Understanding the Role of Project Management in Today's Business Environment

As stated by to the Project Management Institute, “A project is a temporary process which has a predetermined beginning and end according to the requirement, and therefore has a set of defined scope and resources. A project is unique as it is not a routine operation. It is rather a specific set of procedures and processes designed to accomplish the targeted goal” (Project Management institute, n.d.). A project is not a continuous or a permanent job which needs continuous work put into it. It is, therefore, different and separated from the daily operation of a company. Since a project is an undertaking of a company to attain some special assignments and tasks, it can be of different financial and operational sizes. Some projects can

Project management has quickly become something that is used by most organizations when the organization wants to finish a project in a timely manner and within budget. Project management helps companies to meet their strategic mission in a planned and organized way. This paper will explain what project management is and the importance of it to the business world, the project life-cycle management and the benefits that project management has to an organization and the concept that goes into the planning of the life-cycle and how research and critical thinking is a mandatory part of planning. This paper will also explain project organizations and the importance of leadership and sponsorship, project team building and the techniques

o If you are considering pursuing a career in project management, you should first find out what specific project job opportunities exist in your

Project management is a relatively young field of professional discipline. The history of project management has been written by Morris, 1994. It shows significant changes and development through the time, also suggesting that some area still needs identifying. Further studies and research are taken to improve project management on five major directions: project complexity, social process, value creation, project conceptualization and development. Meanwhile, strategic/business view, operational/process view and team/leadership view may become the central views for project management research in next few years.

Munns.K.A, Bjeirmi.F.B (1996).The role of project management in achieving project success, International Journal of Project Management Vol. 14, No. 2, pp. 81-87, 1996.

Projects play a large role in businesses today. Projects are becoming the primary instrument for executing and achieving the strategic goals of a company. With global competition increasing, many companies have restructured their business model around modernization, revitalization, and organizational education to compete. This strategy infers that an organization is adaptable and has a mission-driven focus. Now that businesses are so heavily focused on projects, project management has advanced to where it is now a specialized skill set sought after by companies looking to hire. In today’s times, it is virtually unimaginable for someone at any level in the company who would not gain from being proficient in the study of project management.

Currently, the project management is a relatively new wave of management, which takes active positions in solving problems. Effective project management allows the company to plan properly and successfully implement projects, optimizing the investment of time, money and human resources and to ensure a high quality of end products and services. Using the principles and methods of project management enables an organization to achieve business competitive advantages and improve the effectiveness of its activities.

Things will always go wrong in a project. Issues will always arise and depending on the type of issues it can cause major problems and can damage the potential success of the project. There are ways to limit and repair these issues but they will still make an influence on the final outcome of the project.

Project Management has reached a point in human development in which it must face new and emerging challenges. Through the course of history major developments in technology can be thought of in waves. With each wave the there is a revolution in the systems that are developed to improve the quality of life. Examples range from the utilization of iron as a resource to steam power all the way to the internet and communication technology. The primary difference in the six wave of innovation is that the carrying capacity of the Earth and its natural systems are beginning to be jeopardized.

Developing strategic business plans can be very difficult for most organizations serving all sectors and industries. As this is paramount to the organizations implementing and understanding the entire focus is critical to the business. It is imperative for top executives and management to understand the businesses entire focus and drive the crucial projects through the system and obtain those benefits. As many companies do a good job at executing various portions of project development, there are some that fail at project implementation which negatively affects the entire moral in the company. Depending on the company and how they rebound from the project failures defines the operations within the business. If projects are focused on a continuous improvement effort and fails this could result in loss of business and could diminish the company’s reputation and service in the sector.

Originally developed a way back, in the mid-20th century, project management has become a distinctive way to manage business activities nowadays. Another important development is almost virtually universal recognition of the role of innovation and technology in the corporate change, growth and profitability. It is unsurprising that development of innovation is often run as a project. Yet, theoretically both project management and innovation studies have evolved over time as distinctively separate disciplines. In this paper we make an attempt

When we look at the traditional view of business, a company has a particular process it goes through to create its product, “to produce as many of the products as the company can”. This traditional view is a steady-state process where the company continues going through the same process to build ever more of its product. This is good, but we need to keep in mind that the environment that a business operates in is going to change. This calls for the necessity of the company to adapt.

1) Providing specification of actions at various stages of the process and for various functions.

Project management is one of the highest responsibilities in any organization. For CEO’s the major priority is transformation of business along with this the organizations should be ready to cater these changes as a part of growing or building their organization. A great deal of effort planning and proper execution in the given time, cost and scope constraints is essential for any projects success. This implies that even under crucial competency and banal times the organization must emerge with an exceptional project management be it in any sector like project construction, software development, improvement of customer experience , roll out an enterprise IT and so on everything falls under a methodological process one after the other in any business transformation. These major changes in organization cannot take place by business heads or project managers just through the means of normal communication modes like meetings, phone calls and Emails ect.for any organization in this rapid changing time to market, business agility.so in order to set of tools execute project success the project manager and project management team should be provided a set of tools or applications and cloud services for capital planning, budget control, risk management and analysis , project tracker and analytics etc which can be adopted for project management as per the needs of the project.

Before we start, a short note on the word “Project Management”. It is important to understand the meaning of them furthermore their relation in management area. Project management can be stated as the procedure and action of planning, sorting out, motivating, and controlling assets, strategies and conventions to accomplish particular objectives in experimental or day by day issues. A project is a distinctive, transitory work, involved to accomplish planned purposes, which could be characterized as far as yields, results or benefits. A project is generally esteemed to be a win in the event that it accomplishes the goals as per their acknowledgment criteria, within a concurred timescale and expenditure plan.