PROJECT MANAGEMENT

Project Management

[Name of the Institute]

Project Management

Introduction

Project management can be defined as a planned effort to accomplish a certain project. It includes planning, organizing and managing resources which leads to success in achieving the project. Project management includes the planning a project, identifying tasks and goals which are to be achieved. A well-executed project leads to the success of the business. Project management is associated with 5 types of processes which include: initiation, planning, executing, controlling and closing. A successful project can be evaluated on the basis of these steps. Professionally, project management should be carried on the basis of different projects and the goals which are set up in order to achieve it (born2process).

Managing a project is to manage resources, optimizing the results using specific tools in the monitoring of each stage. Applied to work, plan and manage projects is to define objectives productive short, medium and long term depending on which schedule activities and resources are organized under a management control system and evaluation of results. The article signifies 10 important tips that are relevant with respect to project management estimation. First, we can say that the management of risk and opportunity within a project is an on-going process that continues through all phases of the life cycle of the project and, therefore, good management is an important contribution to success of future projects that you make. The person responsible for this process is the project manager, which has to ensure both their welfare and for the rest of the team, always attentive to the risks and opportunities as they arise. Moreover, as long as necessary, the director must use expert consultants to support the decisions is taking over the project and to lead to a success in it.

The main purpose of this report is to discuss the factors that affect the outcomes of the project. According to Ntamere, (1995) a Project is a discrete package of investment or endeavour, policy measures and institutional and other activities designed to achieve an objective or set of objectives within a designated period and involving the commitment of resources. To Osuagwu, (1997) a project simply means a series of related activities with a goal, a beginning, and an end. Hemuka, in his wisdom, in an unpublished lecture, described a project as a form of investment or development which entails the injection of scarce resources, and other materials including land with the aim of realizing its latent potentials in the form of yield, or for satisfying other social or economic benefits (Allen, 2000, p. 3). A project is a term that defines any sequence of events or process which entails the putting together of different resources towards the attainment of a goal.

Advantages and Disadvantages of Functional Team Approach in Project Management

The functional team approach has different advantages and disadvantages. The major difference is the functional team approach “employs” totally from within the organization. Parker (2003) cited advantages of the functional team: Projects follow the format/structure of the ...