• Project Management 5th Edition: the Managerial Process / Erik W. Larson, Clifford F. Gary. Copyright 2011.

1232 Words5 Pages
Modern Project Management. 1. Project: A project is an effort or endeavor undertaken for a period of time in the purpose to build, create or achieve a unique product, services or result.
The Characteristics are: * It has an established objective. * It has a defined life span i.e. (Beginning and end) * It involves the input of several departments and professionals. * It’s Unique, because it is what has never been done before. * It makes vital use of specific time, cost and performance requirement.

First of all, a project must have an objective, whether is to build a new car, a new iphone, a new stadium for the Olympics or new software. This purpose is not common in a day to day organizational activity amongst
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Increase Customer Focus. * In recent times, customers need has increase in the sense that they do not settle for generic products and services but also customized products and services to satisfy their specific needs. Project management is critically and crucially to develop and customize products, services to sustain a long lasting lucrative relationship with the customers. Rapid Development of Third World and Closed Economies. * From the collapse of the Soviet Empire and the gradual opening of the Asian Communist countries, there has been an explosion and a high demand across these countries for different types of consumer goods and infrastructural development. Now many companies use project management techniques to establish distribution channels and foreign bases of operations. Small Project Represent Big Problems.

* Several small projects can suck up people’s resources of a company and be represented as hidden cost which is not measured by the accounting system.
Organizations with small ongoing projects concurrently encounter the most challenging project management problems. A crucial question now becomes one of how to create an organizational environment that supports multiproject management. Hence, a process is needed to prioritize and develop a

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