Project Management

Topics: Project management, Investment, Capital budgeting Pages: 11 (2583 words) Published: December 14, 2012
Q1. Definition of project management

A project can be considered to any series of activities or task that have a specific objective to be completed within certain period of time , have definite starting and ending dates, have financial limitation, and have lack of some sorts of resources i.e. efficient personnel, equipment and technological support, as well as money.

Project management is the discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives

Project management, on the other hand, involves project planning and project monitoring that includes such items as follows:

Successful project management achieve the project’s objectives through completion of the project within specified time, within cost, utilizing the assigned resources effectively and efficiently at desired performance level.

Thus project management is the planning, organizing, directing, and controlling, of company’s resources for a relatively short term objectives that has been relatively establish to complete specific goals and objectives.

Project management is often summarized in a triangle. The three most important factors are time, cost and scope, commonly called the triple constraint. These form the vertices with quality as a central theme. [pic]

1. Projects must be delivered on time.
2. Projects must be within cost.
3. Projects must be within scope.
4. Projects must meet customer quality requirements.
So we can say that The primary challenge of project management is to achieve all of the project goals and objectives while honoring the preconceived project constraints. Typical constraints are scope, time, and budget. The secondary—and more ambitious—challenge is to optimize the allocation and integration of inputs necessary to meet pre-defined objectives.

Q2. Components of project management


1. Specific goal

2. Short time periods

3. Starting and ending point

4. Financing limitation

5. Specific resources

Q3.Potential benefits from project management
The benefits of project management contain all the elements of what is a truly symbiotic relationship between manager, client and worker are. In fact, it’s this very application of knowledge, skills, tools and techniques that ultimately will meet or exceed a stake holder’s needs and/or expectations on any given project. 1. Better efficiency in delivering services: Project management provides a “roadmap” that is easily followed and leads to project completion. Once you know where to avoid the bumps and pots holes it stands to reason that you’re going to be working smarter and not harder and longer. 2. Improved customer satisfaction: Whenever you get a project done on time and under budget, the client walks away happy. And a happy client is one you’ll see again. Smart project management provides the tools that enable this client/manager relationship to continue. 3. Enhanced effectiveness in delivering services: The same project management strategies that allowed you to successfully complete one project will serve you many times over. 4. Improved growth and development within your team: Positive results not only command respect but more often than not inspire your team to continue to look for ways to perform more efficiently. 5. Greater standing and competitive edge: This is not only a good benefit of project management within the workplace but outside of it as well; word travels fast and there is nothing like superior performance to secure your place in the marketplace. 6. Opportunities to expand your services: A by-product of greater standing. Great performance leads to more opportunities to succeed. 7. Better Flexibility: Perhaps one of the greatest benefits of project management is that it allows for flexibility. Sure project...
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