Running Head: report Effective project management has to be understood as a process that integrates knowledge of leadership, strategy, culture, and business functions with the skills to understand and manage social, technological, and information systems. [Name of the Writer] [Name of the Institution] [Name of the Professor] [Course] Introduction Projects are the fundamental units of processes…
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However, with increased competition, widespread use of project management theories and processes in day to day functioning of businesses and blurring departmental and functional boundaries, projects are now considered no less than strategic processes underpinning theories and concepts of leadership, strategy, culture, communication, integration and appropriate know-how of relevant systems. This report aims at delving deep into this transformed outlook towards project management approach and how these management functions are shaping the traditional structure of project management into an amalgamation of project, change and process management. With the inclusion of relationship management, risk management, people satisfaction and motivation, empowerment and creativity; project management in itself is turning into a specialised body of knowledge comprising of the vital elements of management, strategy, human resources and operations. To demonstrate this tectonic shift, examples of various projects ranging from big construction to IT ones have been taken so that theories and concepts can be understood in real life terms. ...
Projects are time-bound, focus on a single time process and are usually complex in nature because of mingling of several distinct and unrelated functions. Limitation of time, cost and resources add to the characteristics of projects. On the contrary, processes are repeatable and do not suffer from limitations which are present in project management. Homogeneity is also more dominant in process management than do in project management. Traditional approach to project management Traditionally, projects used to be differentiated from that of processes because of superficial differences identified between the two. Their scope, extent of penetration in organization’s philosophy and strategy, resource allocation, level of inter-dependence of different functions and activities within the management of two and results achieved thereof lead to the misconception that projects cannot assume the status of processes and vice-versa. Typical project management cycle includes stereotypic phases defined as requirements analysis, resource management, project methodology, risk management and project closure. These phases are technical in nature with clear specifications of roles, duty, inputs and respective outputs. They do not recognize the evolving nature of business place and components of business management like planning, controlling, decision making and more contemporary functions of management namely leadership, strategy, cultural ramifications, knowledge of systems and overall congruence with the components of process management. This makes the traditional approach to project management short of fulfilling the current needs of business and unique propositions. Evolved components of project management Prosci (2011) specifically highlights the tripartite nature of project
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The author states that the concept of project management is mainly connected with the three most important things. They are time, cost and quality. The achievement of one factor must come at the cost of another factor. The same project can be completed at a moderately good quality in considerably early period but at a much a lower cost.
It is evident from the study that issues that can have an effect on a project vary from organization to organization. It depends on the nature of a host organization for which a project is initialized. Additionally, a project’s relationship to contractor firm’s overall strategy such as the care with which they build the team and the objectives and goals they establish for the projects can be vital.
R=P*C Where, ‘R’ is the Risk associated with an event associated with a project and is a measure of the impact it has on the project. ’ P’ is the probability of the event occurring and ‘C’ is the costs to project associated with the event or the consequences of the event.
The question should be feasible (F) in terms of covering manageable scope such that it is possible to get relevant answers. It should be interesting (I) to the researcher and peers in the field of study by developing a response to debate issues in the field of study or practice.
Projects are initiated by the organization in response to some requests that could not be executed in the normal operational limits of the organization (Woodward, 1997). Project management deals with application of talent, knowledge, procedure and equipments to the project activity to achieve the project goals.
It is a discipline that employs skills, knowledge and experience of employees involved in a project to achieve goal of project. Main objective of project management is to control cost, meet estimated and proposed deadline and reduce risk associated with the project and maintain quality of work.
These 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.
The elements may vary but the most common elements revolve around the following: strategic planning, product development, communication, resources and people. Strategic planning enhances the understanding of the project goals and objectives (UNDERDAHL, 2005, pp.
Concrete solution at this point is mandatory. One solution is to build a sealed borderline, therefore, any movement across the border can be monitored properly.
Department of Homeland Security (DHS), the Government of the United States, the
unt of money available in the budget of a project and whether the project can be completed within the predefined period stated for the project completion (Marshall, 2007).
Variances for a project can be positive or negative. There are two variances used in earned value method.
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