MANAGEMENT

Role of Project Management in Business

Role of Project Management in Business

Introduction

The professional environment today is characterized by rapid changes. Technology has played a major role in reshaping the Organizational processes. It has been observed that Organizational processes have been transformed in order to achieve greater efficiency (Vachan, 2012).

Many Organizations have suffered by focusing on traditional approaches and have lost their clientele. Customers prefer those Organizations which employ electronic processes are bound to succeed to a great extent since they will be more efficient in their processes.

The aspect of Project management gets a special mention in the changing technology as it helps the Organizations greatly in meeting the rapid technological changes in the workplace (Mergendoller, n.d).

Project Management incorporates elements which combine to reduce the gap between the future vision and current performance. It is a key tool for Organizations since it incorporates elements like team work, flexibility, allocation of resources, employee empowerment (Tatar, 2010).

Projects are rapidly undertaken by Organizations on a regular basis. For Organizations to be successful in achieving outcomes pertaining to projects, they must have a profound understanding of Project Management.

Project Management is an essential field which offers all the information pertaining to completion of projects. Project management involves the implementation of knowledge, expertise, skills and techniques to project activities to meet project requirements.

The Project Management process consists of initiation, Planning, Execution, Monitoring and Controlling. All these elements are essential for a successful Project Management. The outcomes of Project Management can only be met by implementing all these principles rigorously.

Initiate

It is necessary to conduct brain storming and assess the need of the project before initiating it. Initiating any project without proper planning in advance would be a deterrent in the successful implementation of Project Management.

Whenever any project has to be initiated, the importance of it should be gauged beforehand. Defining the proper scope of a project before its implementation is very important.

All the participants of a project should participate in the Initiation phase. There should be a comprehensive discussion on the nature of tasks which have to be undertaken in the project. There should be an outline developed by the participants to augment their efforts in the implementation phase.

Planning

For any venture to be successful, maximum energy should be devoted to the planning phase. Meticulous planning contributes greatly towards the success of Project management. Paying appropriate attention in planning is a great step in success of Project Management. The planning process should incorporate all the resources which have to be allocated. Proper mechanisms which encourage appropriate allocation of resources is necessary in the Planning phase.

The project management process should have a complete project plan in place. A project plan will felicitate the management functions pertaining to effective project management. Project Management needs to be managed effectively and a project plan goes a long way in achieving this goal. The project plan will give a guideline to managers to better manage the Project Management ...