The Significance Of Project Management: The Importance Of Project Management

1175 Words5 Pages
Many people and organizations today have a new or renewed interest in project management. In the past, project management primarily focused on providing schedule and resource data to top management in just a few industries, such as the military and construction industries. Today’s project management involves much more, and people in every industry and every country manage projects. New technologies have become a significant factor in many businesses, and the use of interdisciplinary and global work teams has radically changed the work environment. The facts below demonstrate the significance of project management in general:
In 2011, the average annual salary (excluding bonuses, in U.S. dollars) for someone in the project management profession
…show more content…
Project management certification continues to be one of the most popular certifications throughout the world. The U.S. spends $2.3 trillion on projects every year, and the world as a whole spends nearly $10 trillion on projects of all kinds. Projects, therefore, account for about one fourth of the U.S. and the world’s gross domestic product (GDP). Project management is also a vital skill for personal success. Managing a family budget, planning a wedding, remodeling a house, completing a college degree, and many other personal projects can benefit from good project management (Project Management Institute 2012). In addition to project management, healthcare organizations are embracing program and portfolio management to address enterprise-level needs. This chapter introduces projects and project management, summarizes the context of healthcare project management, describes the differences between project, program, and portfolio management, discusses the role of the project, program, and portfolio manager, and provides important background information on these growing professions (Standish Group 1995). To discuss project management, it is important to understand the concept of a project. A project is “a temporary endeavor undertaken to create a unique product, service, or result.” Operations, on the other hand, is work done in organizations to sustain the business. Projects are different from operations in that they end when their objectives have been reached or the project has been
Open Document