Project Management : A Strategic Value That Gives Companies An Edge On Their Competitors

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.

A project manager must be a skillful planner and can inspire his or her team to produce as needed. Per LaBrosse (2007), project management can be used throughout the organization to boost personal and collaborative productivity by building a standardized system that embeds best practices into the way projects are managed” (p.26).

Project Management is the art of arranging, sorting out, spurring, and controlling resources to attain specific objectives. A project is a brief endeavor intended to deliver a unique product, service, attempted to meet extraordinary objectives and goals, commonly to achieve helpful change or included quality.

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.

Project management is defined by BusinessDictionary.com as, “Approach to management of work within the constraints of time, cost, and performance requirements.” Project management requires careful planning and studying all of the factors involved with in the project. Project Managers must first establish the needs of the stakeholders and provide a project plan which includes the cost and time frame the project will be completed. In addition, projects requirements should be clear and concise to ensure the Project Manager stays within

The term ‘project management’ is formed of two words and for the moment, will be broken down as such. The word ‘project’ is defined by Google as ‘an individual or collaborative enterprise that is carefully planned to achieve a particular aim’. ‘Management’, which is the second part of the term, is defined by Google as ‘the process of dealing with or controlling things or people’. So if these were combined, project management would be defined as ‘carefully planning an individual or collaborative enterprise that is carefully planned to achieve a particular aim while dealing with people and other circumstances’. While this definition is relatively accurate, it lacks detail and essential components which define project management as what it actually is. Therefore, the PMI (Project Management Institute) defines project management differently to this. The Project Management Institute definition is ‘is the application of knowledge, skills and techniques to execute projects effectively and efficiently’. This is highly accurate because it contains information of what a project manager’s role is rather than explaining what project management is in general which is, technically, not a

What is project management? Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. (PMBOK 2004)

Projects are unique because it is a one-time operation designed to accomplish a set of objectives in a limited time frame. They all involve planning, preparation, and coordinating work that is to be done. Priorities must be set in order for the project to be accomplished. Project management techniques and software is necessary to maintain a schedule and budget performance. Project Management is the set of knowledge, skills, and abilities that plan, organize, implement, control, and complete projects given finite resources of people, equipment, and time.

Project management plays a vital part in planning and determining the project 's directions and it likewise guarantees that project can be executed on budget, on time and meet organization 's requirements. (Bernard & David, 2003) Thus, clear vision, plan and strategy ought to be resolved to know that project ought to be controlled (Holland, 1999).

Project management is the discipline of initiating, planning, executing, controlling, and closing the work done by a team to

With aspiration of becoming a project manager, the information pertained throughout this course served as a great guide to being an effective project manager. Being effective is the best route in ensuring a successful project. It is critical that the project is managed effective from the beginning of the business project. While the success of a project is never guaranteed, project managers have better chances with implementing the tools discussed from this course. I will first discuss the importance of project management to the business world. In addition, the different components of project management such as project life-cycle management, project organizations, team building, work breakdown structure and the use of project management software are some of the implement to be discussed as well. The software comes with the benefits that can be provided to a project management organization.

A project is a sequence of unique, complex, and connected activities having one goal or purpose and that must be completed by a specific time, within budget, and according specification. Project management is a method and a set of techniques based on the accepted principles of management used for planning, estimating, and controlling work activities to reach a desired end result on time- within budget and according to specification (Wysocki, R.K. 2007). Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements (PMI, Project Management Body of Knowledge (PMBOK Guide), 2000, p. 6). In this essay I will be explaining some of the theories and try them to apply

Successful project management is an important element of profitable organizations. According to Larson and Gray (2014), “project management provides people with a powerful set of tools that improves their ability to plan, implement, and manage activities to accomplish specific organizational objectives” (p. 3). Project management also always a project oriented organization to make educated decisions on which projects their organization should pursue. According to Bolat, Cebi, Gul, and Otay (2014), “organizations have to focus on improvement of project selection process coping with various multiple criteria, objectives and various goals that usually conflict with each other in terms of completion time, project budget and number of workers, etc.” (p. 247).

Project management, is a strategy that works proportionally with the effort put into it from every aspect, whether it’s human resource, Physical resource or time. The skill and knowledge of an individual/team put into the application of techniques, and the tools and materials for the realisation of the project should all be taken into account to build what is called a successful project.

In a world growing more dynamic and challenging, individuals and institutions seek new ways to adapt to the changing times. One specific solution in this sense is represented by project management. The concept is often associated with the business community, where the projects are business related, but its application in real life is far wider. Particularly, project management is an integrant part of how we organize our personal and professional actions and it impacts every aspect of our lives.