Premium Essay

Project Management in Today’s Business

In: Business and Management

Submitted By nisalNMG
Words 518
Pages 3
According to my understanding project management is important because there is an intense competition between the firms in today’s business environment.in order to achieve an advantage over competing firms, efficiency and success of each and every project is very important .most of all project management is a necessity because of the budgets and resources are limited and time constraints are very strict. As far as I concerned managing a project is a complex task which consists of number of phases and it is a non-repetitive process which has a beginning and an end. Various different tools can be used in this process and these tools will help to measure accomplishments, progress and project tasks.
Project management help to reduce the risk of failure and increase the chance of success.it also help to overcome problems and to address the challenges which may arise throughout the life cycle of the project.by applying project management activities, the project it will become flexible and will be able to adapt to possible changes that may occur in the future and will achieve higher performance and probability of higher success.
According to my opinion project management can be applied to many organizations and industries. For examples we can consider Information Technology, Engineering and Architecture, Manufacturing, Software Development and banking among many others. Project management is discipline and a process.it is consists of set of method and tools which can be used to define and plan required processes to achieve project goals.it is also helpful to guide the people or the teams who are engaged with the projects to finish their work successfully. It is obvious that resources required for conducting any kind of a project is limited. Project management can be used to make sure that use of these scarce resources is optimized. Using such a formal methodology handle…...

Similar Documents

Premium Essay

Project Management

...Global Business Management PROJECT MANAGEMENT ASSIGNMENT TOPIC HOW PROJECT MANAGEMENT IS USED IN AN INDUSTRY? QUESTIONS: WHAT ROLE PROJECT MANAGEMENT PLAYS IN THE INDUSTRY CHOSEN? IS IT A CORE REQUIREMENT TO KNOW THE SUBJECT? HOW PERVASIVE IS ITS USAGE? HAS IT ALWAYS BEEN A TOOL IN THE INDUSTRY? WHO USES THE TOOL AND FOR WHAT: GIVE EXAMPLES Contents This research seeks to answer the questions as outlined in the the topic, as they relate to project management in the financial sector and specifically the banking sector. Research on five of Canada’s top bank was conducted along with examining project management as a whole. The financial sector was chosen based on the fact that Banking will be my place of work in the future and given my overall background in financial services, having worked in this field for a number of years. INTRODUCTION Brief History According to Wikipedia Project management processes took shape round about the 1950’s wherein organizations began to analytically apply the process to complex engineering projects. It was developed from several fields of applications namely, civil engineering, construction, and heavy defense activity. The two forefathers of this discipline were Henry Gantt (1861-1919) who was the founder of the Gantt Chart, used as a project management tool and Henri Fayol,(who created the five management functions that today is referred to as the body of knowledge and is the foundation of project......

Words: 1487 - Pages: 6

Premium Essay

The Business Environment in Today’s Economy

...The Business Environment in Today’s Economy Lisa K. St. Clair Strayer University BUS 100 February 7, 2013 Professor Jerome Newman The Business Environment in Today’s Economy Our economy is made up of financial and social systems which depend on the flow of goods and services that businesses provide. The vast majority of enterprises in the United States are made up of individuals, businesses, and nonprofit organizations. Various departments of the government own a number of major enterprises including the military, universities, postal services and national parks. The mix of both free enterprise and government owned enterprises is known as mixed economics. The quality of life in our society is impacted by value that these businesses bring to our economy. This can be measured in monetary value and also by assessing the standards of living in our economic system. (Kelly/McGowan, 2012) The Role of Business The actions of businesses or organizations can positively influence our economy or can cause devastating effects. The direct result from businesses that practice greed and unethical choices contributed to the U.S. economic collapse in the fall of 2008 (Permanent Subcommittee on Investigations , 2011). In the wake of this economic crisis many business and organizations were forced to rethink their strategies and invest in technological advances as a way to improve standards of living and continue to earn a profit. Businesses must not only continue to focus......

Words: 1281 - Pages: 6

Premium Essay

Project Management

...Project management is vital for business success January 2013 Business colleagues shaking handsIn today’s challenging economic environment, senior management needs to understand the fundamental supportive and strategic role that project management plays in business. If companies are to pursue their plans for stability and growth they need to cease seeing project management as a functional activity and place it at the core of their business processes. At the same time, project managers and planners share the responsibility to engage better on a business basis with senior executives. Download the full white paper We must disabuse ourselves of the notion that project management is limited to specific industries, such as construction, engineering and manufacturing, indeed it is relevant to these industries but not only these. What successful business would admit that they pay scant regard to resource, time and progress management? The concept of project management focused traditionally on delivery challenges; this has long since widened in scope and takes in a vastly greater landscape of business challenges including management transparency through reporting functionality, financial planning and compliance. Working with so many companies to hone their project management approaches in a highly mature software sector, has shown us how enterprises can be supported at a strategic level with integrated project management. Many company leaders are still failing to......

Words: 1090 - Pages: 5

Premium Essay

Project Management

...Project Management Russell Moses INF 410: Project Management Instructor: Ernesto Messavussu February 24, 2014 This paper will discuss and outline as to why project management plays such a vital and important role in today’s business world. “Business leaders and experts have proclaimed that project management is a strategic imperative and that project management provides people with a powerful set of tools that improves their ability to plan, implement, and manage activities to accomplish specific goals set by an organization.” (Larson & Gray, 2011) That about sums it up I think, heck I could write a whole page that could be my introduction, but I won’t. Project Management is a type of management style that’s very results driven and at its core is the collaboration in building lasting relationships among a large diverse cast of characters. Project management fundamentals are very universal, the skills a PM uses to say develop a new product or process can also be used with some changes to create a brand new service, build a hospital or even a single family home. Project management is such a critical part in most careers, which the skill can be transferred across most professions and organizations. (Larson & Gray, 2011) The business world today has become so much better with project management skills thrown into the mix, vs years ago when NO type of project management breakdown, skills or thought was used during a project. To me, project...

Words: 2321 - Pages: 10

Premium Essay

Project Management

...Project management Assignment 1 Assignment Title:Project management Lecturer Name: Frank Wiengarten & Dipan K Mehta Student Name: LU DAZHI Student Number: 13207617 Word Count: Content 1.0 Introduction 1.0 Introduction Project management is a manager in the project, it using systems viewpoint, methods, theory and any refer to the job to effectively manage under the limited resource condition. When the project process to start from investment decision-making until the project end, planning, organize, command, coordination, control and evaluation in order to achieve the project goals. I will discuss why project management is important, its role on today's business environment and how projects can be managed efficiently & effectively in following stages. 2.0 Why project management is important Project management has emerged as a major factor that determines the success of an organization. Whether it is facing a problem of an economic crisis or generating large turnover, it plays the key role in the develop of a company. Since ancient times, humans have established the concept of project management in the construction of monuments and various other buildings. However, since the early 1950s, project management started to as a major discipline in the organization. It forms the backbone in many fields like defense, civil engineering, and infrastructure development etc. In the duration in which whole......

Words: 507 - Pages: 3

Premium Essay

Project Management

...1.0 Why project management is important Project Management is the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements. Project management involves in a series of organizing components of a project. Such activities on the project are like development of new products, launching of a new service and marketing campaign. Project management also involves in planning, organizing, leading and controlling the resources both human and physical to reach the project’s goals effectively and efficiently. Therefore, project management has a very broad term of explaining it, as it covers different techniques, methods, process and strategies and the main purpose of all of them that is to minimize the chances of loss or failure of any projects (MAJEED, 2013). Project management gives a system to help finish objectives. Every project is different, however all impart their beginnings in a thought what could be and a potential for a decent conclusion if that thought is guided into reality. Thus, project management is really essential in determining the success of that current projects. Project Management is important because it monitors closely and control processes and schedules and this can more effectively complete each projects according to its given time, cost and scope. Increasing or decreasing each of these three elements will impact one another. • Timeline The importance of project management is because it gives a clear...

Words: 1495 - Pages: 6

Premium Essay

Project Management

...Project Management 1. Introduction As a discipline and professional subject, project management has gained unprecedented prevalence throughout the world as a consequence of its role in assisting the organization to efficiently utilize limited resources, resolving sophisticated technology and enhancing its survive in the increasingly competitive market. Specifically, implementing project management techniques assists the organization in curtailing the overheads costs, satisfying project deadlines and customizing the project workplace and so forth. Some 4500 years ago, projects had been undertaken with the pyramids construction by the ancient Egyptians, but it is universally accepted that the period of 1950s is an indication of the arrival of modern management era and the commencement of utilizing formal project management tools and techniques (Awan, 2010). Economic pressures of the industrialized world, competition between rival companies and greater regard for the value, well-being and hence the employment costs of working people have all contributed to the development of new project management ideas and techniques. The purpose of this essay is to identify the major developments in the domain of project management over the past five decades and to explain how these historical developments influence the understanding of modern project management. 2. Crucial Developments in the Field of PM and Repercussions on Understanding Modern Project Management Prior to......

Words: 2234 - Pages: 9

Premium Essay

Project Management

...related to project management? The video illustrate the introduction of the project management institute. The video shows the project management training programs from registered education provider. In the video, it provided basic information of project management standards. The website source shows the project management maintaining connections with the business world, successful project management programs are learning to adapt to address the changing needs of business. However, the video shows several main points of project management training. Frist one, project management education is growing globally. Second, organizations want project managers with the right skills. 2) How is this specifically related to the textbook information? (Be specific!) The video mentions the important reason why choose from the project management institute and how the project management training development. Project management provides people with a powerful set of tools that improves their ability to plan, implement, and manage activities to accomplish specific organizational objectives. Exciting opportunities await people skilled in project management. (Larson and Gray 2-3). The YouTube video does relate to the textbook information.   Because this video is a good commercial introduction to the Project Management Institute. In the textbook, chapter one is all about the modern project management, the importance of project management, and an integrative approach of today’s project......

Words: 277 - Pages: 2

Premium Essay

Management Training for Today's Market

...Management Training THE NEED FOR MANAGEMENT TRAINING We have a new breed of managers today. Gone are the days when managers can just sit back comfortably and relax. Current corporate situations demand quick reactions and fast, appropriate, solutions on a daily basis. So the answer is to be at the top of your game and to do this you need to undertake management training. THE TARGET GROUP OF MANAGEMENT TRAINING Management training is designed to cater to the needs of the people in the upper echelon of an enterprise. Be they young or old, fresh or long-time administrators, they need trainings to enhance their management skills. That’s the only way to survive and win out the rigid corporate demands and the ruthless business competitions. There is also a particular group that needs these trainings the most. They are what we call the transition managers. A lot of managers are promoted from within the rank-and-file of a company, and typically, they never have received training on how to handle the new responsibilities given them. Many companies realize that management training is crucial to a successful transition so they normally require that these rookie supervisors undergo such. THE IMPORTANCE OF MANAGEMENT TRAINING It is evident that the skill and ability to manage employees well have a significant financial impact on the company. Whenever someone wants to measure the effectiveness of the management staff, that person needs to check the following: employee......

Words: 904 - Pages: 4

Premium Essay

Project Management for Business

...Project management for business Contents Introduction……………………………………………………………………………………. 1 Task 1………………………………………………………………………………………….. 1 1.1 Describe the background and the principles of project management……………………. 1 1.2 Appraise the viability of projects, developing success/failure criteria…………………... 2 1.3 Explain the principles behind project management system and procedures…………….. 4 1.4 Explain the key elements involved in terminating projects and conducting post project appraisal………………………………………………………………………………………. 6 Task 2…………………………………………………………………………………………. 7 2.1 Identify the most appropriate organizational structure, roles and responsibilities of participants within project…………………………………………………………………….. 7 2.2 Control and co-ordinate ………………………………………………………………... 9 2.3 Assess project leadership requirements and qualities…………………………………... 10 2.4 Plan and specify human resources requirements for a project………………………….. 10 Task 3………………………………………………………………………………………… 11 3.1 Prepare project plan and establish the project organization…………………………….. 11 3.2 Applying project scheduling, estimating and cost control techniques………………….. 13 3.3 Analyze the methods used to measure project performance……………………………. 15 3.4 Explain project change control procedures, evaluate the completed project…………… 15 Conclusion…………………………………………………………………………………… 16 Reference…………………………………………………………………………………….. ......

Words: 4945 - Pages: 20

Premium Essay

Project Management for Business

...Project Management for Business LO1 Project management principles Introduction of project management Project management is a planned and structured effort to achieve an objective or is the process of managing, allocating, and timing available resources to achieve the desired goal of a project in an efficient and expedient manner, for example, creating a new system or constructing a project. Project management is widely recognized as a practical way of ensuring that projects meet objectives and products are delivered on time, within budget and to correct quality specification, while at the same time controlling or maintaining the scope of the project at the correct level. Project management includes developing a project plan, which includes defining and confirming the project goals and objectives, identifying tasks and how goals will be achieved, quantifying the resources needed, and determining budgets and timelines for completion. It also includes managing the implementation of the project plan, along with operating regular 'controls' to ensure that there is accurate and objective information on 'performance' relative to the plan, and the mechanisms to implement recovery actions where necessary. Projects usually follow major phases or stages (with various titles for these), including feasibility, definition, project planning, implementation, evaluation and support/maintenance Principles of project management The Success Principle The main goal of project......

Words: 7296 - Pages: 30

Premium Essay

Business Project Management

...Business Project Management | BTEC L3 Diploma/Ext. Dipl. - Business | | Salindu Sadishan | 7/1/15 | Task 1 This task provides evidence for assessment criteria: P1, P2 and P3 A project is said to be a planned set of interrelated tasks, to be executed over a fixed period and within certain cost and other limitations. There are three basic types of business project. The first is the strategic project. This type of project is focused on achieving objectives determined during the business planning or strategic process. A second type is the operational project. These are projects that are initiated for business reasons other than achieving a strategic objective. For example, a general ledger may have become obsolete. So a business project is initiated in order to implement a new release of the general ledger. The third type is the repeating or operationalized project. These projects run so frequently that much of the regular project planning can be repeated. http://www.pmhut.com/what-is-a-business-project Project Life Cycle Origination Someone proposes an idea worth pursuing and solicits support for the idea in the project origination phase. Costs and staffing needs are minimal at this stage. The project gets sent to a committee for evaluation, and if the idea is selected further commitment to the project progresses, including budget and preliminary needs. If there is a long delay in the project life cycle, it is typically in the origination phase,......

Words: 2603 - Pages: 11

Premium Essay

Project Management for Business

...|Assignment Name: |Project Management for Business | Section 1 Introduction Section 1 of this unit will demonstrate an understanding of project management principles. It will describe the background and principles of project management and appraise the viability of projects developing success/failure criteria. It will explain the principles behind project management systems and procedures. Finally it will explain the key elements involved in terminating projects and conducting post-project appraisals. • Background and principles Project management in its most basic form has been with us for centuries, the ancient Egyptians building the pyramids, the Great Wall of China and so many other huge building projects from centuries ago. But it was not until 1917 when Henry Gantt developed the self-named Gantt chart that we start to see the developments of a more modern way to manage projects. The Gantt chart was basically a scheduling diagram. [pic] http://www.ganttchart.com The idea behind the Gantt chart was to list all process within the project and give a start and end date for them. This was first used on the hover dame project. However, the use of the Gantt chart didn’t take into account other aspects of project management such as budgets or the political aspects that can come with projects. It wasn’t until after the......

Words: 5689 - Pages: 23

Premium Essay

Unit 28 – Business Project Management

...The best methodologies, in my opinion, for the Project Stock would be Network Flow Diagram and Project Software. Using Network Flow Diagram will help ShoeRUs to visualize and understand how the project will work and proceed. This diagram will also display the link with all the components of the project. (Network Diagram, 2015) One more strength of this methodology is that the format of this diagram will make it easier to determine the flow of the project, where the current project is in its lifecycle and also link of activities taking place during the whole lifecycle. The main aim of this methodology is to enable to create a diagram for the project broken down into smaller tasks which are important for completing the whole project. Another methodology is the Project Software. There are a lot of strengths that comes with this type of methodology. One of its strengths is that it provides the company to evaluate the direction that the project is taking. It also helps the company to revisit every task in the project lifecycle. By doing this, the company will reduce the costs and the time that will take to finalize the project being developed. It also helps the company to build the project as expected. (Miranda Brookins, 2015) For the Project Moving House, I will choose the Budget Methodology and the Schedule Methodology. The Budget methodology will help the family to control the costs of moving their furniture and other personal belongings to their new house. By using this......

Words: 311 - Pages: 2

Free Essay

The Role of Business in Today’s Economy

...Business plays a major role within our economy. There are different types of businesses such as retail, healthcare, banking, etc. Businesses are the major providers of jobs and economic growth in a capitalistic economy. For example, if the economy were to slow down, businesses would also slow down, which could impede growth and expansion. This would cause a domino effect in which businesses may begin to cut costs and people could lose their jobs. As a result, this would increase the economy’s unemployment rate, which means more people would be out of work and there would be less consumer spending to keep the economy growing. When the economy is growing, businesses are also growing. More funds are available to businesses, which would help them grow and expand their business. This would result in a low unemployment rate, which means people are working and the consumers would have money to spend to increase economic growth. There are many differences that for profit and nonprofit organizations have. For-Profit organizations have goals of starting a business solely for the purpose of making money. These businesses usually sell good or a service for profit. Nonprofit organizations usually have a mission that helps the community or general public and are not established to gain a profit.. An example of a non profit organization would be the Doug Flutie Jr. Foundation. This nonprofit organization requests donations to help children with autism, especially since it has......

Words: 865 - Pages: 4