Understanding the Role of Project Management in Today's Business Environment

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Understanding the role of project management in today's business environment

Project management is an essential part of businesses and industries in order to advance ahead and add value to products. Project management enables companies to innovate, plan strategically, and for the economy to progress. The important parts of projects are often values such as team working, planning, innovation, time and budget management, and leadership. In the modern society, some projects can be pharmaceuticals (inventing new drugs), IT solutions (new technologies), energy and environment (other sources of energy such as solar), and military (new weapons and machines). The similarities are such that these projects are undertaken to improve the lives of people. However, the main aim of projects is to find out about something by using resources and ideas and put together to achieve the end product. Project management is about being organized from the beginning of the job to the end. It is about having an effective and efficient team with a leader that can encourage cooperation and motivate to get results. (Six Sigma Online, 2012) PROJECT PROCESSES

First to take on project, the team must be selected. Each member should be good at their own tasks and responsibilities while able to work together with other members as well. Then decide on a goal and deciding on the best way to achieve it. In a project, there is a four step process which is: identify issues, provide solutions, implement a plan, and monitor its progress. By taking this step by step, it ensures coordination and organizing which will further improve the process of the ongoing project. THE NEED FOR PROJECTS

Innovation keeps the company ahead in the changing world and is an important aspect of every company. Projects are therefore done within certain constraints and using of capable resources to manage the project. Some industries take on a project more than others. The purpose of project other than to innovate is also...
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