Project Management & Leadership - Essay Example

Project Management & Leadership Table of Contents Table of Contents 2 Introduction 3 Part 4 Project Management Theory and Principles 4 Risks Associated with Project Management Lifecycle 7 Tools, Techniques and Practices throughout a Project Lifecycle 7 Compare and Contrast Project Management Strategies and Methods with Relevant Examples 9 Part 2 11 Importance of Leadership in Project Management 11 Benefits of Good Leadership 12 Conclusion 13 References 15 Introduction In the present business scenario, business organisations face adequate challenges in their daily operations owing to different factors that include increased complexities in business operations as well as changes in the preferences of customers for competition, advanced technology and globalisation. In this regard, business organisations in order to conduct their operations smoothly are required to be productive, customer focus and competitive. Subsequently, the operations of business organisations are divided into projects based on their specific requirements as well as obligations. In this context, projects symbolises different business activities that are to be managed as well as accomplished successfully in order to ensure effectiveness. Projects are required to be completed on a specific time frame and should be based on definite as well as clear business objectives and goals (Harrison & Lock, 2004). In this context, project management is an important tool based on which objectives of a project are required to be accomplished. Project management comprises certain definite set of tasks based on definite time frame. In this respect, project management is a procedure of aligning resources, business activities and people with the aim of achieving desired project objectives in a time efficient as well as cost effective manner. Respectively, project management is determined as an integration of skills, techniques, knowledge and tools in project operations with the intention of accomplishing the requirements of a project successfully. Moreover, the leadership skills displayed by project manager during the life cycle of the project are ascertained to be crucial for project success. Project managers are entrusted with the responsibility of managing project operations and resources required for the successful completion of a project. Additionally, project managers are accountable for formulating effective plans as well as strategies based on which project activities are required to be conducted (Heagney, 2011; USBR, n.d.). Correspondingly, this essay aims at demonstrating firm understanding about the project management theory and practices throughout the project lifecycle. In addition, the essay also intends to draw knowledge regarding the importance leadership in project management. Part 1 Project Management Theory and Principles Project management theory comprises two theories that include project theory and management theory. The project theory is based on the viewpoints of transformation. The transformation view signifies that inputs of a project are required to be transformed into desired outputs. The project theory is based on the concept of effective flow of operations in accordance with which value should be generated. In this regard, the transformation model considers variability, customer and time with the intention of ensuring that effective flow as well as value generation as per the requirements of a project. The management theory is segregated into three important theories which include planning theory, execution theory and control theory. The planning theory implies formulation of plans in relation to resources and time required for conducting project activities successfully. The execution theory requires developing effective two-way communication with the aim of ensuring that operational activities are conducted in a better informed manner. The control theory focuses on identifying causes that are accountable for the deviation of project operations and accordingly, different control measures are required to be adopted with the aim of ensuring that project operations are conducted efficiently (Balogun, 2008; Koskela & Howell, 2002). In this respect, it can be identified that project management is based on two distinct theories which include management theory and project theory. The theories of project management are applicable on the basis of certain principles and ethics for the successful completion of the project, which are described hereunder. The Commitment Principle The commitment principle implies that sponsors as well as project teams are required to possess mutual trust along with fair commitment, so that project operations are conducted effectively. According to the principle, project team and sponsors should possess adequate understanding about project opportunities as well as project risks for better project performances (University of Salford, 2011). The Success Principle The success principle signifies that success factors of a project are required to be confirmed before the commencement of project operations so that individuals associated with a specific project have knowledge related to project quality, time, scope and cost (University of Salford, 2011). The Tetrad Trade-Off Principle The tetrad trade-off principle signifies that cost, quality, time and scope in relation to a project must be realistic and attainable for better project success (University of Salford, 2011). The Strategy Principle The strategy principle signifies that resources and activities required for the appropriate completion of a project should be planned as well as implemented in an effective manner (University of Salford, 2011). The Control Principle The control principle signifies that appropriate policies along with procedures should be formulated with the intention of controlling as well as managing project operations for completion of a project in accordance with shareholders’ expectations (University of Salford, 2011). The Single-Point Responsibility Principle The single-point responsibility principle implies that an individual is required to play a leadership role in order to manage project activities effectively. In this regard, project manager is assigned with the responsibility of seeking that project activities are conducted efficiently. Project manager is also identified to act as a mediator between project team and stakeholders for communicating project performances and other project related information (University of Salford, 2011). The Cultural Environment Principle The cultural environment principle signifies that an effective working environment as well as culture should be developed with the aim of ascertaining that project operations are conducted successfully. Subsequently, it is vital to ensure that team members of a project are offered with supportive working environment, so that project operations are conducted effectively as well as in a timely manner (University of Salford, 2011). Risks Associated with Project Management Lifecycle The project management theory and project management principles together develops project management lifecycle based on which project activities are conducted from initial phase to project completion phase. The project management cycle comprises of different stages or phases which include initial phase, planning phase, execution phase, controlling phase and close-out phase. In the project management cycle, project managers might encounter different risks that include inappropriate specification of project, inadequate staff and unrealistic timescales. Additionally, there are other risks that include ineffective management on the part of senior management, pertaining to changes in the existing environment and expectations of other stakeholders. Quality, cost and time are also at times perceive to constrain the accomplishment of the project objectives. In this regard, project manager is entrusted with the responsibility of seeking that the project activities are scrutinised on a regular interval, so that risks are identified and managed effectively. Moreover, project managers are recognised to adopt different tools, techniques as well as practices which include ‘Program Evaluation Review Technique’ (PERT), ‘Critical Path Method’ (CPM) among others based on which project activities are required to be planned and executed (Westland, 2007; ITS, n.d.). Tools, Techniques and Practices throughout a Project Lifecycle Project management comprises different complex activities as well as responsibilities in accordance with which project operations are required to be conducted. In this regard, project managers for managing project activities use different tools or techniques that include PERT, CPM, Grantt chart and ‘work breakdown structure’ (WBS). WBS is an effective tool used for segregating key project activities, so that project activities are managed in a more effective manner. Grantt chart on the other hand is a tool that assists project manager for scheduling project activities. The chart describes each activity on the basis of a specific time frame. The chart assists in measuring actual performance from the planned activities in order to ensure that project objectives are accomplished successfully (Acorn, n.d.). Additionally, project managers are also identified to use CPM, which is a virtual tool based on time management concept. CPM aids in providing a clear picture about the relationship amid project activities. It provides a pictorial display of the activities that are to be conducted systematically for accomplishing the desired project objectives successfully. PERT is a technique used for ascertaining time required for the accomplishments of each project activity. In this regard, the tool aids in providing an effective understanding of the project completion time. Project managers in order to identify and mitigate risks in the project management cycle are required to adopt different tools and practices of project management. Subsequently, tools as well as techniques of project management have assisted project managers in conducting project activities in a planned and controlled manner (Maserang, 2002). The techniques and practices assist in formulating effective plans based on objective-oriented activities. Project managers with the assistance of techniques and tools are able to re-plan, schedule as well as control projects activities, which ensures effective management of the project (Bakouros & Kelessidis, 2000). In this respect, project managers with the assistance of different tools, practices and techniques are able to recognise as well as manage project risks in order to ensure that project activities are conducted successfully. Compare and Contrast Project Management Strategies and Methods with Relevant Examples Project management practices and strategies are adopted by project managers based on project size, structure, cost and time. In this regard, different project management strategies or methods including PMBOK and PRINCE2 among others are used with the intention of ensuring that project activities are conducted in a systematic as well as effective manner. To cite an example, Eden Project is an ecological project developed in the UK for different purposes that include tourist attraction and educational as well as research objectives. The project has been developed on the project management procedures of PRINCE2, which comprises structured processes for managing the project activities effectively. In this respect, PRINCE2 project strategy has assisted in developing the project on the basis of defined products. The project management strategy has assisted in identifying as well as implementing required project activities for the successful completion of the project. Subsequently, required resources for conducting the activities of the project are used based on which the project has completed in desired time and cost. PRINCE2 had also aided in developing an effective management structure with the intention of ascertaining that project operations are conducted in an analytical and measured manner. The strategy assists in accomplishing project with better flexibility (MorningStar Information Systems Ltd, 2007). Wembley Stadium in the UK is based on the project management strategy of ‘Project Management Book of Knowledge’ (PMBOK). The strategy assisted in managing the project from the initial phase to the close-out phase for effective completion. In this regard, the management team of the project with the assistance of PMBOK was facilitated in making effective decisions and executing project activities, so that requirements of client in the areas of innovation as well as creativity are met successfully. Respectively, the project was completed in accordance with unique design and facilities (Aritua & et. al., 2008). In this regard, it can be identified that project management strategies that include PRINCE2 and PMBOK have assisted on conducting project activities in an effective way for the successful completion of projects in accordance with projects’ obligations. However, it can be identified that there are certain differences in their approaches. PRINCE2 is flexible in its approach and project activities are conducted based on specific themes (TSO, 2011). On the other hand, PMBOK is based on a systematic process i.e. project management cycle. Project activities are performed in accordance with project management cycle and on the requirements of clients (Chandler, 2012). Part 2 Importance of Leadership in Project Management Project management requires application of knowledge as well as skills based on which project operations are to be conducted with the intention of ascertaining that project requirements are accomplished successfully. Project comprises different complex activities, which are required to be accomplished for successful completion. Project activities should be led by leaders with the aim of ensuring that activities are conducted in a planned as well as structured manner. In this regard, leadership plays an important role in project management. Project managers are entrusted with the tasks of setting objectives, project directions and project process with the assistance of which business operations performed. Project managers are identified to play leadership role in project management. In project management, project managers are required to perform different tasks from the initial phase to the close-out phase. Subsequently, project managers are assigned with the responsibility of formulating plans as well as strategies based on which project activities are required to be conducted. Project managers as leaders devise plans in relation to resources as well as costs required for the execution of project operations. Project managers are also entitled with the task of building an effective team and delegate responsibilities on the basis of team members’ competencies, so that project activities are performed effectively (Xiong, 2008). Project managers should possess leadership skills, so that project objectives and project performances are communicated to project stakeholders and team members. Additionally, project managers as leaders should determine tools, techniques and practices based on which project operations are conducted systematically. Additionally, project managers as leaders are entitled with the tasks of recognising risks and accordingly, adopt different risk management measures, so that risks are mitigated effectively. Leadership is important in project management for developing a better motivated environment with the intention of ascertaining that team members are able to perform their respective duties significantly. Leadership is also important in project management, as project managers playing leadership role conduct frequently analysis of project operations in order to ascertain that loopholes in operations and changes. Accordingly, project managers are required to adopt appropriate measures for managing changes and other project activities related uncertainties. In project management, leadership is important in ensuring that project objectives as well as obligations are accomplished in a cost effective and time efficient manner (Balogun, 2008). Benefits of Good Leadership In project management, leadership is considered as an important factor accountable for ensuring that project operations are conducted suitably in accordance with desired project objectives. Additionally, leadership ensures that project activities are delegated appropriately amid team members, which aid them in performing their assigned tasks successfully. Moreover, activities associated with project operations are required to be managed and conducted on the basis of project objectives. In this regard, project managers playing leadership role ensures that requirements of stakeholders are met successfully on completion. Project team with the division of their respective responsibilities are able to ensure that project operations are accomplished suitably. Team members are also communicated with necessary information in relation to project objectives and project operations. Subsequently, effective leadership ensures that project operations are conducted in accordance with required essential project processes, project tools and project strategies for successful project accomplishment. Additionally, project managers with the assistance of their leadership function are able to organise project structure, develop vision and build teamwork. In this regard, quality, cost as well as time factors of projects are managed with the aim of ensuring successful accomplishment of projects (Shenhar, 2004). Additionally, leadership plays an effective role in integrating the activities of project team members, so that team members are able to perform positively with better job satisfaction and performances (Groves, 2007). Conclusion It can be comprehended from the foregoing discussion that project management principles play an effective role in managing project activities. Practice of effective project management assists in conducting project operations in a planned as well as measured manner. Additionally, project management ensures that project activities are conducted with the assistance of required resource, time and cost requirements. Project management is based on the theory of management and project, which ensures that project operations are conducted systematically. Moreover, project management comprises certain important principles, which ensures that project activities are conducted ethically and successfully. It has been recognised that project managers entitled with the responsibility of conducting product operations are required to adopt certain tools, practices and techniques which include CPM and PERT among others in order to mitigate project risks and ensures that project operations are performed according to formulated plans. It has also been recognised that different projects are required to be conducted on the basis of different project management strategies for factors that include size, theme and requirements among others. The role of project managers during the project lifecycle is often viewed to be imperative for accomplishing project objectives. In this regard, project managers are required to play effective leadership role with the aim of ensuring that different project activities and project team are integrated successfully, so that project operations are conducted in accordance with projects requirements. Project managers demonstrating good leadership skills are likely to ensure completion of the project within the pre-determined schedule and allocated budgets. References Acorn, No Date. Tools and Techniques of Project Management. Chapter 7. [Online] Available at: http://www.acornlive.com/demos/pdf/E2_EM_Chapter_7.pdf [Accessed May 13, 2014]. Aritua, B. & et. al., 2008. 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