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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...