Project Management

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Project management has quickly become something that is used by most organizations when the organization wants to finish a project in a timely manner and within budget. Project management helps companies to meet their strategic mission in a planned and organized way. This paper will explain what project management is and the importance of it to the business world, the project life-cycle management and the benefits that project management has to an organization and the concept that goes into the planning of the life-cycle and how research and critical thinking is a mandatory part of planning. This paper will also explain project organizations and the importance of leadership and sponsorship, project team building and the techniques that are involved to make the team building successful, the creation of a work breakdown structure and how it is broken down into packages by the project manage and the need for project management software in the large integrated programs and the benefits to the overall project management organization.

Project management is defined as “the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements” (Larson, 2011, pp. 647). Project management is there to provide others with the type of tools that is needed for them to improve their ability to plan, implement and to be able to manage the activities that are needed to accomplish specific organizational objectives. Project management is basically something that is planned and organized carefully in order to accomplish a successful project (Lonergan, 2011).

Project management is an important part of the business world because it is critical when developing customized products and services and it is also helpful when an organization is trying to sustain a lucrative relationship with the customers that they are providing service to. “The future promises an increase in the importance and the role of projects in contributing to the strategic direction of organizations” (Larson, 2011, pp. 10). There are other reasons as to why project management has become important in organizations.

One of the reasons why project management has become important is because of the need to compress the product life cycle. The product life cycle is not how it once was years ago. Now technology is changing everyday so the life cycle has become shorter. Take the iPad for example; the life cycle of the first one was only about one year before the new one came out with updated features. For a product like this a project manager would be needed to keep to a schedule, budget and scope to help the product get out on time. Another reason why project management is becoming important is because of how complex products have become. Since this is an electronic age mostly everything that is used or built has some type of electrical device attached to it. Because of this there is often a lot of planning that has to go into each job and this is where project management can help. Then there is the “triple bottom line” which is the planet, people and profit. With people now thinking about global warming, companies are trying to think of ways to protect the planet while making products that people want, but still be able to make a profit by doing so.

The next reason why project management is important is because of corporate downsizing. Now companies have to cut back due to economy or for other reasons and they are finding that project management is a perfect fit for middle management. By doing this, they are trying to make sure what they needs to be done within their organization is getting done and they are finding that these are the skills that project managers possess.

Another reason that the importance of project management has been growing in the business world is the increased focus that businesses now have on their customers. “Project management is critical both to development of customized...
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