Project Management

Project Management

Advantages and disadvantages of Project Management

Project management refers to the successful completion of a project through the use of plan, organize, security and management of resources. The advantages to the project management are introduction of new and innovative ideas and products; accomplishment of particular goals and achievement of customer satisfaction. One of the advantages to the project management is the recognition of effectiveness for the sudden change within the organization. Project management is one of the tools for the change managers and executives to achieve the business goals. Through the assessment and monitoring of project management features the proposed projects can be evaluated. The project managers can successfully determine the success of the project through the insights and experience of past projects. The project managers can select effective performance measures and effectively control any issues occurred in the control system for project improvement. The costs are saved if the project teams work smartly. Project management provides the project managers with efficient communication and teamwork for the achievement of measurable and specific business goals, saving both time and money (Giang, 2012).

The disadvantages of the project management are project failures due to erroneous cost estimates at the initial stages; heavy commitment requirement from the staff and low success rates in few industries. Projects can be resource-intensive for the financial and human resource requirements. If project budgets are underestimated then the revenues will decrease and many problems can occur. Regular and thorough check of team members and project groups is important to know if the objectives and goals are fulfilled, focus is not lost and progress is tracked and original objectives are observed. When proper estimation is not done about timescales then the project can go to over scheduling. Precise duration estimates are required for the calculation of tasks, milestones and activities. This is where the project managers are required to use Gantt charts and PERT diagrams (Giang, 2012).

Key Differences between leaders and managers

Managers can also lead and leaders can also manage which creates confusion. It is important to know the differences between a leader and manager. A leader is an innovator; he observes and develops the ideas and principles. By attribute a leader is resourceful and problem-solving. He has an empathetic focus on the people. A leader trusts the stakeholders and inspires them. Leader has a big picture for his visions. Listening skills are superb of a leader. A leader ...