Performance is the key to success in the fast-evolving market, so
companies have to perform consistently in order to survive in the market. Project
management plays an important role in the success of an enterprise. Performance
of the business is an indicator to evaluate the result and the effects.
Information technology projects play a great role in enhancing the performance and
productivity of an enterprise. Tools provided by information technology helps
the enterprises to analyze and store ample data, which enables to deliver a
better product and services to the customers. Enterprises adapting to the
recent trends and using high-quality information technology tools are able to
perform well and sustain in the market. Project performance is directly related
to performance of an enterprise. Projects can be internal or external. The
internal project helps enterprise users in order to be more productive,
effective and efficient. It also helps to automate several tasks and business
processes. External projects help clients to gain success in their respective
business. For external projects, Client success is an important factor to
evaluate the project performance.
Project manager is responsible for effective and efficient
management decision-making, he enables the scope for future development in
order to be adaptive to the latest trends and remain competitive in the market.
Implementation of the process is related to the performance of management
system. Efficient performance provides a successful outcome which can lead to
better decision-making, efficient use of the resource, create value for the
In project management, a project
manager has the power to take decisions on a project and takes responsibility
against the negative outcomes that occurs during a project in its implementation
phase. He is also credited when there is growth in the company due to the
decisions he made. He facilitates these changes in their organization and takes
part in all the major projects having a potential impact on company. A project
manager functions most effectively when he or she has the complete authority on
the project at all levels, focusing on business priorities, rather than just
employee issues. When this is functioning properly, the entire enterprise sees
the importance of Project team members and the Project Manager becomes a
contributor at a much higher level and with much greater influence in the
growth of the organization. Furthermore, the decisions and efforts made by
Project Managers on the project and team members working on the project are
more likely to fail than succeed if the organization doesn’t give full
authority to the project manager for implementation of the project. Therefore,
the relationship between the Project management and the enterprise plays a
major role in an organization. In order for a Project team and project manager
to function effectively, the organization has to trust the abilities and
responsibilities assigned to a project manager which helps organizations to
achieve their business goals with successful completion of the projects and
save money. There will be a good relationship with the client. There will be a
growth in quarterly and yearly earnings in the long run with overall growth in
the profits for a company. The share value of the company rises, which helps
them to get new, long term projects involving huge capital and profits. This
will improve the standards of the company.
To help managers take short and
long-term decisions, relevant information should be provided, in order to get
better results and finish the project within time. Nowadays, there is a healthy
competition, so firms need to be more effective and complex management systems
should be implemented to successfully face the new challenges and improve the
performance of their organization. To
improve the performance, many enterprises are implementing and following
non-traditional techniques like; activity-based management (ABM), total quality
management (TQM), target costing (TC), etc, to meet the needs of the managers. For
instance, ABM helps businesses to take better decisions and thus improves the
performance of a company and save money.
Generally a project is done to contribute the realization of
organizational strategies and goal which would affect the external environment
needs, which are identified by project managers. Sustainability and innovation
are linked to project management. In recent years Sustainability and innovation
are of a great importance to stakeholders. There are some models which have
been proposed for contribution to realization of strategic goals. This is a
management tool which is made up of bonds between the fiscal, environment,
social approach, project processes and the resulting products or services. PSEM (Project Sustainability Excellence
Model) PSEM Model was developed to access a development projects that
focuses on sustainability, creativity and innovation. This is a benchmarking
tool that helps project teams to reflect on their own strengths and potential
areas for improvement. Numerous specialists stressed that Project execution, as
far as quality, scope, time, calendar, and security will be enhanced by
actualizing PM at the beginning of the task.
In 21st century, business environment is keep
changing with time. This is the era of competition and it is also increase
magnificent way. Due to competition, each and every employees of organization
are in pressure to make their products and services better to stay in market.
The project success is depend on many factors like work efficiency of
management team, customer satisfaction, on time and in budget completion.
Project management also include organizing, directing, controlling all
activities, planning are most impactful things for project success. Now a days,
there are lots of challenges to make project successful like, goal orientation,
require large capital investment, reliable work force, tight schedule, maintain
quality standard, and more. For any organization’s success for that particular
project is depends on good relationship between management team and rest of
employees directly or indirectly working under them.
Project Management in Industries
It is very crucial to implement Project Management in every
sector of the industry in order to have results on time with low costs, good
amount of resources, better development, increase in benefits, development and
no time overruns. In this Research paper, we will talk about the 3 very
important sectors and their individual strategies for Project Management.
When we hear about Project Management, we start to think
about its affiliation with Software development and IT industries mostly.
However, it is very important in the other fields as well like Finance
Industry. We need to understand that few methods and strategies of Project
Management are quite similar to those working with financial related services.
Good Project Managers are always in demand in the banking sectors and companies
which are in the financial industry. These organizations want a project manager
who has got some good experience and can easily adopt to the methodologies of
the project management and that’s because the implementation of the project
management strategies can complete projects on scheduled time and increase the
profit levels without any failures.
To execute project management methodology, we got to think
like a project manager, planning way ahead, improve and standardize the project
by staying flexible and taking full advantage of the technology.
A Financial sector does not mean it only exists in banks, it
also exists in insurance services, financial exports, the investment services
and foreign exchange services. The point here is to have a completely project
oriented system of project management, that’s because they often recommend
processes that are mainly business oriented and they are modelled to a good
extent on the project capital system. The steps you could find here include
Planning, control, operation, initiation, evaluation and execution. In order to
develop a business case for a project, we can find some applications of
principles such as having a strategic thinking, a true business plan,
controlling and executing the project, closing a project, operating and
evaluating the project as per the business plan.
The usage of project management in the field of health care
is unique and different when compared to the other sectors. Though we find a
lot of differences in the methodology and the technologies which other sectors
often use, the effective people skills which the professionals in health care
industry has makes them unique and helps in managing the projects effectively.
The hospitals in the health care industry has a variety of projects such as
template designing in order to deploy a helicopter to developing a brand new
hospital gown which are unique within themselves. That is the variation between
the projects within the health care industries.
Conducting research on a specific kind of issue is where
using project management would be very helpful in hospitals. The health care
professionals often need huge amount of budget in order to do medical
researches and that is the same reason why good skills in project management
are required when handling medical research projects. When we refer to an article
by name “Researchers experience with project management in health and medical
research: Results from post project review” we can find as to how a project is
clearly planned, implemented and executed. Only after the post project review
is completed an approximately 98% of managers believed that project management
is very important to efficiently handle projects.
The need for documentation in project management is
imperative as only a proper documentation can give project a right direction
and also would help with any offshore team that’s involved in the project. This
gives them a clear vision of what the project demands. Documenting each step in
the project is very useful and also projecting timelines for each task and the
risks associated with each of the tasks would be invaluable.
A project gets a right direction only when there is a proper
documentation in the project management and that’s because this documentation
can be accessed by any team that is involved in the project including the team
working offshore. It helps to give a clear view regarding the demands of the
When we look at the estimation of the world bank, it says
that for every 10% rise in the infrastructure assets there is a direct GDP
increase by 1%. A very big obstacle for the social development and growth in
the economy worldwide is caused due to insufficient infrastructure or
infrastructure which is not developed yet. The very common issues projects in
the infrastructure filed has are delays in the project, cost overruns,
unavailable private financing and failed procurement of resources, all these
issues are directly proportional to the poor risk management which includes all
the adopted risk allocation techniques and professional experience.
According to Nahyan, Sohal and Fildes (2014) the work
progress gets affected by resulting in considerable time over run because of
the decision making which is very slow in the initial stages of the project.
Examples such as technical issues, changes in the design, unclear client
instructions, improper coordination and improper design are some of the main
reasons for the delays in project. In order to execute huge infrastructure
projects, the project phases such as planning and design are very important as
the success and completion of the project are affected by those phases. The key
management processes such as knowledge sharing, communication and coordination
which are the aspects of stakeholders impacts the life cycle of the project at
According to Shane et al. (2015) there is a 5
dimensional project management approach which is replaced an organization’s
present project management practices. The five dimensions in the project
management are namely schedule, cost, context, technical and financing. Once a
careful analysis is done, each and every dimension is rated by the team in
order to allocate right amount of resources.