Abstract Project management has emerged as the strong discipline

Abstract

Project management has emerged as the strong
discipline in which almost all the organizations are involved for their
survival and to be competitive in the global economy. Projects are vital for
most of the organization as the changing needs of the business often requires
the implementation of the project. Rise of global marketplace and
interdependency have given rise to many global projects as they are creating
new customer demands. The rapidly changing environment put emphasis on the need
for excellence in project, program and portfolio management and improving the
ways projects are managed.

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A project is a temporary endeavor undertaken to
create a unique product, service, or result. (Project Management
Institute
(PMI®) “PMBOK© Guide”. The application
of knowledge, skills, tools, and techniques to project activities to meet the
project requirements. (PMBOK© Guide).
There
are other terms such as program and portfolio that people often get confused with
project. Program is the collection of similar projects that aim to achieve the
same deliverables and program management manages the inter-dependencies among those
projects. Some projects are large to manage so they are broken to set of
projects which give existence to program. In similar manner when projects are
even large and it became difficult to manage it as a program then it is managed
through portfolio. Portfolio is collection of programs as well as projects
which may be related or unrelated. Portfolio has much bigger scope than program
and it benefits the projects with better communication, coordination and
conflict resolution.

 

Projects management is considered a young discipline
as compared to other such as science, and economics but today Projects have
become a necessity for almost all the organization in this competitive and
globalized environment. Projects are the way that lead organization ahead in
today’s competitive and global economy as it is more responsive and adaptive in
a complex and changing environment. Projects underpin varied economic activity
like construction, pharmaceuticals, schools, hospitals, etc. Projects started
way back but then they may have been named differently. Historically, Project
management has always played a vital in development like construction of The
Great Wall of China, building Pyramids of Egypt, Taj Mahal, Sending a man on
moon are some of the example of the existence of project in past. Project
management is becoming the preferred way to get things done for different
organization. Greatest achievements of men seem to be the result of project
like Microsoft, Facebook, Olympics, Super bowl. Project management has spread
to all the possibilities of work. Most of the business undertakes some types of
projects today. Exciting opportunities waits for people skilled in project
management.

Talking about the project management, as I am from
Nepal and Nepal being a developing nation there are huge number of project in
existence. Project management
is on its early stages. Construction, Hydropower, Education, Preventive
cares are some of the main areas. There was a massive earthquake in 2015 in
Nepal which led to the initiation of more and more construction projects such
as construction of buildings, bridges, infrastructures. These kinds of projects
in Nepal are usually sponsored by Government and the foreign investors.

 

There are different kinds of projects. Some projects
are projectized and some are less. Different projects are managed under
different structure of the organization. There are three types of organization
structure:

·        
Functional Structure: It is managed by
functional manager and the project managers are given very limited authority.

·        
Projectized Structure: It is managed by
project manager and it is comparatively easy to manage because it is set up for
that particular purpose.

·        
Matrix Structure: It is blend of
functional and projectized and is managed by both functional and projectized
manager.

The benefit of studying project management through
the lens of an international standard such as the Management Institute’s Body
of Knowledge is that it provides with the common platform which acts as the
reference baseline for the project management professionals. It makes it possible
to compete on market around the world if the projects are planned and executed
according to the standards. It also provides assurance to the consumers about
quality, safety and reliability. It also helps in the improvement of universal
technical communication and mutual understanding.

 

Conclusion

Project management creates better value to the organization
within the time frame and budget allocated. Project management is the way to
improve project results and the way to control costs, quality, and reduce the
risks of the project. A strong project management practice will drive an
organization forward and stay competitive in marketplace.

 

 

Reference:

 

 

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