EXECUTIVE SUMMARY
Project Management is the essential part of an organization to take necessary efforts to create a product or a result. As the organization grows large the complexity and the risk factors goes high. Each project has a project manager. Managers have to monitor and coordinate different projects at the same time and it is an art or skill to getting things done by others. Every project has its life cycle that means a start and end point. Some may be successful and some may not. There are some critical factors which restrict from success and eventually lead to project failure. Apart from the critical factors, all organisations should have clear understanding of why particular project is important. Is this project is prioritized? .WHAT to achieve, WHEN and HOW to complete the project (Sara, Amaya ,Angel,Pedro,2013). Primary analysis of these questions are necessary for the success.For a project “requirement and specification” plays a vital role. Design, planning, use of resources and cost estimation of a project are done based on the requirement and specification. A project with well defined objectives with efficient definitions shows the way to success.Functions of Project Management includes activities such as planning, cost control, quality control, risk management and safety management in order to achieve project goals (Sara, Amaya ,Angel,Pedro,2013) .
1.0 INTRODUCTION
Successful project always have an effective assessment and
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
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.
‘Project management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements’ (Project Management Institute, 2009, p12). Once a project has been approved a project manager is assigned to the project, and ‘is expected to integrate all aspects of the project, ensure that the proper knowledge and resources are available when they are needed, and ensure that the results are produced in a timely, cost-effective manner’ (Meredith and Mantel, 2010, p5). In order to allow this to happen there are several key aspects of a project which need to be carefully thought out and controlled.
Until 19th century, in an industry, almost all the projects were handled by engineers themselves. Halfway through the 20th century, project management evolved as a discipline in the field of engineering, construction, manufacturing and defense. As industrial evolution took place complexity of the projects undertaken by industry increased and organizations began applying management tools and techniques to plan these complex projects. Nowadays, from past 30 -40 years, project management has been integral part of almost every industry. Be it a pharmaceutical, IT, healthcare or government agency; project management thrives in it. Hence surely, it has changed the face of industrial project in terms of planning, organizing and controlling the resources to achieve the desired goals. And it will continue to do so in future. The article supports the claim that industrial project management has changed over the years and will evolve more and more in the future also.
Project Management is quickly becoming a field of study and importance in the business world. A search on the Internet of the title “Project Management” yields hundreds or results including forums, training manuals and job openings for related positions. Project Management is a broad term referencing the necessary steps taken by management to ensure a product is feasible before and during implementation. According to Project Management Learning Objectives, the steps to achieve success in this area include: testing and measuring products, evaluating and managing the product cycle, comparing costs and benefits, measuring product worth, economic analysis, product analysis, teambuilding and leadership, and budgeting
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 has become one of the most admired tools for both public and private organizations as project handlers have wanted ways to develop their operations. Project managers seek to accomplish success across all sectors when handling a mission. Technological development, new product development and reform of business perspectives are examples of targets place by project managers. During the initiation of a project, there is the careful scheduling, organizing and prioritizing obtainable income achieving the desired result or the project outcome in the least. At beginning stage, a project seeks to accomplish the place down target within a smallest time while using
Project management is divided into five interrelated but, distinctive phases. These phases are: Project initiation; Project planning; Project execution; Project Monitoring and controlling and, Project Termination. In project management, time, money and scope are the three principal components considered to have a bearing on the success of the project. These are interrelated and, a balance between them is needful in order to ensure efficient and
Currently, the project management is a relatively new wave of management, which takes active positions in solving problems. Effective project management allows the company to plan properly and successfully implement projects, optimizing the investment of time, money and human resources and to ensure a high quality of end products and services. Using the principles and methods of project management enables an organization to achieve business competitive advantages and improve the effectiveness of its activities.
The way a project is conducted can have a significant impact on the success (PMBOK, 2013, p. 1) and that is why best practices for project management are needed. A project’s goal is to create a product, service, or result, which can be tangible or intangible, but always needs to have a clear beginning and ending (PMBOK, 2013, p. 3). Even though every project is different and unique, all projects are created for long lasting outcomes (PMBOK, 2013, p. 3). Because of these reasons, projects need management. Project Management is the application of knowledge, skills, tools, and techniques that guide the project to meet its purpose (PMBOK, 2013, p. 5). There are five process groups that are: initiating, planning, executing,
In order to achieve their business objective, project management and the used methodology are key factor which will be responsible for the success or failure of this project.
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.
It has been recognized over the last 30 years that project management is an efficient tool to handle novel or complex activities which is called a project (Munns and Bjeirmi 1996). According to El-Reddy (2011), project management is defined as the planning, organization, direction, and control of all kinds of resources in a specific time period for acquiring a defined objective comprised of numerous financial and non-financial targets. The goal of a project manager is to complete the defined objective on time. The project manager has to coordinate the deployment of available personnel, and the range of skills they bring, to accomplish project goals on time and on budget as claimed by
Project management involves starting, planning, acting, control and the closure of a team’s work so as to achieve specific set objectives. A project is defined as a temporary endeavour which is formulated to give birth to a unique product, service or a result which had fore-shadowed beginning and end. It is usually taken to meet specific goals and objectives which bring out added advantage (Dunne and Dunne, 2011).
The need to realize big and complex projects dates backs to the early years of civilization and is at the source of necessity to think Projects. Project Management (PM) is now a separate discipline that is adopted by various fields. The usage of the PM continues to grow rapidly by as much as 20 percent per year. The project management institute, for instance, the professional association of the project management increased its world-wide membership to over 70,000. The need for the efficient and effective management is widely recognized (O’Sheedy, 2012). Therefore, the field of project management theory and practice has taken tremendous strides forward in the past few decades (Demeulemeester & Herroelen, 2002: 20-21). PM has gone through the long