Project management as imperative for business organization Essay

Project management as imperative for business organization - Essay Example Project management has been depicted as a finely developed and a well recognized and accepted domain of professional expertise and as a sphere for academic study geared at promoting improvements in a system (White and Fortune, 2002). It likewise presents a logical and an efficient methodology to all phases of a project by ascertaining that every move and every step is meticulously conceptualized, supervised, monitored and accounted for. At the outset, its application was intended for big organizations with intricate systems and processes; however, contemporary techniques of project management can be modified and tailored to suit the needs of the smaller firms (Baccarini, 1999). In essence, project management is not just a process or a method; it is really more of a "mindset," thus, it is imperative for business organization owners or those in the higher echelon of firm management to be receptive to its potentials toward progress before it can be initiated as a constructive and a valuable process within the organization. Definition/Principles As a concept, project management has been in existence for centuries with its casual use of the Chinese and Egyptians that led to remarkable undertakings like the Great Wall of China and the Pyramids. Nonetheless, as a contemporary phenomenon, it has gained so much attention, focus and acceptance in the Information Technology industry as rapid developments continue to flow (Fox 2004). In a treatise centering on the significant components of effective project management, it has been inferred that - "In any project situation, there is a client/customer who has a unique need which requires knowledge and resources to conduct the realization of the concept within the specific constraints of time, money and specification. The effective management processes of planning, monitoring and control are required to translate the idea of change into tangible deliverables" (Cicmil, 1997). As it is, project management is a novel process whose implementation has become a great necessity in today's competitive market. To endeavor the completion of any project entails several elements and obstructions, among them are client special requirements, project complexity, organizational restructuring and project risks (Kerzner, 2003). With a methodical procedure in place, obstructions can be explained and courses of actions and suitable measures can be taken to either prevent or overcome them. Some of the many potential benefits project management provides include (Kerzner 2003): Identification of functional responsibilities ensuring that all activities are accounted for; Identification of time limits for scheduling; Measurement of accomplishment against plans; Early identification of problems; and Improved estimating capability PMI (2000) supplied a straightforward description and characterization of the term which depicts it as "the application of knowledge, skills, tools and techniques to project requirements." As the concept of project management surfaces, three core stimuli are involved (Baccarini, 1999): 1. Complexity - refers to the mounting intricacies of responsibilities and the necessity for higher levels in the spheres of expertise 2. Change - deals with progressively active settings and the continuous presence of pressure within organizations and the execution of change due to global competition 3. Time - refers to the demands for responsibilities, assignments and objectives to be