PROJECT MANAGEMENT

Project Management

Project Management

Introduction

Organizational leaders are facing complex challenges through a rapid rate of change in both the technology and government, which has then created pressure in new and existing organizations. As a result, the traditional structure for managing is giving way to a new form of management known as project management. Project management has become an expected professional skill for managers and specialists in all disciplines. Driven by global competition and new technologies, the use of project management is expanding wherever organizations need to achieve performance objectives within scope, cost, and time constraints (Gunasekara, 2003). From the ancient Egyptians, the Stonehenge, and the Mayan pyramids there has become more of what is now considered a modern project. There are a large variety of projects found in our society, however, this paper will focus more on modern project management primarily used for many large and complex research and development projects, the basic phases of the project life cycle and their purposes, and the importance for organizations to use project management to accomplish tasks.

Discussion

A project has been defined as a temporary endeavor undertaken to create a unique product or service.(Mantel &Meredith, 2006). In business today there are many types of projects with endless possibilities. A project can be developing a new product or service, implementing a new business process, developing a marketing plan, or just completing an assignment. Projects share characteristics with operation in that they are performed by people, constrained of limited resources, and planned, executed, and controlled.

Major characteristics of a project are established objectives, having defined life span with a beginning and end, new or unique across-organizational participation, resources, specific time, along with cost and performance requirements. Every project has constraints like scope, time, and cost. Each project has starting and ending time, cost, and other management functions involved in the project to make it succeed or fail. Managing a project involves the application of knowledge, skills, tools and techniques to project activities to meet such project requirements. Project management has been defined as the planning, organizing, directing, and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives(Krezner, 2006).

Project management has been identified as one of the newest tools for a business future potential. Project management skills are becoming a required core competency for growth and quality oriented organizations. Project management is designed to make better use of existing resources by getting work to flow horizontally as well as vertically within the company (Krezner, 2006). Project management includes developing a project plan, which includes defining project goals and objectives, specifying tasks or how goals will be achieved, what resources are needed, and associating budgets and timelines for completion. It also includes implementing the project plan, along with careful controls to stay on the critical path, that is, to ensure the plan is being managed according to plan. Project management usually follows major phases with various titles, including feasibility study, project planning, implementation, evaluation and support and maintenance, which track through ...