Essay: Significance of Project Management

Sample Essay

As business environments become increasingly competitive, organizations need to improve their performance to successfully compete in the global marketplace. They need to utilize their resources effectively and efficiently i.e. they need to do more with less; provide products and services faster, cheaper, and better (Dennis, 2007) and make sure that they do it right the first time around.

Projects are essential for organizational growth and survival as they create value through improved business processes and development of new products and services (Burke, 1999). This allows companies to respond to quickly and accurately to changes in the environment, competition and the marketplace.
Project management is the key strategic tool to help organizations achieve the above results by selecting, managing and supporting only those projects that meet the organization’s strategic objectives, keep it competitive and return maximum shareholder value. As various initiatives compete for scarce financial, time and human resources, strategic project management provides a rational decision framework (Kwak, 2005), which allows decision makers to make correct project investment choices.

More than just delivering a project on time and within budget, project management is a systematic process to start, plan, execute, control, and complete a project. It is about detailed planning, teamwork, effective and efficient task achievement and a focus on best organizational practices (Dinsmore & Cooke-Davies, 2005) which result in strict execution of projects, lower costs, growth and improved profitability.

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