The Importance Of Project Management For Sustainable Economic Growth

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

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.

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

In this paper, I, a student of University of Phoenix will explain and discuss project management. I will address three main points. I will first answer what is a project. Secondly, I will discuss what are the basic phases of the project lifecycle and their purpose. Finally, I will explain why it 's important for organizations to use project management to accomplish tasks.

In this paper the word ‘project” is defined, discussed and elaborated on. The phases of a project lifecycle and its purpose are to be discussed, and how it is important for organizations to use project management to accomplish tasks will in conclusion be discussed thoroughly. The indisputable word ‘Project” may be defined in numerous unusual ways, some can all have the same meaning and others can mislead a reader. The definition that accurately explains what a project is, comes from the Houghton Mifflin Company (2009) website stating; “something that is contemplated, devised, or planned; plan; scheme.” A definition that can mislead a reader is this definition from the same website just two paragraphs

Larson, E.W. and Gray, C.F. (2012, p. 214). Project Management: The Managerial Process, 5th Ed. McGraw-Hill Learning Solutions. Boston, MA.

A project is a set of activities that normally coordinate toward some major output and planned considerable period of time to carry out. In the meantime, project management is described as planning, directing, and

The use of project management to accomplish any task for an organization is important. On time and at cost, project managers are valuable assets to an organization. “Most of the time a project manager is a project owner. He or she is responsible for the leadership of the project from inception to completion. The project manager leads the team and helps negotiate the multiple relationships within any project” (Carr, 2010). Having a project manager within an organization can have many benefits. A project manager can benefit an organization by identifying responsibilities, reducing the need for unnecessary reports, measuring the accomplishments against plans, and knowing when all objectives will be met or exceeded (Krezner, 2006).

All in all, and taken from Burke (2003) framework, we could divide the project life cycle into four phases:

Regardless of a business size and type, or its product line and/or services, organizational structure and effective communication across all levels are key components of project management best practices and are essential for organizational success. One approach organizations can take to enhance its business practices is to adopt and implement a comprehensive project management system, capable of addressing organizational project requirements at various levels; small, medium and large scale projects. According to Diab (2012), project management systems are commonplace in large organizations and are rarely implemented in small and medium size companies. One could equally contend that even though the

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

Projects are being born all around us and can be found in every facet of life – they can range from say the relatively simple task of organising and executing a dinner party to mega projects such as the construction of the Channel Tunnel. This paper aims to investigate some fundamental questions relating to the make –up of the project lifecycle, failures that can occur within it and the effect that good project management

2. Understanding project actuality At this point, we draw the reader’s attention to the paper in this issue by Winter et al. [1] which summarises and discusses the principle finding of the Network – the proposed shift in thinking and research orientation to tackle the identified and so far neglected themes from practitioners’ experiences with project working and management in a novel way, thus creating knowledge which is relevant to practice and reflects the interests of both academic and practitioner communities. In a nutshell, the identified themes for collaborative investigation are the areas of project complexity, social process, value creation, project conceptualisation and practitioner development. Table 1 in [1] details the proposed directions, which have been used together with the methodological framework (Fig. 1 in [1]) to facilitate this paper. 3. Conceptual and theoretical considerations in project actuality research We would like to start with the premise that ‘project actuality’ encompasses the understanding of the lived experience of organisational members with work and life in their local project environments. Their actions, decisions and behaviours are understood as being embedded in and continuously re-shaped by local patterns of power relations and communicative inter-subjective interaction in real time. The

Project management as a discipline is based upon the application of management theories into a practical context. Many of the issues within project management can be approached from the business areas of Human Resource Management, Organizational Analysis, Finance, and Operations Management and to some degree Strategic Management. In this sense project management focuses on the application of knowledge of the dynamic and often pressurized work of the project manager. Most organizations just like this one have encountered projects that did not end on time, were over budget or changed in scope over time. There are many pitfalls that can sink projects. Here I will focus on some reasons why these projects fail. Find the key weaknesses. Recommend

In this era of globalisation, project management has been widely utilized to enhance the competitive edge of an organisation. Project management serves as a platform for many companies to achieve organizational excellence and success.