APPLICATION OF PROJECT MANAGEMENT

Application of Project Management



Application of Project Management

Introduction

The word 'project' has taken from the word of Latin origin, which is meant 'to combine and hybrid' (Stretton, 2007, 18). In portfolio management, a discipline that is practiced in the midst of planning, organizing, leading and controlling the effects on financial decisions on the entity's resources and create succession and achievement of project-specific goals and objectives.

Aims and Objectives

In the construction industry, the rate of a project failure has considerably increased during the past few decades. This has raised a point of concern for the project managers and owners of the projects in the construction industry. There have been numerous studies carried on for resolving the issues that rise during the planning, conduction and execution of a project. These problems and issues eventually lead some of the projects towards failure. When we talk about sustainability of project management, there are lots of risks involved in it.

The project management literature defines project risk as the possibility of failure and provides multiple standard dimensions of success against which failure can be measured. Finally, the team's literature provides additional insights on how team processes may influence a team's conception and management of risk. The sustainability of the project manager thus depends upon how the project manager is handling and facing theses risks and how the planning of the project is carried. Thus, the aim of this study to identify the current issues, risks and challenges involved in project management and analyse different implication in this aspect.

Discussion

Project management (PM) concerns to the management and assurance of projects and transient establishments. In general, handling of a project bears to be finished with a determined set of resources—be material, personnel, or fiscal resources—and within a definite time. (Wysocki, 2007, 80). In carrying out any project, the analyst of systems is vital as it is the one who usually takes the direction of the project and takes care of providing the necessary staff, and makes decisions that help the project meet the proposed objectives. It is very important that the analyst is familiar with the management of projects and all the techniques and tools that comprise it, and to facilitate their work when working on a project.

Project

Project management is the process by which plans, directions and controls of a system are developed within an acceptable cost and a minimum specified time. Although these factors can be very influential and very important in the failure of a project, they are usually accompanied by other flaws. The errors which result in project management failure include those which do not meet the requirements, which exceeds the delivery times repeatedly or those which exceed the costs (Sanchez, 2009, 25).

The answer to this question can be found in two sources, mainly. These include the deficiencies in the tools and techniques for analyzing the design of systems or the mismanagement of projects. In the case of unmet or unidentified project goals, the error may appear due to omitted data of the project, ...