Power of Project Managemetn

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The Power of Project Management

Abstract
One may wonder what project management can offer to their organization? Today’s highly competitive world forces organizations to cut costs as well as implement new products and ideas quickly. Project management can offer a structured process that has been developed throughout time that enables projects to reach their fullest potential with minimal risk of failing. This paper will demonstrate the power of project management and the benefits it can offer an organization. Also, the research stresses the importance of communication between the stakeholders, team members, and upper management. More and more organizations are recognizing the role that project management can play in increasing their success.

Table of Contents
Abstract2
Project Management Defined5
Definition of Project Management5
Role of Project Management5
History6
History of Project Management6
Project Successes and Failures7
Project Management Process7
Process Defined7
Adopting PM into the Organizations Structure8
Benefits8
How Does PM Benefit the Organization8
What Does it Improve9
Summary9
Bibliography10

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The Power of Project Management
The cost and consequences that an organization can experience from missed deadlines, cost overruns, poor workmanship and redoing work to correct errors, unclear directions, and duplication of effort can be astronomical for a company. Project management offers solutions for organizations that are finding that they are working with tighter budgets, diminishing resources, more and more time constraints, and tougher competition during their normal course of business. The awesome power of project management makes it possible to focus on priorities, track and measure performance, overcome challenges and problems, become flexible enough to adapt to change and achieve higher performance and a higher probability of success in each project (Ebersole, 2007). In today’s business world the amount of time it took to build the pyramids or the atomic bomb would not be acceptable, spelling disaster for an organization. Failure is not an option so companies are looking for new ways to reduce the risk of failure. In reality project management has been around for a while and has been used in many large projects and organizations. Project management plays a large role to ensure that the lessons learned from project failures are gathered and utilized to insure the success of future projects. It is easy for teams or projects to fall into the same ruts and traps that previous teams encountered. A project manager is the role who would analyze these ruts and traps while guiding the team or project around them to ensure that they achieve success. The benefits of project management with in an organization are measured in terms of the organizational success with new innovations in its market place. Effective project management will help: meet or exceed customer expectations, maximize the use of your resources (time, people, money, space, etc.), bring the project to a successful conclusion on time and within budget, document what was done for any need of future reference, and build confidence in your team for future projects (Ebersole, 2007). Project Management Defined

Definition of Project Management
Project Management is best defined by the PMI Institute as the application of knowledge, skills and techniques 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 (PMI Institute). Project management is the utilization of past knowledge and techniques gained through successes and failures towards future endeavors to insure that past best practices are fully utilized as well as avoided past pit falls that resulted in failure. Organizations that have learned through past projects...
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