Project Management Essay Example | Topics and Well Written Essays - 1500 words

estimate Management - Essay ExampleIn the contemporary age, there is a lot of competition in the market. In ordering to gain competitive advantage, companies are trying to make their systems perfect. There is no means for deficiency because the clients have a variety of vendors to choose the services from. In such circumstances, proper steering of the despatch ensures that the intention is completed on magazine, within budget and with least inconvenience to any of the parties gnarled in the project. Project focussing adopts a pro-active approach to assess and manage the potential risks of the project which is good for all parties in the long run. Successful project management promotes business. Lifecycle of a project can be divided into four phases, namely project initiation, project inventionning, project execution and project closure. Project lifecycle management is basically the management of these four phases of the project. Each of these phases has its own crucial aspe cts that need to be managed. For example, in the project initiation phase, risk assessment and mitigation is primarily grievous. In project planning, selection of the plan that is the closely cost-effective among all is mainly most-valuable. In the project execution phase, supervision of the work is the most important whereas in the project closure stage, clarifying the snag list prepared by the consultant or client and acquiring the payment is primarily the work of the project manager. Project management is extremely important for an organization because it enables the organizational personnel to do the work in an organized manner. When the majority of risks have been well-timed identified and catered for, work flows smoothly and so does the cash flow. This allows the finance department to generate the salaries on time and everybody is happy. The peace of mind thus achieved enables the organizational personnel to optimize upon their capabilities and they are able to give in the ir best for the organization. Hence, project management is vital for the success of an organization. Planning is one of the most fundamental concepts of the project management. Planning means determining how the work will be executed. There can be numerous ways to attain the final product. The goal of the project manager is to select such a plan from among a variety of options, that consumes the least resources, is the least time-consuming and yet leads him to the product without compromising upon its quality. In order for a project manager to identify such a plan for a particular project, it is arrogant that he carries out a comprehensive research to brainstorm himself with the possible alternatives that can be espouse to get the project executed. While doing the research, the project manager should see how a project of a particularised nature has been executed in the past, what potential benefits and drawbacks were identified by the project executers of using such a plan after it had been executed, and what