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What is Project Management?
Project management refers to the use and utilization of skills, tools, knowledge, and techniques associated with delivering valuable things or products or services to people. Project management includes a vast range of actions such as expansion of business, sales, market entry in new target areas, relief efforts, and all necessary actions associated with projects concerning business and its management. Creating values of products and services by efforts and unique approach in budgeting, scheduling, coordination, and meeting with expectations of stakeholders are domains of Project Management Homework Help. In some way or the other, projects differ largely form routine or regular works of an organization as project has bigger meaning with larger objectives, and a wider goal to accomplish.
In this sense, projects are assessed or evaluated on the basis of their utility in the context of public and peoples’ response to the completion of the project. Hence, conclusion and completion of the initial objectives are core areas of projects. Due to globalization and its far-reaching implications, global workplaces are rapidly emphasizing on projects and scheduled or organized management of them for better results and sound management of business processes. To sum up, project management is the way or process of leading teams for achieving goals within a said time constraint or time spans.
With the emergence of globalization of global organizations and ideological imposition of neo-colonial liberalization of ideas, trade of the world became integrated and connected. Initially, all started with cultural integration but soon globalization became synonymous to integration of global economies with cultural and social impact. Hence, too many business are operating form small units to large units and when they associate with each other it gives birth to big businesses. Similarly, with the rise in the number of organizations working together, competitors have also emerged proportionately. This is how, massive competition and organizational rivalry are prevalent in the global business environment. In such a situation, management of business becomes a tough challenge for the managers. Working with deadlines has become a core area of today’s businesses and this is pretty much addressed by almost all the service or product-based industries. However, on a different note, management of processes, budget, accessories, manpower, and scope of work are additional areas that also needs to be covered for consistent efforts and marked leverage. Achievement of pre-determined targets acts purposefully to serve to the fullest for global organizations. This idea has led to project management and gradual importance of the subject can be dated back to the early 1990s, when globalization along with neo-colonial liberalization of trade sailed across the world.
There are five phases or stages of project management starting with the initiation of a project to its accomplishment stage. The first phase is project initiation which is all about beginning a project with a certain goal or goals to achieve with predetermined strategies and outcomes in the mind. In this stage, the core emphasis is laid on defining goals of a project, creating business cases, completing project character that fits suitably to the project goals, and drawing up a list of all stakeholders at different places associated with the project. Planning is the second stage of project management which starts with defining scopes of the project, creation of project plan, actions and their guidelines, creating budget baseline, and defining responsibilities and roles assigned at various levels of the working team associated with the project.
Execution is the third stage where allocation of project resources is made, management of these resources happen, building processes and products, and meeting very often for fixing an issue as they rises. Monitoring and control is the fourth stage which is related with costing and tracking efforts, monitoring profit progress, ensuring adherences to the strategies, and prevention of all chances of disputes and grievances. Then, a project comes to its last stage which is completion of the same and this happens via handover of deliverables, reviews of them, approval of products or services, working on feedbacks, and rethinking for the next projects with better goals and scopes of improvements.
A set of standards governing planning, control, execution, processes, templates, and tools associated of a project is called project management framework. It is thus the set of all forms of palling, control, execution, closure of a project with all relevant tools, templates, and other accessories necessary for the project. This frameworks improve communication, portfolio management, coordination, and thus facilities decision making of a project. All these processes contributes significantly to management rigour with sound governance and business administration that ultimately results into a more efficient and comprehensive project outcome as compared to unplanned and unframed counterparts of Project Management Homework writing Help Services. There are numerous frameworks for project management such as Scrum, PRINCE2, Agile, Lean, Waterfall management, and Integrated Project Management.
However, over time, new themes and frameworks of project management are being developed concerning the challenges and their enormity in the present context of global business. Core emphasis is however given to the five stages of project management and how these stages can be improved for elevating the outcomes of the concerned project. Moreover, critical chain project managements, project headway, and event chain methodology are increasingly becoming popular after the craze that existed with the primary project management frameworks such as lean and agile.You can also go for Business Homework Help from us.