The Role of Project Management in Today’s Business Environment

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The Role of Project Management in Today’s Business Environment The prime goal or objective of a project is to satisfy customer need. Main characteristic of project is that it got a clearly identified objective with a boundary. Simply most projects are solution for a customer need. Project management is set of principles, methods and techniques defined to plan and control the work of a project. This provides a solid basis for efficient and effective planning, scheduling, decision making and controlling. The fundamentals and techniques of project management aid projects to finish according to the specified manner also within budget and most importantly on time. The most importance of project management is actually it helps organizations to achieve its goals such as quality, productivity and cost effectiveness. Main goal or objective of the project management is to ensure that the project meet with the decided schedule, cost and scope. Since the project management proving its promising advantages to the organizing in achieving their prime goals, it simply becoming the standard way of doing business. Actually there are several factors which point outs the increasing usage of project management. Shortening of the product life is one of the most important factors that show interest towards the project management. Since the market expands every day, products with short life time become heavily important. Actually according to today’s market definitions speed is a competitive advantage therefore organizations are rely on cross-functional teams to get products to the markets as soon as possible. The growth of the knowledge is another factor. Because of this most projects become complex and even so it holds the latest advantage. The complexity of the projects increases the need of using new integrated technologies. Other important factor of project management is

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