THE ROLE OF PROJECT MANAGEMENT IN TODAY’S BUSINESS ENVIRONMENT

What is Project Management?
When we describe the term Project management it is the art of taking uncertainty and transforming it into certainty (near). The process and activities are planning, organizing, motivating, and controlling resources, procedures and protocols to achieve specific goals in scientific or daily problems. Efficient and effective teams with a leader that can encourage cooperation and motivate to get outcome as all are working toward the same goal. It is in everyone’s best attention to work together to the works success.

What is the Role of Project Management in Today’s Business Environment?

When we think about today’s business environment there is an intense competition between the firms. According to my opinion project management is vital because of the budgets and resources are limited and time constraints are very strict. Therefore in order to achieve an advantage over competing firms, efficiency and success of each and every project is very important.

The great ability of project management makes it possible to focus on priorities, track and measure performance, overcome challenges and issues, become flexible enough to adjust to change and reach higher performance and a higher probability of success in each and every project. According to my understanding managing a project is a complex task which consists of number of phases and it is a non-repetitive process which has a beginning and an end. Various different tools can be used in this process and these tools will help to measure accomplishments, progress and project tasks.

Project management help to reduce the risk of failure and increase the chance of success. I think applying project management activities, the project it will become flexible and will be able to adapt to possible changes that may occur in the future and will achieve higher performance and probability of higher success.

Project management can be applied to many organizations and industries. For examples we can consider banking, Manufacturing, Engineering and Architecture, Software Development and Information Technology among many others. In these organizations and industries project management is important because tough budgets, reducing resources, limited time constraints, and competition to improve the methods we do business in the competitive environment. The great ability of project management makes it possible to focus on priorities, track and measure performance, overcome challenges and issues, become flexible enough to adjust to change and reach higher performance and a higher probability of success in each and every project.

The challenges of project management most especially the high hopes from senior management combined with little or no hierarchical permission are powerful, but project managers can influence the entire path of an organization. People who manage project management processes in another words project managers required to be very skilled in various different fields such as Human resource management, system integration, quality assurance, time and cost management etc. Also project manager should possess excellent communication skills, leadership skills and documentation skills.

According to my understanding Project management is very important in today’s business intense competition among organizations and industries because when one considers the repercussions of the lack of good project management or when project management is not successful applied to projects. Here are some of the repercussions that can be experienced with the lack of or poor project management weak communication, missed deadlines, cost overruns, week workmanship, Misunderstandings, redoing work to correct mistakes, unclear directions for the project, constant changes in project scope, forgotten key tasks, weak morale of team, duplication of effort, Bad weather, weakly defined goals and objectives etc.These things happens because of poor approval to the projects.

In my opinion Project management is considered as very important partition of today’s business environment because of the outcomes of a project which has been completed without proper project management, or the outcomes of projects completed with poorly applied project management can be severe. Consequences such as expenses exceeding the budget, durations exceeding the deadline, conflicts between team members, unsatisfied clients, exhaustive rework of the project, uncertainty of the project directions, unclear project scope, processes that has been neglected may arise. Because of the above mentioned consequences project management is a necessity for a successful project. Well managed projects will increase the effective use of the resources to the maximum and it will result a project which will exceed the clients expectations. It will keep the project expenses under the budget line, will result in clean project life cycle and build the confidence of the related project team and the organization.