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Project Management in Today’s Business

In: Business and Management

Submitted By nisalNMG
Words 518
Pages 3
According to my understanding project management is important because there is an intense competition between the firms in today’s business environment.in order to achieve an advantage over competing firms, efficiency and success of each and every project is very important .most of all project management is a necessity because of the budgets and resources are limited and time constraints are very strict. As far as I concerned managing a project is a complex task which consists of number of phases and it is a non-repetitive process which has a beginning and an end. Various different tools can be used in this process and these tools will help to measure accomplishments, progress and project tasks.
Project management help to reduce the risk of failure and increase the chance of success.it also help to overcome problems and to address the challenges which may arise throughout the life cycle of the project.by applying project management activities, the project it will become flexible and will be able to adapt to possible changes that may occur in the future and will achieve higher performance and probability of higher success.
According to my opinion project management can be applied to many organizations and industries. For examples we can consider Information Technology, Engineering and Architecture, Manufacturing, Software Development and banking among many others. Project management is discipline and a process.it is consists of set of method and tools which can be used to define and plan required processes to achieve project goals.it is also helpful to guide the people or the teams who are engaged with the projects to finish their work successfully. It is obvious that resources required for conducting any kind of a project is limited. Project management can be used to make sure that use of these scarce resources is optimized. Using such a formal methodology handle...

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