PART A: Summary of Project Management
Whenever a subject is to be discussed, there is the need to understand the subject and the most important parts of the subject. This process ensures that the reader gains a clear understanding of what is being discussed. This essay will be divided into two parts. Part A will discuss the principles of project management, The Project Management Book of Knowledge (PMBOK) and the importance of project management. Part B will discuss the benefits that are delivered to an organization by the effective application of project management processes. The essay will conclude with a summation that brings all of the information together.
Project Management Described
Although project management began many years ago, the process has emerged with great importance over the past few decades and is now viewed as a very serious business operation. Project management is a process that requires the overseeing of a project thereby ensuring that goals are accomplished as well as the time and budget being met enabling the success of the project. Project management is of importance domestically as well as globally allowing businesses to gain an advantage over the competition. Another important aspect of this process is that project managers do not have limits relative to the project but must view the project from many angles while also dealing with personnel as well as management concerns (Villanova University, 2017).
The Processes of Project Management
The Project Management Institute (PMI) is viewed as the institute of knowledge relative to the project management industry. PMI has put into place the processes of project management. There are approximately 200+ project chapters with over 200,000 members located throughout the world allowing this organization to be the largest membership group relative to project management (Project Insight, 2017). The members are also volunteers who work to ensure that processes are effective and have developed the PMBOK Guide which is known as the book of standards for the field of project management. The PMBOK Guide lists the five project management process groups which include (Institute & Project, 2012):
Initiating – The guidelines and criteria that are used for tailoring the businesses set of standard processes as well as procedures to satisfy the needs of the project. This is the phase that ensures that the customer’s needs have been understood and is most critical as this is the starting point that will ensure that the product or process is created and delivered in excellence. This process defines the work that is to be done, how the work will be done, and why the work is done;
Planning - involves the creation of the set of plans that will be used to enable the guidance of the project team through the execution as well as closure phases of the project. This phase includes the management of time, cost, any risks or issues while also ensuring quality and any needed changes (PMBOK, 2017);
Executing – The process that moves the project forward. Once the project moves into this phase the entire project team and all needed resources must be in place to carry out the work. It is also of importance to note that the entire project plan must be completed and also based lined so that the project manager can place full focus on participation, watching and analyzing the work that is being completed at this time. The project manager must also ensure that the project team, the organization, the stakeholders and any others who have a stake in the project are updated at all times in reference to how the project is moving forward;
Monitoring and Controlling – This is the process or phase that can bring about the need for change requests as well as corrective and preventative actions that are needed to ensure the success of the project. This process can also be viewed as part of the project procurement management area because of the involvement of contracts and monitoring all work that is being performed. This is the part of the project process that must address all skills that are needed enabling the success of benchmarks that must be met; and
Closing – This is the process or phase that concludes all activities of the project management process with the finished project being delivered to the customer. The project manager ensures that every step of the project has been completed in excellence.
Each of the processes or phases must be completed in excellence in order to ensure the overall success of the project.
PART B: The Benefits That Are Delivered To an Organization by the Effective Application of Project Management Processes
It is of importance to understand the benefits that are delivered to an organization by the effective application of the project management processes. But it is also important to realize that the project management process may appear to look easy but the process is not as easy as it appears. The project management process must be learned as it can make the difference between the success or failure of a project. Organizations need effective project managers to ensure that projects that are bid for are won and performed in excellence. Listed below are just a few reasons that organizations benefit from knowledgeable project managers (2020 Business Insight, 2017):
Organizations need project managers who know how to plan and organize projects successfully as projects can become chaotic even when planned correctly. An effective project manager knows how to plan the project successfully from start to finish ensuring the success of the project for the organization;
An effective project manager knows how to establish a schedule and a plan that can enable the success of any project as this is the first plan for the success of a project;
An effective project manager knows how to successfully lead the project team thereby enabling people of different backgrounds to have the ability to collaborate successfully and to work for the success of the project;
An effective project manager has an understanding of maximization of resources for a project thereby ensuring that expenses are kept to a minimum. Hiring the right people for the right job enables salaries to be paid for the needed resources without having concern for people not being qualified to do the needed work;
An effective project manager knows how to manage integration as there is the need to integrate business processes as well as systems and organizations based on the need of the project. Value add is of great importance and is key to the success of the overall project;
An effective project manager understands how to control costs as projects can sometimes require a change in budget based upon cost of material or even the need for contractors based upon unforeseen circumstances. The effective project manager knows how to make plans for these occurrences within the risk management plan thereby not presenting problems for the organization, the project team or the client;
An effective project manager understands how to manage change as projects sometimes bring about change. Understanding how to manage change can be a complex and well as challenging task that may not be optional;
The effective project manager understands the importance of quality as this is of great importance to the project. Part of the project management process is for the project manager to know how to identify and control quality relative to the project thereby enabling the success of the organization;
The effective project manager understands how to retain as well as use knowledge allowing each member of the project team to contribute to the success of the project. Now understanding how to use knowledge effectively can present problems as the project is moving forward thereby crippling the success of the project; and
The effective project manager understands how to learn from failure as there will be times when a project can fail due to uncontrollable circumstances. Learning from this process enables the project manager to share knowledge that can keep others from failing which is a process that enables the success of the organization over the long haul.
Organizations are in business to be successful. The only way to ensure continued success is to hire employees who understand the importance of success and who know how to perform their jobs in excellence. The project management field requires project managers as well as team members who have a complete understanding of the field of project management and how to perform project management with success. With this understanding, the project manager can ensure the financial viability of the company in reference to projects thereby ensuring profitability, customer satisfaction can be accomplished thereby ensuing repeat business as well as a good reputation for the organization, employee satisfaction can be accomplished thereby ensuring the retention of the employees and corporate social responsibility can also be accomplished thereby enabling the continued success of the organization.
Conclusion
This essay has discussed the meaning of project management which is a process that requires the overseeing of a project thereby ensuring that goals are accomplished as well as the time and budget being met thereby enabling the success of the project. There are five phases or processes for project management to include initiating, planning, execution, monitoring and controlling and closing with each process having a plan that must be followed in order to ensure the success of each project. The Project Management Book of Knowledge (PMBOK) has been established by the Project Management Institute (PMI) setting guidelines that are used by project managers throughout the world thereby setting standards that will enable project success. Organizations need project managers who understand every step of the project process thereby enabling the success of the project, the organization as well as meeting the satisfaction of the client.
References
2020 Business Insight,. (2017). 10 Reasons why Project management matters Project Management. 2020projectmanagement.com. Retrieved 8 January 2017, from http://2020projectmanagement.com/2015/10/10-reasons-why-project-management- matters/
PMBOK,. (2017). Planning Phase - Project Planning Phase. Method123.com. Retrieved 8 January 2017, from http://www.method123.com/project-planning-phase.php
Project Insight,. (2017). Project Management Institute | Project Management Basics. Projectinsight.net. Retrieved 8 January 2017, from http://www.projectinsight.net/project- management-basics/project-management-institute
Villanova University,. (2017). What is Project Management?. Villanovau.com. Retrieved 8 January 2017, from https://www.villanovau.com/resources/project-management/what-is- project-management/#.WHHJuyfn-M8
