Project Management

Over the past few years, project managers and Project management has shown tremendous growth. Project management has evolved over the past several years from an activity in an organization to a discipline in its own right. Many professional bodies exist today to represent project management as a discipline, Some of which include, PMI, Prince2 Foundation, PM Bok.

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.

In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.

Project management is short term; it has a beginning, an end, and has identified steps to take throughout the process. The steps of project management are as follows: proposal, initial investigation, detailed investigation, development and testing, trial, operation and closure, as well as, the evaluation. There are measurable benefits to using project management within an organization for certain key objectives or processes that need

The first step will be to look at the goals of the project, and align them with the mission of the company. Systematically, the project will be broken into phases: Planning, Organizing, Staffing, Directing, Coordinating, Budgeting, Evaluating, and Reporting. Each phase will be further broken down into tasks and placed into a work breakdown structure. From this view, one is able to see the entire project duration, critical path, and milestones. The Planning phase is integral in any project. This phase of the project defines project objectives, mission, goals, and approach. In addition, outlining key elements of the project is critical: performance expectations, risks analysis, and contingency plans. However, after completion

Executive Summary Project management is the science of planning, organizing, executing, and managing the resources needed to achieve a specific goal. Effective project managers (PM) strategically facilitate the entire project management process to ensure the project’s success. To do this the PM must adequately meet the specific requirements (i.e., time, scope, quality, and cost) set forth by the project and its stakeholders. It is theorized that PM must possess a set of core competencies in order to successfully manage a project. Those competencies are development of project management knowledge areas, application of appropriate project management tools and techniques, understanding of the project

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 provides a strong foundation for developing the attributes needed to pursue high-level leadership roles, analytical positions, and many other areas within the business environment.

Business has changed in the past 20 or so years. Products are being produced more rapidly and with the introduction of globalization competition has become more abundant. There is a need to become more customer focused but at the same time quicker to market while still reducing cost. Doing business the old way is just not cutting it anymore. Project management gives companies the ability to focus on many things at once without losing focus on their core business model. Processes become projects that have a start and finish and can be tracked and quantified

Depending on the ambitions of your organization, it may also make sense to add in an opportunity identification phase. Once you have set up the project chronology and timeline through a lifecycle, it is essential to define the activities, deliverables, and decisions that occur at each phase. These activities will build your process while the deliverables will be the tools that support the activities. Initiation phase – The essential tool at this stage of the project is the project charter. The charter should define the project at a high level and include the following components: Problem statement Project objectives Project goals Team leads and members Expected benefits Constraints Dependencies Planning phase – Planning is more than just listing out the tasks of a project. It is critical that the project manager answers the following questions when planning the project. What is the expected project outcome? How will the work be done? What do you expect of the project team members? Who reports to whom? When will the work be performed? Are there any costs associated with the work? Who will be affected by the change? When will the team meet? Who is required to attend the meetings? How will minutes be recorded? The work plan is the primary tool that the project manager should use during this phase. The “perfect” work plan will include all project related tasks and key milestones with

Question 1. What project selection method described in the chapter will ABI probably employ for this proposal? Answer According to the description, the project selection method is profitability of numeric model. We might see the points from the business strategy 1) Bid only on good margin products that have the potential for maintaining their margins over a long term. 2) Pursue only new products. 3) Utilize the most advanced technology in new projects. “ project champion” approach to innovation and creativity. no more than 480 employees. 4) Foster the

The project execution phase of the Project Management Lifecycle is exactly where the work gets done. This is the third phase of the project management life cycle, after Initiation and planning phase project enter into execution phase. In this phase literally project get start to build. Whether it is the building house of a project, changing a process project, or anything kind of project in between, where we can say that the work has begun.

The nature and scope of a project is determined at the initiation stage. This involves analyzing the business needs, developing goals, budgets, tasks, deliverables, and the stakeholder analysis. The project planning stage determines the planning team, develops the scope, and identifies work breakdown structure and activities that will be needed to complete deliverables. The planning stage also estimates time and cost activities, develop schedule and risk plan, and gain formal approval for work to begin. The executing stage involves all processes used to meet the project requirement and involves managing people and resources. The process that entails the identification of potential problems and

Project management is an essential part of businesses and industries in order to advance ahead and add value to products. Project management enables companies to innovate, plan strategically, and for the economy to progress. The important parts of projects are often values such as team working, planning, innovation, time and budget management, and leadership. In the modern society, some projects can be pharmaceuticals (inventing new drugs), IT solutions (new technologies), energy and environment (other sources of energy such as solar), and military (new weapons and machines). The similarities are such that these projects are undertaken to improve the lives of

The seventh and final stage is the closing stage. This step is the risk management assessment part of the planning process. Project managers and their teams must identify all the risks in their project and discuss the alternatives. The plan will be reviewed, discussed, and any potential changes will be made. Once all seven steps are followed accurately a project plan should be planned perfectly and executed just as well.