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Project Management: Best Practices and Stakeholders Perspective - Literature review Example

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This review will discuss the nature and characteristics of project management, the rationale for its existence, and its impacts on the organization and its goals. An important dimension or ramification of PM which this review will be delving into that of its relationship to the stakeholders. …
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Project Management: Best Practices and Stakeholders Perspective
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Download file to see previous pages Employees of functional divisions are assigned or detailed to a specific project and then re-assigned back to the organization when the project is completed.
Project management is defined by the Project Management Institute (PMI) as the application of knowledge, skills, tools, and techniques to project activities to meet project requirements; and its methodology as the planning, monitoring, and control of all aspects of the project and motivation of all those involved in it to achieve the project objectives on time and to the specified cost, quality, and performance.” Being a temporary, one-time endeavor, it differs from the organization's operations and processes which are its current and permanent work to create a product or provide a service on a continuing basis. Project management is being executed effectively when it is able to optimally allocate and integrate all inputs of resources (money, people, materials, energy, supplies, etc.) to meet its objectives.
A project is distinguished from a program in that the latter is a group of interrelated projects and related activities aimed at achieving organizational goals that are important/critical to the survival and success of an organization.
A project is undertaken by a core team and a project leader whose responsibility is to ensure its progress and completion through multiple tasks involving planning, the acquisition and management of resources, both physical and human, the monitoring of work activities, and ensuring that performance conforms to pre-established standards and requirements. It involves coordinating project activities with the divisions or departments of an existing organization.  ...Download file to see next pagesRead More
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