Project Management Essay

2892 WordsJul 8, 201312 Pages
PART ONE According to the conventional project management approach, projects are successful if they meet time, budget, and performance goals . Yet studies show that most projects are late, over budget, and do not deliver their expected objectives. Furthermore, even after completion, many projects do not contribute to their company’s business success. After the initiation stage, the project is planned to an appropriate level of detail. The main purpose is to plan time, cost and resources adequately to estimate the work needed and to effectively manage risk during project execution. As with the Initiation process group, a failure to adequately plan greatly reduces the project's chances of successfully accomplishing its goals. Strategic Management by Neil Ritson,2006 Strategic Project planning generally consists of : * determining how to plan (e.g. by level of detail or rolling wave); * developing the scope statement; * selecting the planning team; * identifying deliverables and creating the work breakdown structure; * identifying the activities needed to complete those deliverables and networking the activities in their logical sequence; * estimating the resource requirements for the activities; * estimating time and cost for activities; * developing the schedule; * developing the budget; * risk planning; * gaining formal approval to begin work. Michael Stanleigh , “2010 PMO Global Study: How a Project Management Office Can Improve Organizational Effectiveness”. Additional focus on the strategic aspects of projects will greatly contribute to the improvement of project performance. I defined a strategic project management maturity (SPMM) model at the project level, which consists of three dimensions: operational excellence, strategic focus, and inspired leadership. Parks Corporation used a matrix project

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