Project management Essay Example

  • Category:
    Management
  • Document type:
    Essay
  • Level:
    Masters
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    2
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7PROJECT MANAGEMENT

Project Management

Project Management

Introduction

The present economic environment is challenging especially to small businesses and corporates. Top level management ought to understand the basic strategic and supportive role played by project management in business. For firms topursue their plans for growth and stability they have to change their perspective of viewing project management in a functional manner (Chartered Institute for IT 2013). They now have to place project planning and implementation at the centre of their business processes. Similarly, planners and project managers have common responsibility of engaging better on business fundamentals with top level executives. The notion that project management is confined to particulr industries should be rejected as this amounts to disabuse (Dinsmore 2005). It is not only limited to manufacturing, construction, and engineering but also relevant to many other industries. Many successful businesses at the moment pay immense regard to time, resource, and progress management. The project management concept focuses basically on delivery challenges. This assumed a vast developong landscape coupled with a widening scope. Business challenges comprise reporting functionality, financial planning, and compliance enhanced by management transparency. Integrated working relationship among many companies supports project management dimensions seen in the highly developed software sector (Chartered Institute for IT 2013). This portrays how businesses are supported with integrated project management at a strategic level. Many leaders of various companies still fail to perceive this, despite all clear benefits owing to numerous opportunities that leverage on this highly advanced professional discipline.

Importance of project management in business

  1. Dealing with the unexpected situations. Before becoming a problem,delays and unexpected issues are dealt with. The implications of delay cause grave influence on any business. Due to ineffective planning, neglecting or scheduling, and test assumptions can bring about untold damage customer relationships. This also interrupts key processes and creates extra costs  (Cleland & Gareis 2006). It gives rise to a knock-on effect. For instance, the business can face legal implications or direct financial failure when it falls short of satisfying a service level treaty or failure to timely deliver to a customer. In order for these problems to be avoided from occurring in the first place, business project managers should manage project that allows one to see and adapt around a probable delay.

  2. Company protection. Through logical solutions, operations can be managed to provide a comprehensive, complete, and full capture of every step of a delivery process or a project, detailing discreetly any activity by whom, and when thus providing protection by allowing discovery and later investigation (Chartered Institute for IT 2013). In addition, it provides for legal evidence on adherence to laid down laws and rules including regulatory compliance or contracted commitment. 

  3. Gaining management support. Funding or Buy-in may delay the project start and also allows for effective resolution if and when problems arise within the project (Stevens 2002). Clear senior stakeholder communication is vital throughout, but in supporting projects the content of the reports must be at the appropriate high level.

  4. Ensuring dependable and consistent delivery every time. One of the most critical factors is dependability by reputation, business success and good client relationships. Attaining what set to be done every time and on time within predictable costs, is directly connected to business growth and profitability (Stevens 2002). This depends on robustness and repetitiveness of processes derived from excellent project management. An additional benefit is on inspiring confidence within the company which in the first place allows it to create those commitments. Total delivery confidence is communicated to potential customers.

  5. Informed decision provision making about people resource. Achieving the very most of people is critical financially to an economy where a vast majority of firms value it as the most expensive resource. Many companies in straitened times already have optimised staffing. It limits the spare resources on hand and as a result ensuring that scarce resources like specialists and expert engineers are maximumly utilised. Therefore, careful planning should be ingrained in any activity or project (Lock 2007). This can include hours of time spend perspective, scheduled timing and, and adopting decisions on extra resourcing needs or developing real-time deployment changes as situations demand.

Project Implementation

Business project implementation entails processes applied to finishing the work stated in the project plan so as to fulfil the requirements of the project. Execution process constitutes coordinating resources, people, performing and integrating the project activities according to the project management plan (Chartered Institute for IT 2013). The outputs from the processes such as deliverables can be defined in the project management plan alongside other frameworks appropriate to the project type at hand.

Implementation include;

  1. Managing time, schedule and costs

  2. Managing and directing project execution

  3. Quality assurance of deliverables

  4. Development, acquisition, and management of project team

  5. Distributing information

  6. Management of stakeholder expectations

  7. Conducting procurement

Good project management focuses and execution using the right strategies and tools enhances and safeguards business performance. Furthermore, reputation ought to be one of the leading priorities at the moment in any business (Project Management Institute 2010). Project managers have strategic project management function to control and manage processes, projects and other operations. They also exchange of vital information throughout the enterprise and emsures essential delivery of management transparency.

In ensuring that project management leads in fundamental strategic roles, ownership for this crucial function at corporate level is essential. This also happens to other prime corporate functions like financial management (Phillips 2003). Project management is a basic part of diverse aspects of management and is intertwined with finance, HR, supply chain, and production management. These are areas which wholy share similar needs and to be effective are managed from the top down.

Provided the usefulness of project management, it calls for a cohesive approach to bind it to strategy. A range of isolated tools such as network diagrams and Gantt charts are sued by most organisations to support this function (Ireland 2006). The disparate and DIY approaches attain project management distinction when the right tool for the work. This needs to be in place so as to sustain businesses at enterprise-broad level where business stems supported from edge to edge and top to bottom.

Conclusion

Practical learning and development of business project management for decades has helped to create advanced platforms for enterprise project management. This provides companies with tools and processes to directly apply the many mission-critical programmes in which the prospects of businesses rely (Chartered Institute for IT 2013). Project managemtn has a great impact throught any enterprise and industry. Management boards no longer afford to create assumptions regarding projects. They are now operational realities that enable businesses to be effectively run. It requires clearer insights for business functions to achieve its goals.

Reference list

Chartered Institute for IT, 2013, Project management is vital for business success, BCS.

 Cleland, D I & Gareis R 2006, Global Project Management Handbook. «Chapter 1: «The evolution of project management». McGraw-Hill Professional. 

Dinsmore P C 2005, The right projects done right! John Wiley and Sons. 

Ireland L R 2006, Project Management. McGraw-Hill Professional. 

Lock D 2007, Project Management (9th ed.) Gower Publishing, Ltd. 

Phillips  J 2003,  PMP Project Management Professional Study Guide. McGraw-Hill Professional.

Project Management Institute, 2010, A Guide to the Project Management Body of Knowledge p.27-35

Stevens M 2002, Project Management Pathways. Association for Project Management. APM Publishing Limited.