Originally created as a wrestling backing, project management is a discipline in business management concerned with the planning, organizing, and managing of project. Projects are important: they are true investments of time and money because they make a business operate more efficiently and have the ability to generate a greater return on investment (ROI). It is during time of competition among businesses with similar products and services that a project manager becomes the conversion dealing of attitudes, practices, and methods. Project managers are responsible for a development of the newer approaches that are expected to be sustainable in the future. They are also responsible for staying abreast of trends in technology and incorporating them into business operations and provide the necessary technological and managerial education for their Company/Business clients. As found on a prince 2 Training London course.
Project managers should integrate the abilities to cover the accounting, finance accounting, and project management aspects of their business field, and enhance the value of their Company by the quality of the returns for their investors. A project, therefore, should never result in a glamorous, high touch, or slick presentation, as the real value of a project management discipline is to develop and implement a plan virtually flawless and effective.
José Padron, professor of business and finance at the University of rigiosso (Chile) described the following changes that came about since the theory of project management was introduced into the 19th century:
1. Budgeting changed dramatically – both the Company and the Project were changed by the budget budgeting process
2. The role of the Project Manager changed much more with the introduction of the project budgeting/budget spread sheet – the Project Manager could no longer be charged with, but plat obligation to execute
3. Teams play a less influential role in projects as managers changed the way they set up and distribute work among the individuals on the team unlike in the past where teams spend a significant portion of their budget.
4. Project Time is longer – over half of the time spent by businesses is not necessary.
Having adopted the application of anclusive project management approach, Puerto Rico eliminated many of the inefficiencies that affected the current approach. Puerto Rico was the first to standardize project learning and budgeting/budget planning methodologies, but the improvements will only be increase throughout North America.
Project management Benefits
Project managers areila toproINthe corporate image of the Company, to maintain focus on what needs to be accomplished and avoid being distracted by day-to-day operations inside their organizations. This is done by a dedication to finding the right way to manage projects and using the appropriate budgets to achieve the outcomes in a timely manner.
Project managers accomplish projects by process and by using resources (human, technology, finance, etc). Ultimately, the leaders of an organization are tasked with determining whether what the project needs to be done is an important organization function or is something that someone else should be doing. In terms of fiscal dollars, all stakeholders manage their projects and thus, have to make sure they’re performing relevant cost savings within the budget. The project manager must make sure the return on investment will be a significant one. This means making decisions to qualify projects to ensure they are the most economical use of resources to achieve the desired end result and make their functions as efficient as possible.
The benefits to a Company/Business include:
1. A ‘Win -Win’ solution is a project management methodology
2. Project managers get best value for their cost savings and effectiveness as they normally deliver those benefits
3. A way to develop a competitive advantage is realized (the Project Manager could be a key s/he is)
4. Project managers are supported by ALL the departments
5. Project = Company Performance!
I hope you found this informative. I look forward to hearing from you!