New learning in the field of project management

Abstract

In 21st century when every industry and organization has different aims and objectives to achieve, each and every management aspect and concept has become more important than ever whether it's only planning or executing. This paper aims to discuss the importance of project Management in modern times and the different steps and procedures that come in the way, and they call collaborate and in the end the manager gets the project completed.

Abstractii

New learning in the field of project management1

Project Management and the business world1

Project Life Cycle and its benefit to the organization2

Why critical thinking, planning and flowing the idea to the team are important?3

Manager vs Leader and the formation of a team4

A well structured project team5

A project in small packages5

Project Management Softwares and their Importance6

New learning in the field of project management

Project Management and the business world

Project management is the study of organizing, planning, managing, supervising the capital resources for completion of a specific project or task that will lead to further generation of profits or completion of goals.

The size, aim and objectives behind a project may vary from company to company or industry to the industry, but there are certain characteristics that all the projects have in common. The most common are, they are designed to achieve a specific goal, the managing party has to face the limitation of the costs and time, the budgets of the project are fixed, and each and every step of the managing committee is pre calculated, a special team of individuals from different fields sit together to get the work done, and the most important the risks that are unpredictable (Marks p. 2). On the other hand, the differentiating factor is that every project is unique is its own way. Keeping in mind all these specifications, a project manager is one that identifies all these factors individually and then communicates and plan the project further (Marks p. 2).

The dominating factors of all the projects are the costs incurred, the time and life of executing the project, and the quality and standards that have to be met. These three factors are interlinked if anyone of them is changed or miscalculated the other two are affected automatically. Just for example some of the project managers might sacrifice the costs to deliver the best quality, or the time of the project is ignorable, but the quality cannot be compromised. Keeping this in mind the project manager can adjust and fix the factors that are negotiable and those that are a priority. If costs and budgets cannot be altered then the team must work while keeping the costs minimum. If quality is the top priority than the team should work with the best quality resources and if a manager thinks that all three factors can work in a balance, and even a single one cannot be prioritized than the risk factors increases (Marks p. 2).

Project Life Cycle and its benefit to the organization

Each and every project follow a ...