ASSIGNMENT
SUBMITTED BY: NIKHIL KUMAR (05814901718)
BBA (G) –B
SEMESTER-6
PROJECT MANAGEMENT
Project management is the application of methodologies, tools and
processes to successfully plan and execute projects. Project
management intelligently makes use of teams and resources to complete
project activities within the boundaries of time, cost and scope.
The project objective is defined by the client or stakeholder, and a
project manager uses the methodologies of project management to create
a plan that defines the resource allocation, tasks, milestones and
deliverables necessary to meet the stakeholders’ requirements.
OBJECTIVES
Project management objectives are the successful development of the
project's procedures of initiation, planning, execution, regulation and
closure as well as the guidance of the project team's operations towards
achieving all the agreed upon goals within the set scope, time, quality
and budget standards.
The successful development and implementation of all project's
procedures. A project, regardless of its size, generally involves five
distinctive phases of equal importance: Initiation, Planning and Design,
Construction and Execution, Monitoring and Control, Completion. The
smooth and uninterrupted development and execution of all the above
phases ensures the success of a project.
Productive guidance, efficient communication and apt supervision of
the project's team. Always keep in mind that the success or failure of a
project is highly dependent on teamwork, thus, the key to success is
always in collaboration. To this end, the establishment of good
communication is of major importance. On one hand, information needs
to be articulated in a clear, unambiguous and complete way, so
everything is comprehended fully by everyone and on the other hand, is
the ability to be able listen and receive constructive feedback.
The achievement of the project's main goal within the given
constraints. The most important constraints are, Scope in that the main
goal of the project is completed within the estimated Time, while being
of the expected Quality and within the estimated Budget. Staying within
the agreed limitations always feeds back into the measurement of a
project's performance and success.
Optimization of the allocated necessary inputs and their application to
meeting the project's pre-defined objectives, is a matter where is always
space for improvement. All processes and procedures can be reformed
and upgraded to enhance the sustainability of a project and to lead the
team through the strategic change process.
Production of a complete project which follows the client's exclusive
needs and objectives. This might mean that you need to shape and
reform the client’s vision or to negotiate with them as regards the
project’s objectives, to modify them into feasible goals. Once the
client’s aims are clearly defined they usually impact on all decisions
made by the project’s stakeholders. Meeting the client’s expectations
and keeping them happy not only leads to a successful collaboration
which might help to eliminate surprises during project execution, but
also ensures the sustainability of your professional status in the future.
Project management is a flourishing field that keeps growing in
knowledge and interest at a considerable rate. Understanding project
management objectives in-depth is the first step to success, as you will
fully realize what it takes to be efficient, effective and competitive in a
shifting, complex and at times unpredictable environment. Due to the
nature of project management, which differs from typical management
by the innovative, unique and multidisciplinary character of most
projects, it is generally agreed that it requires its own tools and
techniques. Keep in mind that these tools and techniques do not apply to
all projects, so make sure you choose wisely and adjust accordingly.
IMPORTANCE
Strategic Alignment
Project management is important because it ensures what is being
delivered, is right, and will deliver real value against the business
opportunity.
Every client has strategic goals and the projects that we do for them
advance those goals. Project management is important because it ensures
there's rigor in architecting projects properly so that they fit well within
the broader context of our client's strategic frameworks Good project
management ensures that the goals of projects closely align with the
strategic goals of the business.
Leadership
Project management is important because it brings leadership and
direction to projects.
Without project management, a team can be like a ship without a rudder,
moving but without direction, control or purpose. Leadership allows and
enables a team to do their best work. Project management provides
leadership and vision, motivation, removing roadblocks, coaching and
inspiring the team to do their best work.
Clear Focus & Objectives
Project management is important because it ensures there's a proper
plan for executing on strategic goals.
Where project management is left to the team to work out by
themselves, you'll find teams work without proper briefs, projects lack
focus, can have vague or nebulous objectives, and leave the team not
quite sure what they're supposed to be doing, or why.
As project managers, we position ourselves to prevent such a situation
and drive the timely accomplishment of tasks, by breaking up a project
into tasks for our teams. Oftentimes, the foresight to take such an
approach is what differentiates good project management from bad.
Breaking up into smaller chunks of work enables teams to remain
focused on clear objectives, gear their efforts towards achieving the
ultimate goal through the completion of smaller steps and to quickly
identify risks, since risk management is important in project
management.
Realistic Project Planning
Project management is important because it ensures proper
expectations are set around what can be delivered, by when, and for
how much.
Effective project managers should be able to negotiate reasonable and
achievable deadlines and milestones across stakeholders, teams, and
management. Too often, the urgency placed on delivery compromises
the necessary steps, and ultimately, the quality of the project's outcome.
We all know that most tasks will take longer than initially anticipated; a
good project manager is able to analyze and balance the available
resources, with the required timeline, and develop a realistic schedule.
Project management really matters when scheduling because it brings
objectivity to the planning.
Quality Control
Projects management is important because it ensures the quality of
whatever is being delivered, consistently hits the mark.
Good project management demands gated phases where teams can
assess the output for quality, applicability, and ROI. Project
management is of key importance to Quality Assurance because it
allows for a staggered and phased process, creating time for teams to
examine and test their outputs at every step along the way.
Risk Management
Project management is important because it ensures risks are properly
managed and mitigated against to avoid becoming issues.
Risk management is critical to project success.
Good project management practice requires project managers to
carefully analyze all potential risks to the project, quantify
them, develop a mitigation plan against them, and a contingency plan
should any of them materialize. Naturally, risks should be prioritized
according to the likelihood of them occurring, and appropriate responses
are allocated per risk. Good project management matters in this regard,
because projects never go to plan, and how we deal with change and
adapt our plans is a key to delivering projects successfully.
Orderly Process
Project management is important because it ensures the right people
do the right things, at the right time-it ensure proper project process is
followed throughout the project lifecycle.
Proper planning and process can make a massive difference as the team
knows who's doing what, when, and how. Proper process helps to clarify
roles, streamline processes and inputs, anticipate risks, and creates the
checks and balances to ensure the project is continually aligned with the
overall strategy. Project management matters here because without an
orderly, easily understood process, companies risk project failure,
attrition of employee trust and resource wastage.
Continuous Oversight
Project management is important because it ensures a project's
progress is tracked and reported properly.
Continuous project oversight, ensure that a project is tracking properly
against the original plan, is critical to ensuring that a project stays on
track.
Good project managers will regularly generate easily digestible progress
or status reports that enable stakeholders to track the project. Typically
these status reports will provide insights into the work that was
completed and planned, the hours utilized and how they track against
those planned, how the project is tracking against milestones, risks,
assumptions, issues and dependencies and any outputs of the project as it
proceeds.
This data is invaluable not only for tracking progress but helps clients
gain the trust of other stakeholders in their organization, giving them
easy oversight of a project's progress.
Subject Matter Expertise
Project management is important because someone needs to be able to
understand if everyone's doing what they should.
Subject matter expertise means they can have intelligent and informed
conversations with clients, team, stakeholders, and suppliers. They 're
well equipped to be the hub of communication on a project, ensuring
that as the project flows between different teams and phases of work,
nothing gets forgotten about or overlooked.
Without subject matter expertise through project management, you can
find a project becomes unbalanced - the creatives ignore the limitations
of technology or the developers forget the creative vision of the project.
Project management keeps the team focused on the overarching vision
and brings everyone together forcing the right compromises to make the
project a success.
Managing and Learning from Success and Failure
Project management is important because it leans from the successes
and failures of the past.
Project managers use retrospectives or post project reviews to consider
what went well, what didn't go so well and what should be done
differently for the next project. This produces a valuable set of
documentation that becomes a record of dos and don'ts going forward,
enabling the organization to learn from failures and success. Without
this learning, teams will often keep making the same mistakes, time and
time again. These retrospectives are great documents to use at a project
kickoff meeting to remind the team about failures such as
underestimating projects, and successes such as the benefits of a solid
process or the importance of keeping time sheet reporting up to date!
