part of businesses and industries in order to advance ahead and add value to products. Project management enables companies to innovate, plan strategically, and for the economy to progress. The important parts of projects are often values such as team working, planning, innovation, time and budget management, and leadership. In the modern society, some projects can be pharmaceuticals (inventing new drugs), IT solutions (new technologies), energy and environment (other sources of energy such as solar), and military (new weapons and machines). The similarities are such that these projects are undertaken to improve the lives of

Using project management offers a business a way for dealing with considerably lowered phase times. With businesses operating internationally projects that can have an effect on the company as a whole are not easy to manage without a proper line of attack. For this, project management would help cross functional teams to be more successful.

Over the past few years, project managers and Project management has shown tremendous growth. Project management has evolved over the past several years from an activity in an organization to a discipline in its own right. Many professional bodies exist today to represent project management as a discipline, Some of which include, PMI, Prince2 Foundation, PM Bok.

Jeffrey K. Pinto and Om P. Kharbanda recognize the importance of project management within the modern day society and not only at the level of the business community, but also at the level of other sectors, such as health care, legislation and so

Rapid growth of technology in the marketplace has companies examining ways in which businesses operate on a normal level. Managers face challenges with the task of adapting to a changing surroundings and a different breed of employees. Managers must implement a different approach that will allow them to become accustomed to situations that develop inside and outside of the company (Kerzner, 2006). Project management will assist managers in moving forward to reduce bureaucracy and launch flexible actions or tasks that will advance the company and the employees.

Project Management is a way to manage, maintain and to monitor the progress of a project. Project Manager is responsible for appropriate management; it is their duty to organize, plan, implement and deliver necessities with in time. Project Management deals with the rules, regulations, procedures and disciplines with respect to a particular project. In the world of today, several organizations are using the applications of project management because it assists in avoiding risk and it measures or evaluate quantitative and qualitative project outcomes more frequently.

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

Project management is not only useful in the working environment, but it could also become great skills that can be used for all life projects that we do through out our life.