Project Management Contemporary Organization for Managing

Question: Discuss about the Project Management for Contemporary Organization for Managing. Answer: Project management has become a necessity of the contemporary organization for managing their external as well as internal projects. Huge cost of the inputs and scarcity of resources have forced companies to employ scientific tools and techniques for strategically monitoring projects. Effective project management techniques ensure completion of the projects within time and budget constraints by efficiently utilizing all the available resources. Over time project management techniques have evolved considerably reflecting the changes in the technology and business environment. The course has provided me an in-depth insight into the contemporary project management techniques necessary for successful completion of a project. This module has helped me to get accustomed with the emerging trend and patterns in the area of project management. The tools and techniques of Project management have strong practical implication in all the projects undertaken by the companies. In my opinion, project management techniques are finding greater acceptance due to growing emphasis for timely completion of the work assignments. The projects are becoming complex due to advancement in technology, changing requirements of the consumer and demand for new products and services. If not managed efficiently, a project can cause severe loss for the company and can even lead to winding up of business. Therefore a project is required to be managed scientifically for optimal utilization of resources. I have learned a lot of things from the module of Project Management which will help me to oversee project assigned to me in my work life. I have come to know that a detailed and comprehensive plan is necessary to formulate before initia ting any particular project. I will try to employ the principles of project management in all work assignments to ensure their completion before schedule. There are five phases of a project Initiation, Planning, Execution, Monitoring and Control and Closure. These steps are followed strictly in executing the large projects of an organization. The learning from this course has changed my perspective of looking into a project. I came to know that a project should be viewed in terms of time-bound deliverables. This course has taught me that project can be external or internal to an organization. A project should be divided into a number of sub-projects for effectively and efficiently managing all necessary aspects related to it. Again all tasks and activities comprising a particular project need to be organized and managed employing the principles of project management. I will conduct an extensive preliminary analysis of the project in question for assessing the feasibility in terms of profit and loss. If I find from the analysis that undertaking a particular project is not profitable for the company, I will recommend planning team to further investigate in detail to reach a final conclusion. If the investigation reveals that the project has potential to gain dividends, then I can proceed with finalizing the resources requir ed for pursuing the project. I also learned that managing closure is also crucial for any project. It helps in smoothly allocating the resource from one project to another project. In my opinion time is an important factor which is often ignored in planning and execution compared to cost. Time should also be considered as important as cost because the delay in a project ultimately adds to the cost. Modern project management tools and techniques like CPM and PERT can be used for setting starting and finishing timelines of a project. These techniques are also used for monitoring activities and tasks during execution and calculating any deficit. This is one aspect which is going to be very useful in keeping a close tab on all activities and tasks in my future work assignment. I think using these techniques will greatly reduce the risk up to a great extent. Apart from it, this will contribute in ensuring effective and efficient utilization of resources. I can manage multiple projects simultaneously by applying principles of project management in my projects. Project management is the most sought after management principle owing to complex nature of modern day projects. It not only ensures the timely completion of the project, but it also leads to smooth termination of a project. Modern project management tools and techniques use statistical and mathematical principles for scientifically monitoring and controlling all activities and the tasks comprising a project. The learning from this course has immensely helped me in developing skills and abilities that will guide me in managing projects in future. All techniques taught to me are very much relevant in relation to my future work assignment.