Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

A New Philosophy of Project Management - Essay Example

Comments (0) Cite this document
The following essay “A New Philosophy of Project Management” looks at a discipline that deals with the overall management of a project. It involves project planning, organizing, leading, managing and controlling resources to complete the desired project…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96% of users find it useful
A New Philosophy of Project Management
Read TextPreview

Extract of sample "A New Philosophy of Project Management"

The study helps the organization understands the potential benefits of a project keeping in view company constraints. The study helps organizations understand the required capital resources for the project and the time it would take to complete the project. It helps them to plan the project more effectively in order to achieve the desired results1.
The study also helps understand where the project must be initiated, what measures must be taken, and what are the potential benefits of the project for the company. Hence, it is very important to conduct a comprehensive feasibility study that helps an organization to achieve the desired goals of the project.
Project Evaluation
Project evaluation is carried out after the completion of the project in order to judge the effectiveness of the project. This process is carried out to understand whether the desired objective of the project has been achieved or not. Evaluation helps organizations to be aware of the corrective actions they need to take.
There are two main kinds of evaluation 1) Ongoing evaluation and 2) Post-project evaluation. Ongoing evaluation is carried out during the course of the project in order to assess whether deadlines are being met and whether interim objectives are achieved or not. On the other hand, post-project evaluation assesses the success of the project completed. It evaluates whether the laid down objectives before the project were achieved or not.
Cash flows
Cash flows are the term used for the expected cash inflows and outflows during the completion of the project and post-completion. Cash flows give a clue about the expected revenues and costs for project completion. Evaluating expected cash flows is one of the most important factors of accepting or rejecting a project.
Risk Management
Like all other aspects of a project, risk management is also an important part of project management. Project risk is any activity or event that can have an impact on the outcome or progress of the project. Risk management involves two phases that are the probability of any particular risk and the impact of that particular risk. A project may face various kinds of risks with different probability having a significant impact on the outcome of the project. When the risks are identified, measures are taken to minimize risks arising from various aspects of the project. Depending on the risks, different techniques are used to minimize them. For example, in order to ensure efficient usage of machinery, technicians are required to have a regular check so they function properly.
Project Review
In the last step of project management, the project is evaluated. This step reviews the success of the project as a lot of time and effort have been put in for the particular project. Project Review also presents strong insights and recommendations for future projects. Read More
Cite this document
  • APA
  • MLA
(A New Philosophy of Project Management Essay Example | Topics and Well Written Essays - 613 words, n.d.)
A New Philosophy of Project Management Essay Example | Topics and Well Written Essays - 613 words. Retrieved from
(A New Philosophy of Project Management Essay Example | Topics and Well Written Essays - 613 Words)
A New Philosophy of Project Management Essay Example | Topics and Well Written Essays - 613 Words.
“A New Philosophy of Project Management Essay Example | Topics and Well Written Essays - 613 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF A New Philosophy of Project Management

Project Management: opening a new building

...on the critical path, therefore increasing the duration of the project by 1 day. 6) Limitations of Network Diagram The network diagram has the following Limitations: Specific issues and problems with a particular activity or task are not addressed by the network diagram. More sophisticated graphical tools are available which are easier to understand and draw than that of network diagram. Cost related issues are overlooked in network diagrams. Task 2 As Project Manager responsible for the opening – for trade - the new building, you are contracted at the feasibility stage. You are required to prepare a report (2,000 words). From a project...
14 Pages(3500 words)Essay

Project Management: designing a new brochure

...?Running Head: Project Management Project Management [Institute’s TABLE OF CONTENTS TABLE OF CONTENTS 2 INTRODUCTION 3 PARAMETERS AND SCOPE OF DESIGNING NEW Brochure 3 Managing the development of new brochure 5 COMPONENTS OF NEW Brochure 9 ANALYSIS OF PROJECT USING PRINCE2 FRAMEWORK 12 Conceptualization of Developing new Brochure 12 Starting the Project of Developing new Brochures 12 Directing the Development of Brochure 12 Executing the Plan 13 CONCLUSION 13 REFERENCES 16 INTRODUCTION Project management...
15 Pages(3750 words)Essay

Project management 'New museum'

...of the planning phase of the expansion. Subset stakeholders are the building team contracted to perform the scope of work, museum consultants to assist in the design and configuration of the space, exhibit consultant to plan the display cases, fabricate the case mountings for the cases, and perform the installation of the artifacts selected for display in the new annex. The groups have goals and the project manager exercises overall control of the teams working to complete the project. The board of directors and the museum directors want timely information on the progress and potential problems that impacts directly on the ability of the manager and the...
12 Pages(3000 words)Assignment

New Venture Creation Project

.... Schaefer, and Michael F. Weigold. Advertising. New York: McGraw-Hill Irwin, 2012. Print. Awe, Susan C.. The entrepreneur's information sourcebook: charting the path to small business success. Westport, Conn.: Libraries Unlimited, 2006. Print. Barrow, Colin, and Paul Barrow. The business plan workbook. 7th ed. London: Kogan Page, 2012. Print. Chapin, Kari. Grow your handmade business: how to envision, develop, and sustain a successful creative business. North Adams, MA: Storey Pub., 2012. Print. Church, Richard L., and Alan T. Murray. Business site selection, location analysis, and GIS. Hoboken, N.J.: John Wiley & Sons, 2009. Print. Mariotti, Steve, and Caroline Glackin. Entrepreneurship & small business...
8 Pages(2000 words)Essay

Operations Management Project- New Business

...?Operations Management Project- New Business (Valet Parking Services & Car Wash Services) Table of Contents Part Introduction 4 Market Influence 4Mission 5 Goals and Objectives 5 Organisational Strategy 5 Part 2: Forecasting 6 Likely Steps in the Forecasting Process 6 Likely Forecasting Technique to Predict Future Demands 7 Importance of Forecasting For the Business 7 Part 3: Product Design 7 7 Strategic Importance of Product and Service Design for the Business 7 Key Factors of Product and Service Design 8 Main Sources of Design Ideas 9 Importance of Legal, Ethical and Sustainability Considerations in Product and Service Design 9 Part 4: Capacity Planning 10 10 Importance of Capacity Planning 10 Way of Measuring Capacity 10 Key... ...
12 Pages(3000 words)Assignment

Marketing a New Philosophy of Management

...aim to direct demand. References Baker, M.J., (2007) "Marketing A New Philosophy of Management?", Quarterly Review of Marketing, Winter, pp. 1-4. Hayes, H.N., (2006) "Another Chance for the Marketing Concept?", Business, pp. 10-18. Hooley, G. and Lynch, J., (2003) "Marketing Lessons from UK's High-flying Companies", Journal of Marketing Management, pp. 65-74. Houston, F.S., (2004) "The Marketing Concept--What It Is and What It Is Not", Journal of Marketing, pp, 81-7. King, S., (2005) "Has Marketing Failed, or Was It Never Really Tried?", Journal of Marketing Management, pp. 1-19. Samli, A., Palda, K. and Barker, A., (2008) "Toward a Mature Marketing...
7 Pages(1750 words)Research Paper

International project management: designing a new product

...on the process of meeting the monetary demands associated with the cost of the project. Such costs include the labour and resources cost since the implementation of a successful Christmas tree project includes efficient management of the out-flowing funds (Turner et al, 2012). The subsequent control stage that is desired in the promotion of a project includes the consideration of the progress made towards the implementation of the project. The interest of engaging a project remains vested on the subsequent prospect of having it finalized and presented to the owner. Control programs focusing on the promotion of the efficient follow-up of...
6 Pages(1500 words)Assignment

Management philosophy

...Management Philosophy Instructions Management Philosophy My management philosophy is that a good manager should be one who works together with the staff in a team, communicates well with them, engages consultations and is able to involve group decision-making. In this respect, as a good manager, I tend to employ a lot of focus communication when dealing with my employees. In this light, I usually believe that I need to say exactly what I mean, and never mince my words. When something is not right, I’ve learnt to say communicate it to the employee is “black and white” that it is not right, without going...
4 Pages(1000 words)Essay

New Generation of Project Management

...New Generation of Project Management Introduction In this present era of information technology collaborative projects definitely require disciplined and dynamic software application tools for the workplace. This workplace connects individual and cooperative team members collectively to do the work. In this new age of information technology high level and sophisticated online collaboration technology has turned out to be increasingly ubiquitous. Additionally, this online technology is greatly improvising the connectivity and performance in various areas of life. Undoubtedly, the field of project management has as well...
10 Pages(2500 words)Dissertation

Project Management of New Computer Game Development Project

...Project Management Abstract In today’s world, project management is as important a skill as business management. Projects are crucial to every organization that exists today as they are used for the realization of short term goals and long term goals alike. The management of a project has far reaching effects in its financial, social and even political dimensions. An example of a project with political consequences is an election campaign project for a new presidential candidate. The manager of such a project will...
14 Pages(3500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic A New Philosophy of Project Management for FREE!

Contact Us