Business project management - Essay Example

Project management al Project definition A project is a temporary and unique group activity that is meant to achievea given result or objectives. They are carried out within a specific period and a specified geographical area. Projects are unique in that they are carried out for the purpose of catering the unique needs of the target population.Five main characteristics that differentiate a project from other functionsThese includes the uniqueness, time bound, group activity, locality and measurable.

They are unique as projects are carried out to cater for unique needs of the people. Projects are carried out by a group of people thus making it a group activity. Their benefits can also be realized after a specific period thus making them measurable and time bound.Seven main characteristics of project managementIncludes uniqueness, multiple objectives, specific provisions, flexibility, time bound, interlinked process and well planned. They are unique as Ait uses both international and local bench markers.

It also has multiple objectives to be achieved by only trained individuals responsible for managing the project thus making it have specific provision. It is also an interlinked process that follows specific steps thus making it well planned. The process is also flexible as it can be changed with time if the project objectives are not met.Advantages of project management Has many advantages including increased concentration on specific objectives of the project, more efficient and good use of the company resources as well as making a company have a healthy competition.

In addition, it increases product development, production speed and also improve team cohesion spiritDisadvantages of project management Project management is an expensive venture that consumes a lot of time. Many resources both human and materials are usually needed to run the complete cycle of project management. It can also cause wrangles between the project manager and the members of the project management committee thus making the manager feel insecure.