Project Management and How It Relates to the Project Management Maturity Model - Essay Example

Download file to see previous pages Typically, as it has always been the norm, project management works efficiently when the direction and the scope of the project are well depicted and understood. Additionally, the process of project management works effectively when all the stakeholders reach a mutual consensus on aspects of objectivity and expectations. Equally important in project management is the need for a thorough understanding and assessment of the risks involved. All these benchmarking features in project management become achievable when the probability of success is assumed to be equally high. However, different companies no longer align themselves towards the above-stated guidelines in the process of project management. Nowadays, different companies are undertaking different approaches to project management. Many reasons can be attributed to the shift from traditional project management approaches. One of the reasons in this paradigm shift is that more and more projects are becoming highly complex and hence require technical capabilities in order to achieve success. Moreover, the risks associated with achieving the breakthrough can be very significant and there is no total guarantee that the project will be successful and the projected value of completion will be arrived at effectively (Wysocki 175)
In cases of market leadership position is desired, the planning of the project is further complicated by stiff competition as well as the need to minimize the schedule for an early introduction into the market. As a result, a majority of today’s projects are not clearly understood and are neither well defined. The rising costs, global economic disparities, and competition within the market players continue to drive many companies to take more risks. Changes in project management have undergone significant milestones with regard to the entire practices as more industries embrace the art. However, a notable observation is that these companies share similar accomplishments with other companies during the benchmarking activities. One of interesting areas in project management is the project management maturity model, which is a vital component in strategic planning (Kerzner 45). Project management maturity model abbreviated as PMMM can be elucidated as the foundation in achieving excellence in project management. Project management maturity model is a fundamental component of strategic planning that is significant in achieving distinction in any organization. By incorporating strategic planning in the project management maturity model, organizations are in a position to shorten the time frames of the entire project management. Strategic planning in project management is quite dissimilar from other variants of strategic planning. This is because it is an activity that is performed at the middle-level of management as opposed to executive management.  ...Download file to see next pagesRead More