Project Management Assignment Example | Topics and Well Written Essays - 2750 words

Project Management - Assignment Example The paper "Project Management" investigates project management. This are all signs of the poor or no project management. However, it seems unfair that all the burden of failure falls on a single person Project Manager but it is how and why the project are managed to address the real life issues to bring betterment to humanity. Project can fail, even with the best intentions, if not planned and managed properly. Besides, unprecedented situations can occur if the project manager and his team have not carried out a thorough risk management planning. These reasons signify the importance of the project management and consequences of initiating a project without such efforts. Project Management Institute in its PMBOK defines a project as â€Å"a temporary endeavor with a beginning and a definite end that creates a unique product, service or results and is progressively elaborated†. Lawson and Gray highlight major characteristics of a project as: Defined and clear objective; Definite and recognized starting and end; Involvement of other departments, professionals and experts; Unique as never done before; Has requirements of time, cost, scope and performance. Project management is an effort to produce the desired results or deliverables in a number of varied ways of execution all reaching towards the end objectives. Project management includes clearly defining objectives, establishing requirements, managing conflicting resource priorities, balancing the requirements of challenging stakeholders. and team members while endeavoring to achieve cohesion towards common purpose. Managing projects in a systematic way result in cost effectiveness, mitigation and elimination of risks involved, higher productivity towards accomplishing the desired end objectives. These benefits necessitate a well-structured and scientific approach towards managing the project without which organization would find is difficult to meet the multifaceted challenges presented by the modern era of globalization. Without such an approach, it would be impossible for organizations to manage and deliver the project within defined and agreed upon constraints of time, cost, quality and scope in current competitive business environment. In more simple words, there is a requirement of established framework that is well recognized and agreed upon. In this context, organizations can benefit from the sequenced activities and task dependencies identified in the PMBOK and other related journals to create a structured approach to project management by achieving control over project environment, ensuring the end project deliverables while managing the triple constraints. Triple constraints are the competing and challenging requirement of time, scope and cost demanding a high priority on project manager’s to do list. The absence of such a structured approach would lead organizations in a volatile and disordered situation where they would have little or no control. Project managemen t is a vast topic and is difficult to concisely provide all the definitions, terms and terminologies within few pages. It is critical to understanding that project management provides organizations with a structured framework of