Project Management : A Company

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When we look at the traditional view of business, a company has a particular process it goes through to create its product, “to produce as many of the products as the company can”. This traditional view is a steady-state process where the company continues going through the same process to build ever more of its product. This is good, but we need to keep in mind that the environment that a business operates in is going to change. This calls for the necessity of the company to adapt.
This is where projects come in. A project is created within a company to help it to adapt to the new changing environment. An individual project is not a specified task but could be about improving manufacturing methods, developing a new product to
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Although the details have changed, the overarching philosophy has remained the same: In order to succeed, all the different personnel and systems within a business must work harmoniously to achieve goals and successfully complete projects.
In the past two decades, the growth of information technology has led to new innovation across every field. The rapid growth in mobile technology and internet has changed the way people access and share information. This new shift in decentralized long-distance business along with today’s financial woes have forced a majority of companies to pick members of project teams from across a wide range of global locations and have them communicate virtually–through phone, e-mail and videoconference–thereby saving both time and money. The management of this system is handled by the virtual project management which ensures that virtual teams collaborate for a finite period of time towards a specific goal.
Virtual Teams and its Organizational System
Peterson & Stohr identify virtual teams as a “group of individuals who work across time, space and organizational boundaries with links strengthened by webs of communication technology. They have complementary skills and are committed to a common purpose, have interdependent performance goals, and share an approach to work for which they hold themselves mutually accountable.”
When we look at virtual teams, there are 4 major focus areas which are looked
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