Schemes Under Project Management

Project management is a term coined to describe the process of developing, organizing, motivating, and allocating resources in order to achieve specific goals. Using this method, each project that an organization gears undergoes a life cycle that is managed by a team of people and their head supervisor. Schemes under project management require intricate planning via its leaders and sponsors, hard work from its staff, and strong leadership from the project manager, but the benefits derived from project management are tremendous. The business world thrives off of well illustrated and implemented project management schemes because they create a higher opportunity for success in the ventures that organizations embark on. In this dissertation, I will delve into project management, all of its steps and practices, and reveal how it can aid any organization in achieving its goals one step at a time.
Project management appears to be ideally suited for a business environment requiring accountability, flexibility, innovation, speed, and continuous improvement (Larson & Gray, 2011). Industries worldwide can employ project management as a tool that will apply information, expertise and techniques in order to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals – and thus, better compete in their markets (Project Management Institute, Inc., 2014). Project management shapes its focus around an organizations core values, objectives, resources and the schedule of each assignment. Not only does an organization gain more control and assurance through the use of project management, but it is also to foresee possible risks and threats, which allows an oppor...

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...st reviewed with the project sponsor, stakeholder and team to confirm that the overall goal has been achieved. Meeting the goal means that objectives were met, the time frame was not exceeded and resources were kept within budget. If any final issues need to be addressed they are assigned to the proper individual/team and a review is conducted to help aid in the next project to come.
In conclusion, project management utilizes the project life cycle (defining, planning, executing and closing) and all parties involved in the project (the sponsor, stakeholders, manager and team members) at an optimal level through the strategic use of organization and implementation to help a project reach its full potential with minimal delay. It creates numerous schemes based off of critically thought out research in order to dramatically increase the project’s chances for success.