Wednesday March 10 , 2010

Project Management

Project management is a study in which business is carefully assessed and business needs are analyzed properly. A current review is done of the operations taking place within the organization. A conceptual design of the operations is made to meet specific pre-defined objectives. Project management is a discipline in which all resource are carefully managed in order to complete a specific project. Project management involves extensive planning and implementation of new ideas so that the project is completed successfully.

Two basic things that need to be taken under consideration in project management are budget allocation and the time span. In project management the first and foremost element is the budget allocation. The analysis of the cost should be done before the project starts and the desired budget should be given before time. Budget and time is the primary stage in which the project objectives can be met. In the next stage the implementation of the managing ideas are put into place in order to achieve the pre-defined objectives. Project management has been practiced from the beginning of the 20th century but in ancient times too projects were managed through budget and have to completed in a given time span.

There are a number of approaches through which projects are managed it could be

  •       Agile approach,

  •       Incremental approach, or

  •      Phased approaches  in which each work is broken in small work
       groups in order to achieve the goal.

In project management the most effective way to complete a project is through an idea of WBS that is work break down structure. Just like phased approach work break down structure is used to break down work in small chunks to meet the project objectives within time and the budget allocated.

There is one more approach tat is practiced worldwide that is the traditional approach. This approach has many different stages which are as below:

  •       Initiation stage,

  •      Planning and design stage,

  •      Execution and production stage,

  •       Monitoring and controlling stage,

  •      Project completion stage.

It is not obligatory for all projects to meet every stage; there might be some projects that could meet objectives before time.

By looking at the importance of project management many countries around the world offer students to become a certified project manager. Project management is on the rise today and many students are opting to be project managers because of the benefits and scope related to project management. Many students are pursuing it as a career and think of project management as one of the best professional careers nowadays. There are a number of institutes around the world that offer master’s degree in project management however there are different international standards that are compulsory for a student to acquire during the study. Project management can be done by both engineering and management students. Projects managers have a very posh living style that is the main reason why students around the world are eager to-do project management certification in order to pursue that life style.