Greatest Achievements in the Last Five Decades – Project Management
Project management is the application of skills, knowledge, techniques and instruments on various activities so that one can attain what the project requires. This can be achieved by applying and involving the acts of planning, initiation, monitoring, control, execution and closing procedures. The aim of Project management is to put the existing resources into a better use by making sure that the flow of the work is efficient both in horizontal and vertical direction. Every organization is faced with unending problems, needs and opportunities. Low efficiency in operational sectors, the need for more offices and many opportunities such as new market ventures are some of the situations where the management of any organization or a company face. In order to end these challenges, the managements have come up with some solutions to these problems. These solutions which include some changes in the organization over the past five are achievements that will be discussed in greater depth in this paper (Kerzner & Kerzner, 2017).
The most vibrant achievement in project management is the ability to reduce the risk. This achievement styles the project managements as a tactical component since it conveys changes into the risk versus opportunity equation. According to old financial rules that were there, in order to get huge profits, high risks were involved. Project management has brought a formidable change to this. It has enabled organizations to involve themselves in high-stakes games where they have realized unwavering winnings and profits. Project management is a strategic plan against risk since it gives the organization a bigger advantage against the other competitors in market. It makes the involved organization a better competitor. This achievement has brought with itself the advantages of increased efficiency in execution of projects. This entails the reduced costs and improved programmes and the ability to detect an impending problem with a lot of ease. In addition to this, it has improved the ability to manage the project portfolio, selection of viable projects that will meet the requirements of the company is also improved. The ability to discern risk gives the organization a competitive advantage over the others. (Bryson, J. M., 2018).
Project management has been globalized. This means that project management is existent through all the levels of administration of the company. This involves the global business environment. In the recent years many companies have considered this globalization as an essential survival for the company. companies operating in different countries, have design a unique EPM methodology. this plan has been used to plan and execute projects for any customer with different product type and the whole project life cycle. Success of a project in the recent years has been considered as a whole thing. This means that the project has the ability to sell the products and satisfy a market need. A successful project satisfies the other business needs. The objectives of a project in the last five decades is not only to develop a new product but also to satisfy the business aspects of the project. This allows the company to develop an agreement on the definition of success that applies both to the project and to the programme. The success of the project and the programme connected and interdependent.
Development of project management institute (PMI) another achievement. This organization has proven to be a global power in managing of projects. The success of this has taken long as it has happened at slow but gradual pace all through the last five decades. In the emerging markets, projects and programmes, many leaders globally have appreciated the benefits of project management from the early stages as the project management as a profession has grown in the last five decades. Regionally, many companies did not use the value improving practices but currently many global companies have endorsed the use of these tools and practices aggressively. In the past, project managers were seen as organizational asserts and oriented in accomplishing tasks. It was a common business of hiring people to plan and estimate while developing plans and giving to other who would execute the plan which would later be handed over to the project manager. Project managers were not involved from the initial planning of the project and were brought on board only after much of the project planning was completed. By gradual acquisition of knowledge, project managers have improved their skills on planning and are involved actively in most business decisions. Project management institute has enhanced this by training and registration of project managers (Sharp & Howard, 2017).
In conclusion, due to the situation in the current economy, it is advisable for organizations to have a flexible structure that will enable fast reaction to environment and orientation towards the market that would aid in assimilating and processing new information and have innovative and new solutions. Managerial concepts should be established to aid the employee’s personal participation and having some personal and individual concern. Hence, the project management, as share of a modern organizational management concept, will be a good step towards the employee’s assertion in the spirit of collaboration and openness.
Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Sharp, J. A., Peters, J., & Howard, K. (2017). The management of a student research project. Routledge.