BUS353 Project Management

Write a summary of role of Project Management in today's Business World.

 

 

The summary of role of Project Management in today’s business world:

The project management is the discipline to initiate, plan, execute, control and close a team’s work for achieving particular goals. The main significance of this is to gain every desired aims of a project within the constraints provided (Kerzner 2013).

The project management imparts a huge effect in the current business world. Based on studies and personal and professional experiences the summary analyzes the role of project management in the current era.

The process to complete a particular course in managing the group of related, interdependent and ongoing projects is referred to as the project management. The lifecycles of a project includes four different steps. First one is the defining, that deals with the goals, specifications, tasks and responsibilities. The next phase is the planning and considers the staffing, risks, resources, budgets and schedules. Then come the executing phase that includes the status reports, changes, quality and forecasts (Burke 2013). The last one is the closing where the lessons are learned, and the activities like evaluation, releasing resources, transferring documents and training the customers are done.

The factors in the present day drivers of project management are the knowledge explosion, compressing of the product life cycle, the tripe bottom lines like planet, profit and people, rise in customer focus and the smaller projects denoting huge problems. During the project governance every project management activities are overviewed. It demonstrates the large scenario of how the organizational resources are used. The risks are assessed and there establishes a link between the senior management and the actual project execution management (Fleming and Koppelman 2016).

The project management of today undertakes two socio technical approaches. The first one is the technical dimension or the scientific one. This comprises of the purely logical, disciplined, formal parts of the process. This includes the controlling, scheduling and planning of projects. The next one is the socio-cultural one that falls under the field of arts. This includes the paradoxical and contradictory world to implement. This centers on developing a social system which is temporary under a huge organizational scenario assimilating the talents of sets of professional divergent in nature and working to finish the project.

The strategic management section of the process does the analyzing and formulating strategies for reaching the objectives. The project portfolio management has been building discipline in the selection process of the project (Martinelli and Milosevic 2016). Apart from allocating resources to the projects, it balances the risk across every project and justifies the killing projects improving communication and the support agreements on the project goals.

The highly skilled professionals referred to as the professional managers need to perform the project management. Since the company executives and the entrepreneurs have been dealing with the regular responsibilities to manage a company, it has been vital to utilize dedicated managers to control the projects from the conception till completion (Mir and Pinnington 2014). The project manager faces various challenges in the process if right people are not induced at the correct time for addressing the right issues and making the correct decisions.

They manage the non-repetitive temporary activities and generally act independently. They have been marshalling the resources for that project and linked to the interface of the customer directly. They have been providing integration, coordination and direction to the project team. Thus they are always responsible for the performing and the successful outcome of the project (Larson and Gray 2014). Moreover they react to the changes with proper modifications in the present projects and decisions regarding the future ones. They have known that the strategy of the organization could turn into efficient advocates of the projects aligned along with the objectives.

The project has been the temporary endeavor undertaken to develop any distinct result, service or product. The project managers need to keep eye on all the matters ranging from resources to deadlines given for the project. The project managers understanding the strategy of the organization could turn themselves into more efficient project advocates aligned with the mission of the organization. Understanding of the efficient techniques of project management serves the companies in executing large-scale projects within allocated budget and time. This is done with the minimum disruption to the additional section of the business.

References:

Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.

Cicmil, S., Cooke-Davies, T., Crawford, L. and Richardson, K., 2017, April. Exploring the complexity of projects: Implications of complexity theory for project management practice. Project Management Institute.

Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.

Kerzner, H., 2013. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Larson, E.W. and Gray, C.F., 2014. Project Management: The Managerial Process with MS Project.

Martinelli, R.J. and Milosevic, D.Z., 2016. Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.

Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), pp.202-217.