BUSINESS PROJECT MANAGEMENT

Business Project Management

Business Project Management

Introduction

The focus of this assignment is on business models, and the importance these models have for process of project management. Initially this assignment will cover basic understanding of project management, phases involved in project management and different types of business models. Afterwards, critical analysis of importance of business models to project management process is carried out. Project management defined as an application which related to the logical tools of planning, directing, and controlling. Projects have limited completion time and, therefore, time management is very vital for achieving goals within given time constraints. Each project has unique goals and constraints; therefore, project is one time endeavour. All projects have some constraints which include defined start and end date, limited funds, human resource, multifunctional experts (Eriksson, 2008, pp. 29-57).

Project Management

A Project is a temporary endeavour, having a defined beginning and end (usually constrained by time, cost and quality), undertaken to deliver specific objectives, usually to bring about beneficial change or added value within an organization.

There are five phases in project management process which include; Concept (idea), Planning, Testing, Implementing and Closure. The first step consists of evaluating the idea and analyzing risk according to time, performance and cost targets. Planning is done in the second phase. It includes, identifying all resources that are necessary for completion of a project and to set appropriate time, cost and performance targets. The third phase involves testing and standardizing everything so that actual operation can be commenced. Implementation carried in the fourth phase. During this phase, product (of the project) integrated with an organization. Finally, project is closed-out in the final phase. This step provides very valuable data, which can be utilized in the conceptual phase for the next phase. It is very logical to state that every different organization which has a different set of functions, in different industries and different business models, will have different phases/process in project management (Giesen, 2007, pp. 27-33).

Critical Path Method

The method is based definition of the longest sequence of tasks from the beginning of the project until its completion in accordance with their relationship. Tasks on the critical path (critical tasks) have zero reserve run-time and in case of change of their duration to change the terms of the project. In this regard, in carrying out the project critical tasks require more careful monitoring, in particular, the timely detection of problems and risks that affect the timing of their implementation and, consequently, the timing of the project as a whole. In the course of the project critical path of the project may change, as when the task durations, some of them may be on the critical path.

An effective tool for the construction of Project Management

The important method for using the Critical Path Method is to construct the project management model:

Time

It is to analyze the time that each activity will require in order to be completed. Time is divided into two categories:

The normal time which is similar to the estimated time could ...