All organizations and businesses exist to meet some specified goals with some predetermined strategies and resources. A basic measure of effectiveness in an organization is evaluating how much an organization is able to achieve, and comparing it with the expected achievements to make sure that goals tarry with results. If the real performance deviates from the set expectations, measures to cater for that are taken. Delivering goals or results within the time periods and financial costs is a key component of organization and business success. The management or appropriate project leaders have to look at the available resources and budget on them to meet customer expectations and needs. In all projects time management is of essence according Hurink (2011).
Those scholars highlighted the value of the Earned Value Management in estimating the costs of projects at completion based on various measurable and estimable costs and the schedule of a project. Despite of their extensive studies, leaders in project management face continuous problems and challenges relating to Earned Value Management, for instance Earned Value Management leverages the past state of current projects to predict future performance, which can limit its applicability in some situations because Earned Value Management alone cannot predict strategies to anticipate future events that are not contingent on past performance (PMI,
During planning for an impending project, evaluates for task durations that needed. In order for the plan to be preserved as realistic, most of the time is taken into consideration in order to make sure that accurate estimates are obtained. Accurate assessments offer increased prospects and high-confidence in the mission being completed on time (Mahadevan, p.165). This aspect enables additional safety time past the work content time required to be embedded within the job duration.
Large and small businesses, governments, and schools strive to build the next new gadget, manage resources more efficiently, and teach or train in more creative ways. If they set out blindly on a task without proper oversight and thought about the process, then surely the result would be a dismal failure. Project management enables these entities, and various others, to carefully consider the many variables before, during, and after the project actually takes place. Project management refers to the careful planning, organization, and management through a single one-time activity. Projects are non-routine tasks that are set out to be accomplished for a specific amount of time (Trelles-Duckett & Lonergan , n.d.). Projects have an absolute
The key purpose of project management is to used current software to predict as many risks and problems as possible; and then to plan task and assign resources so that the project is completed as ordered by the customer or client while keeping within the time frame given. Project managers must deal with the ever-present element of risk, both foreseen and unexpected, the use of project management means some of this risks can be identified in good time and so a solution can be created before the risk has a chance to happen. On large scale or very complex projects, a well skilled project manager will be able to use project management software to decide rather or not the overall aim of the project is even possible with the budget and resources given.
According to project management institute, a project is a temporary endeavor undertaken to create a unique product, service or result. Project is unique in a sense that it is not a day to day operation, instead it is a specific set of operations designed to complete an specific goal (“What is project management?,” 2016). A project is any unique venture which consists of a beginning and an end, carried out by people in order to meet predefined targets with parameters of cost, schedule and quality. In any project, there is temporary assembling of people and resources that are given specific objectives to complete within fixed budget and fixed time period. Hence, project can be defined as an organized work or a unique and risky venture, planned towards completing defined tasks or goals like social or economic goals, that requires resources, budget and time and performances (Field & Keller, 1997).
The concept of project management is a vague yet essential part of the average work environment. Typically, this process is overlooked by the average person, and its function within academic, business, and research environments is essential to the development of products, theories, and success. The idea behind project management is to separate a group of people, small or large depending on the size of the company, and focus their efforts on a goal or ‘project’. Each company or organization has a different methodology when it comes to arranging their project management group. However, these organizations usually follow a core set of ideas or concepts that have been proven successful in the development of goals. Two factors contribute to the overall goals of a project management team, individual skills on the team and the process by which those skills are applied.
For more than 25 years, The Little Black Book of Project Management has been introducing project managers to the incredibly effective and logical project management skill and methods to help them achieve their goal. This book has been flooded with very nee project management techniques as well as the latest standards of the Project management body of Knowledge (PMBOK) .accepted by PMI (Project Management Institute).
Within the realm of project management, you always hear that “time is money and money is time” (Pace, 2015). As this thought is the rule by which many project manages measure the success of their project. By only using time and money as the
Although all of these project-scheduling techniques are very useful and present the entire data in a very presentable format for the project manager and other stakeholders, it is very critical that these be coupled with the other project management techniques to make it a successful
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan
Kezner, H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6th. New York: John Wiley and Sons, Inc, 1998. Print.
Simpson, W. (2010). Project Planning and Control When Time Matters: Focus on Process to Synchronize and Drive Results. Production and Inventory Management Journal, 46(2), 26-43. Retrieved July 19, 2011, from ABI/INFORM Global. (Document ID: 2278162401).
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.