Project Management Is Necessary for Efficient Project Operation

Project Management Is Necessary for Efficient Project Operation

Project management objectives

Managing a project is a core function of project management. To ensure successful operation of any project right from its initiation to the concluding stage, project managers keep an eye on each and every task assigned to different project units to ensure that project resources are utilized in optimal manner. The project management has various purposes and these purposes have been illustrated as under:

·         The project is a capital project and a huge money is involved in operation of the project. Thus, a project needs to be managed properly so that investments made in the resources of the project are not wasted.

·         Every project has a timeline, but some projects have the purpose for which its timely completion is more important beyond which the worth of project will not be same which would be on its timely completion.

·         Some projects such as innovative and development of new product or software lose its worth if not completed in time because there is a possibility that the rival company might come up with same product or software before the intended project is launched in the market.

·         The delay in project carries a risk of increased costs of raw-materials or other resources, causing increase in the budget which affects the project cost sometimes to a great extent.

Significant phases of project management

To achieve objectives of project management and to ensure that the project is not suffered due to cost, time delay, deficiency of resources, or any other factor, the project managers make use of project management tools which are specially designed for the project management purpose. These tools manage the project in different stages of project operation.

·         In initiation stage, these tools help in creating initiation plan, teams, procedures, workbook, and environment for the project.

·         During planning stage, these tools describe scope and viability of project, create division of tasks and estimate resources required to accomplish the tasks, prepare a schedule for performance of tasks using defined methodology, statement of work, and budget required for the project. This is very crucial stage for which meticulous project management is needed.

·         The execution stage requires reference point project plan and monitoring all activities of the project which is also very crucial from the perspective of efficient projection operations. The very purpose is to finish all tasks within the assigned timescale.

·         Conclusion phase is managed by necessary closing down communications, closing the contracts, and reviewing performance of tasks and contracts.

How the project is managed

Managing the project in each of the above stage is a complex process and task management software is often used for this purpose which automatically analyze the performance of various aspects of the project. This software is a part of project management software which manages the project as a whole by the use of various tools provided in the software for managing different components of the project.

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