Project Management Culture And Management

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In the banking industry banks, credit unions and other FDIC insured institutions are faced with constant regulatory changes. Financial institutions need to be ready to implement all required changes. These changes can be software changes, documentation changes, products and services. Encouraging project management in the organization is a benefit in which financial institutions will be well prepared when new changes need to be implemented. Project management is a method that consists of skills, knowledge, team building, and conflict management that follows a detailed plan to efficiently and effectively execute a project. Many companies are beginning to establish a project management culture to encourage employees to play bigger roles in the planning of projects. This culture will reduce the chances of failing projects and ensure a level of quality and ownership by employees. Establishing a project management culture is a tactical method to successfully accomplish the organizations goals with fewer risks and teach employees how to communicate and interact with one another (Cooley, 2014). The financial institution will be able to develop a team to take immediate action if a new regulation requires the institution to put into action a new service or product for consumers. A program management culture will encourage staff to continue to learn and be ready and willing to be part of a team.

The bank has grown significantly in the last
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