The Delivery of the Projects in Different Industries - Essay Example

Project Management Institute(PMI) is an essential governing and facilitating agency that is involved in many facets of businesses. The wholegoal of PMI is to ensure that a managing body delivers the project in each realm with scope, quality, cost and time. This paper will provide new insights regarding the delivery of the projects in different industries such as: IT, Healthcare, Manufacturing, Utilities etc. Lastly, it will discuss the importance of the seamless facilitation that PMI offers in that one particular industry. PMI is one of the most premier organizations that focuses in many facets of technologies and organizations. It is clear that Project Management in the Age of Disruptive Opportunities. One of the most premier facets that it focus is in Information Technology. It is clear that in the new decade the booming industry is IT. IT(Information technology) along with BI(Business Intelligence) has embedded all principles of Project Management. Business Intelligence is one of the most prominent and critical field as Information Technology emerges in the 21st century. BI is pivotal in many organizations because it allows respective stakeholders to view and analyze data. Before the advent of BI, information about customers and business were overwhelming. With BI, stakeholders can truly take this raw information and convert into data that can assist them in making real-time decisions. The challenge in many organizations is the fact that majority of decisions are made based on estimated guesses. One of the best elements of BI is the fact that it reduces any ‘guesswork’. Moreover, it allows the organization to understand customer behavior in a much meaningful way. Another huge aspect of BI is the collaboration aspect as it allows users to interact and use this data. Imagine an organization in which the marketing department requires key reports from the technology department. Clearly, the issue of latency can be a factor that can delay essential decision making. BI along with Project Managements allows organizations to make rapid decisions. Since data is stored in big data marts, not all of them are equipped with BI. With the boom of e-commerce, this has become even more pivotal. Will Project Management be replaced with BI? No, they will definitely be facilitated with some manual work. Project Managers are still expected to understand functional and technical requires that requires high-level thinking. Although the intelligence behind BI has been enhanced, good business analysts still understand the gravity of analyzing data to report to management. This extends to just simply reading graphs but really benchmarking these results via thresholds. The utilization of Project Managers is to supplement the work of Business Analysts and cultivate their thinking into making better and faster decisions. Another hot source that has embedded PMI is healthcare industries. As of now, one of the major sources of trends is the enforcement of HIPAA in the healthcare industry. HIPAA is set of procedures and protocols that dictate Health Information Systems(HIS). It is clear that HIPAA regulation is one of the most prominent sources that is developing. Conducive research indicates that four billion healthcare claims are submitted annually. Even though a small portion of is submitted through fraud, the estimated loss in these fraudulent activities can result up to a hefty $56.7 in losses. This can be detrimental as Medicare will be a huge issue around 2033. In order to rectify this issue, a solidified solution that consists of all-network relationship must be applied within the context of Project Management. For Project Managers, it is clear to utilize a strategy that assesses policies within the environment of the organization. Each organization faces different challenges. Hence, understanding all factors and conducting a SWOT analysis becomes an issue. The two changes that will impact this is healthcare reform such as HIPAA and the Medicare issue that is lingering. Hence, project management is needed to ensure that all facets are implemented on day-to-day basis. Another project intrusive market is business services. Business development is one of the most prominent ideas that is emerging is business development. Business development is a critical in marketing because it needs leadership and development. Project Management is critical to this industry because of various reasons. First and foremost, the focus in business service is to understand government procurement process. This would allow the PMI implementation of creating a charter and ensuring end-to-end implementations are being conducted. Another huge criteria for the business development is the fact that it requires an ethical perspective, which project management brings. Although it is not the responsibility of PM, Project management is responsible to ensure to lead and coordinate team effort and win proposals for stakeholders. Moreover, one of the metrics of success in healthcare is revenue added to the projects, which project management can actually facilitate. Since performance and proposal are risk related, project management can definitely be a deciding factor. Business development in all 7 cycles of project management has taken a very good approach towards defining and monitoring scope. A hot growing factor is also manufacturing. Manufacturing is also one of the hottest developing points that is crucial to in PMI. It is clear that development is crucial towards harnessing PM development. Project Management in manufacturing is essential because it requires variety of stakeholders. Without a doubt, The sequential phases of the project lifecycle itself correlates to harnessing the product lifecycle in manufacturing, making it a valuable tool in facilitating the delivery a product that directly corresponds to its original requirements. Therefore, manufacturing involves a set of processes where each process builds upon the next such as a waterfall process, quality is a very important element and must be taken very seriously. Therefore, project management can really help organizations achieve a great quality project. Finance and Insurance is another major field that requires the utilization of project management. In finance, risk and budgets are crucial towards understand risks and constraints. In finance, every facet of the business is allocated a budget. Project Management deals with all end-to-end facets of Plan Risk Management, Identify Risks, Perform Qualitative analysis to ensure that prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact of risk. The second criterion that PMI caters to heavily be involved in is utilities. Utilities are a huge sector for project management because it is a heavy regulated industry that needs a scope baseline categorization. Without a doubt, utilities is a huge sector because quality and schedule, both of which are directly addressed by the tools and techniques used in project management. Lastly, oil and gas is the final criterion that is present as PMI intrusive project. Oil and Gas Company at the midst of the BP incident has been under heavy scrutiny. Hence, Project Management has taken a huge role in understanding all the facets in this industry. As a matter of fact, project management has been extremely diverged in this sector to ensure that compliance and global ethics are met effectively. The industry I chose to write about is Project Management role in IT. As mentioned above, IT has taken a huge leap in the last decade. Hence, Project Management has been a critical in all facets of IT for a while because of the need that needs to be developed. For instance, higher senior level management improves oversight. Moreover, Collect requirements: The initial stage in this process is also the most crucial phase for many reasons. Collecting requirements will consist of many elements. First and foremost would be conduct through researching green technologies. As mentioned above, the essence of green computing is to create an environment in which energy allocation is efficient. Green computing refers to the stud and practice of efficient and eco-friendly computing. Conducting interviews with users on the current IT Infrastructure and evaluating the SWOT analysis will be extremely helpful. Another huge criteria that project management dramatically plays a role in IT is verifying the scope. : As this project progresses, the Project Manager will verify the project deliverables against the original scope. In addition, the project manager should serve as a mediator between the business and the developing team. All activities should be checked in the Gantt chart and Project Manager. The Project Scope Management Plan provides all the information for the Project Management and ensure that the scope will be verified. It also gives guidance on how project scope will be managed. This information supports why the deliverables were created the way they were. Another crucial element is giving the Deliverables are presented to ensure that they are completed. The Project Manager must verify these deliverables are those items that have been finished in an IT oriented world. Lastly, utilizing the WBS dictionary can provide some conducive foundation of achieving milestones. The WBS dictionary provides a brief definition of the deliverables for each component. Information from the WBS dictionary helps project managers verify that the work results are part of the defined project. It is clear that Project Management defined in the IT realm is very significant. Although Project Management is a holistic approach to deal with projects, it plays a much crucial role in IT from my perspective. Works Cited Making project management indispensable for business results.®. (n.d.). PMI. Retrieved February 19, 2014, from http://www.pmi.org/ Herdman, R. (2006). Effect of the HIPAA privacy rule on health research proceedings of a workshop presented to the National Cancer Policy Forum. Washington D.C.: National Academies Press. Kovner, A. R. (2009). Evidence-based management in healthcare. Chicago: Health Administration Press. Lock, D. (2007). Project management (9th ed.). Aldershot, England: Gower. Plunkett, J. W. (2003). Plunketts energy industry almanac, 2004 the only comprehensive guide to the energy & utlities industry. Houston, Tex.: Plunkett Research. Schwalbe, K. (2000). Information technology project management. Cambridge, Ma.: Course Technology. Read More