The Role of Project Management in Today’s Business Environment

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The role of Project Management in today’s Business Environment 1.0 Project Management and Business Environment Today’s business environment is rapidly changing and highly competitive making it difficult for business organizations to survive in the market. Scarceness of resources, tight budgets, deadlines and higher competition force firms to improve the way they do businesses in order to be successful in the market. Project Management includes planning, organizing, directing and controlling an organizations scarce resources to achieve specific goals of a project within the defined time and cost. Project management helps firms to concentrate on overcoming challenges, anticipating potential risks, identifying priorities and measure performance and take corrective measurements. Thus enabling the firm to be flexible, adapt to changes in the environment and exert higher performance to complete projects successfully. 2.0 What is a Project? Project is a complex, non-routine, one time effort constrained by time, budget, resources and performance specifications designed to meet customer needs or simply says ‘everything done the first time’ is a project. A project can be organizing an event or constructing something like a road, buildings, etc. Projects have few major characteristics as follows, * A Project has an objective. * Projects are carried out in a defined time period which has a start and an end. * Cross functional participation throughout the organization is vital for the success of a project. * Projects have defined time period, cost/budget and performance requirements. Project manager is the person responsible for the accomplishment of project goals and objectives. In order to successfully complete a given project, a project manager should posses relevant skills and competencies. A project manager should, * Allocate necessary
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