PROJECT MANAGEMENT

Analyzing and Measuring the Value of Project Management Success in Construction Firm

Abstract

Many projects are naturally complex undertakings. Thus, the fact that all over the world one can find examples in the press of multi-million dollar projects failing to achieve the proper outcomes should not be surprising. Many projects fail to meet the original budget, schedule, or requirements objectives, resulting in lost revenue, dissatisfied stakeholders, and subpar products, services, and outcomes. Researchers and practitioners have examined Project Management from various perspectives in an effort to delineate those factors that contribute to success and failure, as well as those that do not add value. As a discipline, Project Management has improved considerably as a result of the research conducted throughout the 20th century. Much of this research has focused on tools, techniques, and best practices and standards in an effort to improve success. Therefore, this is the overview of the concept of Project Management

1.0 Introduction1

1.1 Background1

1.2 Problem Definition2

1.3 Aim2

2.0 Literature Review2

2.1 Project Organization vs. Product Organization2

2.2 Special Requirements of Project Management in Construction/Engineering4

2.3 Use of PERT in Project Management5

2.4 The Concept Of Project Risk Management6

3.0 Methodology8

4.0 Data Collection, Analysis and Participants9

5.0Data Analysis11

5.1Question 111

5.2Question 213

Question 418

5.5 Question 520

5.6 Question 622

6.0 Conclusion24

7.0 Recommendations25

References26

Appendix29

Survey Questionnaire29

Analyzing and Measuring the Value of Project Management Success in Construction Firm

1.0 Introduction

1.1 Background

Project management is an escort service designed to ensure that the construction project is completed on time, within budget and according to specifications. It involves close cooperation between the customer and the assigned project manager. Moreover Project management is a cautiously planned and organized attempt to accomplish a successful project..A project is one time effort therefore it is essential to carry it out in a very planned and organized manner. Project management includes developing a plan for project that consist of defining and validating the objectives and goals of project, recognizing the mission and determining how the goals will be accomplished, quantifying the resources required and computing the timeline and budgets for completion. In addition it also includes managing the execution of the project plan with operating standard controls to make sure that there is precise and objective information on performance associated with plan and the methods to implement recovery action when required

The Project Manager provides professional advice and technical expertise throughout each phase of the operation. It also delivers a dynamic program to manage and control costs, which sets realistic budgets from the earliest stages and monitors all cost information provided by the parties involved (Andersen, 2003).

Implementation of the projects is an integral component of the business process, which is present in any organization. Projects can vary in type, size, and complexity.

1.2 Problem Definition

Organizations apply various project management tools and techniques to make sure that there project will be successful. However the main reasons why a project may fail is the fact that analysts do not respect or are not familiar with the tools and techniques of analysis and system design, and this may be a poor management of construction/engineering ...