The Importance Of Project Management For Sustainable Economic Growth

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The Importance of Project Management The field of project management is one of endless possibly in many fields including but not limited to, engineers, business, marketing, management information systems, finance, healthcare, computer sciences, and construction. According to Larson and Gray (2014), “business leaders and experts have proclaimed that project management is critical to sustainable economic growth” (p.3). Ron Kasabian, general manager of Intel is quoted in a PMI White Paper as saying “Good project management discipline stopped us from spending money on projects that fail” (PMI, 2010). This is a symptom of an increasingly competitive business environment in a global market. Projects are becoming more complex in nature and moving at ever great speeds. If businesses are not prudent with the resources in their possession, which includes time, people, materials, and equipment, they will not remain viable and competitive.
Project Life-Cycle A project is defined by Gary Heerkens (2002) as “a temporary endeavor undertaken to create a unique product or service” and a project manager as “the person ultimately responsible for the success or failure of a project” (p. 2). Successful managers follow a process to ensure objectives are met. An important tool in the arsenal of project management is the project life cycle that “defines the phases that connect the beginning of a project to its end” (PMI, 2004, p. 19). The phases include the initiation phase, the
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