Project Management: The Key to Firm Success and Growth - Essay Sample

Abstract

Basically, project works perform the chief function in establishing upcoming firms and industries. Most of the typical successful firms have considered managing their projects as a key factor to propel them to the next level. In most cases, project management determines how firms spend on their liabilities and improve their customer relations, satisfaction, and retention. Contemporary research works on project management focus chiefly on developing firm activities as well as providing a blueprint for the operations of the various firm projects. Primarily, project management must involve realistic procedures for arriving at a firm's major obligations. The following essay shows the various research approaches that have been employed to analyze project management by various firms. Additionally, the essay explores the main mandates of project managers and their key roles that enhance the success of various projects. The paper further draws substantial solutions and recommendations for the unsuccessful project management.

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Introduction

It is consternating how firm managers strive for success in their respective firms without exerting relevant pressure on managing the project of the firms. The success of any firm lies within the management of a firm's project. For this reason, it should dawn in firm managers that the key to their success is with them. Surprisingly, some managers have failed tremendously through disputing their firm's project management, while others have excelled at the epitome level success through properly managing their firms. The concept of project management has raised eyebrows among many individuals as what exactly it entails. Project management incorporates many activities and practices which are all directed towards achieving the key goals of a firm. The practices involved in project management include originating, forecasting, implementing, monitoring, and concluding group works in any given organization. Even though a company may face several ups and downs, the core function of project management should always remain to be directed towards realizing the project objectives within the prevailing circumstances. It is thus the responsibility of project managers to ensure that the project plans are observed to the latter as well as seeing to it that the employees combine efforts towards a common goal.

The primary entity of any project management is to yield a whole and comprehensive project which should be in line with the wishes and tastes of clients. When this is achieved, the tastes and preferences of customers will be kept abreast by the managers, and this could foster maintaining customers by a firm. Traditionally, the project is a blueprint which is scheduled to come up with an exclusive product, and overhaul with a well-defined beginning and conclusion. The plans of a project should not be so complex but rather simple which are easily realized. Successful project managers are determined by their ways of handling their projects, unlike other managers who fail to consider project management so seriously.

Successful Project Managers and What Activities they are Involved in Realizing Project Management Plans

Project management should be an activity to be embraced warmly by any organization. Organizational managers play chief roles in influencing the chances of realizing the various goals of organizational projects. ( Radujkovic & Sjekavica, 2017). The managers should thus lead by example through their behaviors to motivate the junior employees to be partakers of the project initiatives. Successful project managers have perceived the notion of managing organizational projects as a straight forward activity that can only be handled through target setting and having the right people, with the will of power to execute their duties necessarily being supervised closely by their group leaders. Successful managers agree that for a project to be managed effectively, there must be a deadline upon which it must be accomplished. The secrets behind the massive success in managing an organizational project by some managers have been comprehensively discussed below.

First and foremost, successful managers normally establish project scope, which is agreed upon by the relevant stakeholders. The management and the demeanors of organizational stakeholders are fundamental in achieving the success of project management. Project scope should entail provisional indicators, with well-indicated working dates and a sketch of budget work that indicates all the time to be involved in the project management. Additionally, the project managers must be well equipped with the relevant project management team. This is so crucial when it comes to realizing the intended project management goals.

Many times, employees largely determine whether a project at hand will qualify or fails through the amount of their dedication. The right management team, who are intrinsically motivated to fulfill their mandate, enhances the faster realization of a project's objectives. ( Young, 2016). On the contrary, some employees can never work without the close supervision of their employers. Such a set of employees should never be brought on board when managing an organizational project because they will slow the process. An intrinsically motivated group of the project management team would be ideal for the activity. Masses should be avoided if the fast implementation of a project plan is desired. In most cases, a large team of project management will slow the process of decision-making decision because each member of the team will demand to be consulted before the team can arrive at a mutual consensus

Even though a relevant team to manage the project is crucial, project managers must also be equipped with management abilities. Not all managers can take responsibility for managing an organizational project. As have discussed earlier, project management determines the next level where an organization will be when project management is successfully implemented. Managers should acknowledge the fact that managerial mandates come with some idiosyncratic abilities. When managing an organizational project, managers should avoid accumulating project reports. Reports of completed segments of the project manager should be addressed immediately, and a way forward should be given on the next initiative.

On the other hand, managers should be very precise when dedicating project management duties to junior employees. Managers must ensure that they have within their fingertips the employee to whom they allocate responsibilities. Being clear about who is responsible for what activities propel easy to follow up on activities. Additionally, the set project management deadlines must be respected and observed by both the project managers and the rest of the project management team.

Research Approaches That Firms Have Used to Analyze Their Project Management

According to empirical studies, project management approaches are fundamental in accomplishing a given project effectively. (Harrison & Lock, 2017). The project management methodologies enhance institutions to consider all the dimensions of the project management, both at an internal level as well as at the dynamic external dimensions. Depending on the requirements of an organization, an organization can decide to adopt the standard ways of project management methodologies or join several approaches to run their project. However, the standard approaches to product management are largely employed by many organizations to manage their projects. The standard method of project management has approaches such as the traditional approach, extreme project approach, event chain project approach, and critical chain approach.

The traditional approach of project management is executed in five major stages. The stages involved in the traditional approach of project management project establishing, project design, project supervision, project implementation, and project conclusion. All the five stages involved must be followed because completion of one propels the initiation of another. According to empirical research conducted on project management approaches, most organizations have adopted an approach that is more modern to manage their projects. Project management software potentialities have increased in many organizations. ( Kerzner, 2017). Many organizations prefer the modernized approach to product management because it can foresee constraints and is highly competitive.

Impact of Complex Research on Project Management

Complex research holds important roles in improving product delivery as well as product management. Complex research on projects improves the productivity of the general outcome of the product at hand and also ensures that all the requirements for the execution of the plan are in place. Planning as one of the constituents of product management is best realized through complex research. Additionally, complex research facilitates proper consideration of all the stages involved in project management without overseeing any of the processes. The improvement of know-how in project handling domain has registered several activities, implements, and means. The decision of what resources to be used in product management is arrived at through a comprehensive understanding of complex research methods. However, such decisions are influenced by the specific objective of the project management, availability of resources as well as the environment where the process is to be performed. Among the features of projects, complexity is a feature that has received much concern in various academic research works.

Complex research works based on project management leads to intellectual decisions that enrich the process of management in some cases where comprehensive research is not conducted when managing an organizational project. The outcomes are not always appalling. (Meredith, Mantel & Shafer, 2017). Product management managers should get involved in complex research to determine ways of arriving at product management goals. In recent days, the traditional approaches of project management are considered to be backward. Even though the traditional approach of product management entails explicit steps that direct the process of product management, they have been considered to be an outdated way of handling the discipline of product management. Through a complex and comprehensive research process, managers will adopt the trending and most current method and approach of product management which involves the use of software services. The modern method of product management has been perceived to be time-saving, and records are easy to retrieve and follow, unlike the traditional approach.

Recommendations for the Unsuccessful Project Managements

Many project management has met stumbling blocks on the ways which contributed to their downfalls. Managing organizational projects is an art that most managers have not yet learned, and this is the chief driving force behind the downfalls of such projects. For any project management, managers should dedicate themselves to ensuring that the primary function of the project management is achieved. However, for those project management that have failed to fulfill the primary role, the project managers could have neglected their duties. I thus recommend that the following observations should be taken into account to avoid the next downfalls. First and foremost, managers must acknowledge the project management team that they work hand in hand with. In most cases, the process of project management fails because managers chose the wrong project management team. A team that is undecided on what initiatives to make can never facilitate successful product manage...