Advantage of Using Project Management Software Application Overshadow the Disadvantages - Research Paper Example

? Project Management Enter the Number or College of the Project Management Project management isconsidered as a planned but well organized effort taken in an account for the execution of a project successfully. The process is divided into different phases which involve the initiation of a process, its execution, monitoring, controlling and last but not the least, the closing (Larson & Gracy, 2003). The project management is aimed to attain the project goals while anticipating and analyzing the different limitations such as scope, time, and budget. The secondary challenge is based on the optimization of resources in a well organized manner (Larson & Gracy, 2003). We are living in the world of modern technology where execution of different software applications has made the complex methods simpler. Similarly, there are many software tools available that have made the process of project management much more effective and efficient. For fulfilling this purpose, Microsoft project is one of the basic tools that have captured the most of the importance these days. It has helped in the costs reduction, improved productivity, enhanced collaboration as well as it provides the facility of connected platforms. There are Ten Commandments of using MS project: 1. Thou shall save incremental versions of one's work. 2. Thou shall provide the right level of detail to the right project participant. 3. Thou shall not waste time trying to get MS Project to do things that a good spreadsheet would do. 4. Thou shall change today's date to the appropriate time when creating a status report. 5. Thou shall check to make sure the program is doing what you want it to do. 6. Thou shall be patient in using the tutorial and help function to learn MS Project. 7. Thou shall save forests by printing only those pages one needs. 8. Thou shall help each other in mastering this program. 9. Thou shall not go insane by working with this software for more than 1 hour at a time. 10. Thou shall always remember that you are in control, not the software. Most Important Commandment Providing right level of detail to the right project participant is the key element or the soul of any successful project therefore, it is the most important commandment among the 10 commandments. For this commandment, information is the basic component that is required to attain the desired results. Information related to planning, execution, implementation, controlling, resources, time, budget, scheduling plays an effective role in pre-decision making process (Larson & Gracy, 2003). It is also very important to discuss in detail and in-depth, each and every characteristic of the project with the project member to run it effectively. On the other hand, it is very important that each member of the project should be updated with the relevant information according to the role and project specifications. For example, the higher the role is, the greater would be the amount of information provided. However, the basic reason in the failure of any project depends on the lack of information provided by the management to any project member. 11th commandment can be added to use Microsoft Project i.e. Thou shall be tested rigorously to check the functionality of it with respect to the requirements laid down during the start of the project. Advantage of Using Project Management Software Application overshadow the disadvantages The advantages overshadow the disadvantages because the chances of project success increase by the successful implementation of these applications. It manages the overall budget of the project, evaluates the risks associated with it, calculation of the costs and lastly, the business forecasting. It also helps in developing the performance reports and charts. It is a user-friendly software overall ( Mochal, 2006). What you need to know about the software is the approximate project management software market share that it takes to be sure that this tool is quite popular and it holds a majority of its customer loyalty in the market as compare to the other software tools designed for project management. One should also follow the commandments to use these software applications. If these factors are taken into account then the project will definitely be a successful one in real terms. Strengths of Allocation Method: There are different strengths of allocation method which are the key elements behind the successful implementation of a project such as it provides information to plan timely work package budgets with dates, helps in pointing out the limitations of the resources before the project starts, it also enables the project managers to verify the level of flexibility over certain resources, utilizes a time network analysis as the basic method to evaluate the capacity and availability of basic resources such as manpower, material, and capital, provides the fundamental structure for reporting information, identifies the longest or the critical paths, shows the interdependencies of the processes, allows us evaluate and analyze the various risks associated and lastly, it offers different alternatives in a sufficient time frame in case if the project is delayed. Weaknesses of Allocation Method Weaknesses of allocation method includes extra efforts with excess time for the development and maintenance of the “perfect” project, increase in the potential risk of errors incase of any uncertainty and stress as a result of strict deadlines which could result in the complete devastation of the project and thirdly, strict deadlines can lead to different conflicts between the team members and the management. Effect of Time and Resource Constraints on Scheduling As already mentioned and discussed earlier project resource schedule holds a significant importance because it works as your time baseline, which can be utilized for measuring the intervals and the time differences between plan and actual during the process of execution. Results of schedule analysis may get affected by the improper allocation of the resources which can be observed by delay analysis. It is important to know that delays can create havoc. They can result in the unrealistic allocation in downstream work which could further extend a delay in the completion of the project on the whole. An effective allocation of the resources can either add or diminish the intensity of the delaying event (Larson & Gracy, 2000). Reducing Project Duration: There are many approaches that we can use to decrease the project period such as including various resources, contracting out the project work, scheduling overtime, founding a main project group, fast-tracking, critical chain, limiting the project scope, compromising on quality etc.(Larson & Gracy, 2002). Three Strategies to Reduce the Project Duration: The three basic strategies to reduce the project duration include the crashing strategy which is a way to add different resources into a project to get it done on time but it is not a cost- effective method in its implementation with a waste of time for the allocation of resources. The Second strategy is which project scope strategy which is least focused on the addition of the resources rather it focuses completely on one step at a time to get the project completed on time. Thirdly, fast-tracking strategy is simple yet effective strategy which gives the desired results in most of the projects with bringing effectiveness in the project when all the characteristics of a project are evaluated. It effectively shortens the time period of a project and also helps in the completion of the tasks at a same time rather in series which helps in saving time and it is also cost-effective in its implementation. Examples of Reducing Project Duration using Various Strategies: I have also used these strategies in planning my day to day activities like I planned to renovate my house. I had 1 month to renovate my house. My planning was to get 3 people to do all work but somehow I didn’t get labor on time for which I had to use “crashing strategy”. I added 3 more people for each work. Though I got my work done on time but I added cost to my work as well as wasted time in solving their conflicts. I also used “project scope strategy” for the same work. Instead of adding resources, I decided not to do carpeting part of my work to save time. Again I got my work done on time but had to compromise with the scope and reduce it. I also had a case where I had to plan a trip to Miami for 1 month. My planning was: 1. Booking the air tickets (first day) 2. Booking a hotel and a car (second day) 3. Search the deals and places to view (third day) 4. Shopping (fourth day) 5. Packing (fifth day) 6. Catch the flight (sixth day) Somehow, it took 4 days just to do all bookings. As I was running short of time I used “fast-tracking” strategy and I was able to manage it well. I skipped doing research as I can know about the places later and continued with my shopping. I was also packing along with my shopping. This way I saved my money and time both. The Most Effective Strategy; Fast Tracking: "Fast-tracking" is considered as the most effective method to cut down the time of a project to obtain the results at a fast pace. It is a simple strategy but at the same time it is hard for project managers to follow it. Fast tracking is referred to as a project schedule compression technique that enables the management to either break down the whole schedule of project into smaller time frames to restore the effectiveness and efficiency of the project or doing all the tasks altogether in smaller amounts in a more developed manner (Mochal, 2006). It increases the communication and constant administration becomes mandatory which decreases any potential risks. Project Management as an Important Skill Set to Master: According to Larson & Gracy (2000), project management is a significant skill set to master because it enhances the productivity with highest degree of efficiency, helps in the maintenance of the budget related to the project, enhances the communication among the teams which results in resolving the conflicts and issues that can occur at any time during the project, minimizes the risks evaluated for the project, helps in improving the quality of the product. Project management also enables the upper level management to develop the art of decision making on the time by using the information available to them, enables the companies to meet their goals and objectives set and lastly, ensures the customer satisfaction which shows that the successful implementation has brought the best of results in the accomplishment of the targets and goals which can only be learnt through developing the required skills. Potential Application of Project Management in an Organization: Project management is considered as a complex but the most knowledgeable and competent business skill that helps the organizations to enhance their productivity and activities in a competent world of today. Project management technique or application is already implemented in various companies like oil and gas, finance industry, IT, aerospace, infrastructure. Telecoms, engineering etc. Now with the changing trend, organizations and businesses are more focused towards the implementation of project management technique to enhance their productivity and competitiveness in the market. Project management application is now considered as an opportunity to grow and an insurance that could save the businesses in today’s hi-tech world. It not only saves time, helps to evaluate risks, proper allocation of the resources, helps in monitoring and controlling and last but not the least, plans a complete set of tasks and responsibilities for an organization. Effective Application of Project Management in an Organization: Effective application of project management in a business helps in accomplishment of the goals on time, efficient use of the resources available and a quick decision-making process based on complete information. Secondly, its effective application also helps in gaining the competitive advantages in getting the desired results which ensures maximum customer satisfaction. Importance of Project Management in Organizations: All organizations use the projects as a mean to change strategies into actions and goals into realities. Many companies are project-oriented because of the nature of their businesses such as they could be into engineering, aerospace, IT, Telecom etc. For them, project management holds a great importance for the success of their business and projects. However, on the other hand, there are some other businesses too, those who are less project-oriented such as retailing and food outlets etc but still one way ore the other, they are connected to have some projects on their lists such as establishing a new plant, or a new counter (Manu, 2007). It is not an easy task for organizations to turn their objectives into realities. We are living in a highly competitive world where the success of a project depends on various factors such as technology, meeting customers’ satisfaction, globally outsourced workgroups, cost pressures, increased market sizes etc. We can conclude that project management is a source of various advantages and holds a great importance in an organization. Project management is more focused on “bringing life” to those organizations that want to create a new product or an opportunity to compete in a world of today. Project Management’s Benefits, Advantages & Outcomes: Project management can bring some real benefits and advantages to the organizations and the individuals in these organizations at different levels. For example, it provides complete and timely yet updated information to the upper level management which helps them in the process of quick decision-making. This also benefits the organizations to help a competitive edge over the others in the market. Project management also defines the roles and responsibilities to the teams. On the other hand, it helps in bringing down the level of conflicts and issues between the different teams through effective communication which thus, results in increased productivity and greater motivation (Manu, 2007). Future of Project Management: Project management could be improved in future by using various tools and techniques in an organization which would help to compete in this hi-tech business world. But the focal point in successful execution of a project can be obtained through the developed teams. Therefore, it would be necessary for the organizations to focus more on the development of their people and help them polishing their skills for better implementation of project management approach and outcomes that are needed to establish a successful organization (Ireland, 2006). Role of Project Management in Improving the Business Processes within a Business: Businesses processes and their improvement is the core project that every organization focuses on regardless the size of the organization and the size or the area needed for the improvement in a business process through the implementation of project management technique. Even improving a particular business process leaves its impact on the entire structure of an organization. Project management plays a significant role in improving and developing the processes and various other activities within a business process which helps in improving the weak areas, builds a control, reduces the costs, plans and organize different strategies for better results, helps in enhancing the performance level which ultimately spreads through out in entire organization resulting in overall improvement (Larson & Gracy, 2000). Trends of Project Management in an Organization’s Setting: Project Management has helped an organization to adapt to various trends within their environment such as it has helped the organizations to focus more on establishing global project management technique with greater benefits, low costs and more global opportunities, helps in a clear understanding of different cultures, improves risk management and value management which helps in analyzing the risks and budgeting, increases the demand for latest technology and last but not the least, helps to achieve the results with a high global and local competition (Source: Project Management Trends, 2011). Challenges of Managing Projects within the Organization Sometimes, it gets hard for the project managers to successful execute a project within an organization. There are many challenges that project managers can encounter in managing the projects such as unrealistic targets and deadlines which many result in the failure of many projects, lack of communication between the team members that can give rise to many conflicts among them, competition over the resources, lack of accountability, undefined goals due to failure in communication and understanding, lack of required team skills and last but not the least, failure in risk evaluation due to any unforeseen circumstances (Larson & Gracy, 2000). Project Reporting Helps Managing Challenges Project status reporting refers to the regular and timely yet formalized way of reporting or gathering the information on project progress aligned with the project plan. Its basic purpose is to develop an effective and efficient communication on project status at regular intervals to protect stakeholders for keeping them update with the project process (Larson & Gracy, 2000). A consistent project reporting helps against unforeseen challenges. It keeps the concerned project groups up to date of serious aspects of project health and allows management to accomplish the project related matters and risks associated. Project Report also offers a detailed and a documented record of the project (Mochal, 2006). Key factors for the success of project There are many key factors that contribute towards the success of a project. According to Larson and Gracy (2000) these basic components include an agreement which works as a pact that bounds the project stakeholders and the concerning groups that includes the project teams, the customers, and the management for attaining the shared project goals, a well-developed plan that demonstrates the possibilities, responsibilities, evaluates the possible resources in order to get the job done, measures and checks the performances and lastly, indicate any possible lapses before the implementation of the project, an effective communication for better co-ordination, a controlled scope which ensures that every participant in the team has fully understood the responsibilities and the necessary outlines for the successful completion of the project with enhanced performance and an efficient utilization of the resources, and lastly, the upper management support which effectively manages the upper level management in quick decision making with all the available information and also helps them to overcome any obstacle or conflict within the organization or during the project. List of References: 1-Larson E.W. & Gray C.F. (2000.). “Project Management” .The Managerial Process. 3rd Edition Chapter 6-13. McGraw-Hill Singapore. 2-Mochal T. (2006). “Fast-tracking and crashing can get your project back on schedule”. Retrieved from < http://www.techrepublic.com/article/fast-tracking-and-crashing-can-get-your-project-back-on-schedule/6144481> viewed on 23rd July 2011. 3-Kumar Manu (2007). “The Importance of Project Management In Organization.” viewed on 25th July, 2011. 4- Dvir Zohar (2011). “Project Management Trends” < http://www.slideshare.net/zohardv/project-management-trends> viewed on 25th July, 2011. 5-Dr. Lew Ireland (2006). “Project Management: Past, Present & Future”. < http://www.asapm.org/asapmag/articles/PrezSez7-28-06.pdf > viewed on 25th July, 2011. Read More