Introduction Performance is the key to success in the fast-evolving market, socompanies have to perform consistently in order to survive in the market. Projectmanagement plays an important role in the success of an enterprise.
Performanceof the business is an indicator to evaluate the result and the effects.Information technology projects play a great role in enhancing the performance andproductivity of an enterprise. Tools provided by information technology helpsthe enterprises to analyze and store ample data, which enables to deliver abetter product and services to the customers. Enterprises adapting to therecent trends and using high-quality information technology tools are able toperform well and sustain in the market. Project performance is directly relatedto performance of an enterprise. Projects can be internal or external.
Theinternal project helps enterprise users in order to be more productive,effective and efficient. It also helps to automate several tasks and businessprocesses. External projects help clients to gain success in their respectivebusiness. For external projects, Client success is an important factor toevaluate the project performance. Project manager is responsible for effective and efficientmanagement decision-making, he enables the scope for future development inorder to be adaptive to the latest trends and remain competitive in the market.Implementation of the process is related to the performance of managementsystem. Efficient performance provides a successful outcome which can lead tobetter decision-making, efficient use of the resource, create value for thestakeholders. In project management, a projectmanager has the power to take decisions on a project and takes responsibilityagainst the negative outcomes that occurs during a project in its implementationphase.
He is also credited when there is growth in the company due to thedecisions he made. He facilitates these changes in their organization and takespart in all the major projects having a potential impact on company. A projectmanager functions most effectively when he or she has the complete authority onthe project at all levels, focusing on business priorities, rather than justemployee issues. When this is functioning properly, the entire enterprise seesthe importance of Project team members and the Project Manager becomes acontributor at a much higher level and with much greater influence in thegrowth of the organization. Furthermore, the decisions and efforts made byProject Managers on the project and team members working on the project aremore likely to fail than succeed if the organization doesn’t give fullauthority to the project manager for implementation of the project. Therefore,the relationship between the Project management and the enterprise plays amajor role in an organization.
In order for a Project team and project managerto function effectively, the organization has to trust the abilities andresponsibilities assigned to a project manager which helps organizations toachieve their business goals with successful completion of the projects andsave money. There will be a good relationship with the client. There will be agrowth in quarterly and yearly earnings in the long run with overall growth inthe profits for a company. The share value of the company rises, which helpsthem to get new, long term projects involving huge capital and profits. Thiswill improve the standards of the company.
To help managers take short andlong-term decisions, relevant information should be provided, in order to getbetter results and finish the project within time. Nowadays, there is a healthycompetition, so firms need to be more effective and complex management systemsshould be implemented to successfully face the new challenges and improve theperformance of their organization. Toimprove the performance, many enterprises are implementing and followingnon-traditional techniques like; activity-based management (ABM), total qualitymanagement (TQM), target costing (TC), etc, to meet the needs of the managers. Forinstance, ABM helps businesses to take better decisions and thus improves theperformance of a company and save money.Generally a project is done to contribute the realization oforganizational strategies and goal which would affect the external environmentneeds, which are identified by project managers. Sustainability and innovationare linked to project management. In recent years Sustainability and innovationare of a great importance to stakeholders. There are some models which havebeen proposed for contribution to realization of strategic goals.
This is amanagement tool which is made up of bonds between the fiscal, environment,social approach, project processes and the resulting products or services. PSEM (Project Sustainability ExcellenceModel) PSEM Model was developed to access a development projects thatfocuses on sustainability, creativity and innovation. This is a benchmarkingtool that helps project teams to reflect on their own strengths and potentialareas for improvement. Numerous specialists stressed that Project execution, asfar as quality, scope, time, calendar, and security will be enhanced byactualizing PM at the beginning of the task.In 21st century, business environment is keepchanging with time. This is the era of competition and it is also increasemagnificent way.
Due to competition, each and every employees of organizationare in pressure to make their products and services better to stay in market.The project success is depend on many factors like work efficiency ofmanagement team, customer satisfaction, on time and in budget completion.Project management also include organizing, directing, controlling allactivities, 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, maintainquality standard, and more. For any organization’s success for that particularproject is depends on good relationship between management team and rest ofemployees directly or indirectly working under them. Project Management in IndustriesIt is very crucial to implement Project Management in everysector of the industry in order to have results on time with low costs, goodamount of resources, better development, increase in benefits, development andno time overruns. In this Research paper, we will talk about the 3 veryimportant sectors and their individual strategies for Project Management. FinanceWhen we hear about Project Management, we start to thinkabout its affiliation with Software development and IT industries mostly.
However, it is very important in the other fields as well like FinanceIndustry. We need to understand that few methods and strategies of ProjectManagement are quite similar to those working with financial related services.Good Project Managers are always in demand in the banking sectors and companieswhich are in the financial industry. These organizations want a project managerwho has got some good experience and can easily adopt to the methodologies ofthe project management and that’s because the implementation of the projectmanagement strategies can complete projects on scheduled time and increase theprofit levels without any failures. To execute project management methodology, we got to thinklike a project manager, planning way ahead, improve and standardize the projectby staying flexible and taking full advantage of the technology. A Financial sector does not mean it only exists in banks, italso exists in insurance services, financial exports, the investment servicesand foreign exchange services.
The point here is to have a completely projectoriented system of project management, that’s because they often recommendprocesses that are mainly business oriented and they are modelled to a goodextent on the project capital system. The steps you could find here includePlanning, control, operation, initiation, evaluation and execution. In order todevelop a business case for a project, we can find some applications ofprinciples such as having a strategic thinking, a true business plan,controlling and executing the project, closing a project, operating andevaluating the project as per the business plan. Healthcare managementThe usage of project management in the field of health careis unique and different when compared to the other sectors. Though we find alot of differences in the methodology and the technologies which other sectorsoften use, the effective people skills which the professionals in health careindustry has makes them unique and helps in managing the projects effectively.
The hospitals in the health care industry has a variety of projects such astemplate designing in order to deploy a helicopter to developing a brand newhospital gown which are unique within themselves. That is the variation betweenthe projects within the health care industries.Conducting research on a specific kind of issue is whereusing project management would be very helpful in hospitals. The health careprofessionals often need huge amount of budget in order to do medicalresearches and that is the same reason why good skills in project managementare required when handling medical research projects.
When we refer to an articleby name “Researchers experience with project management in health and medicalresearch: Results from post project review” we can find as to how a project isclearly planned, implemented and executed. Only after the post project reviewis completed an approximately 98% of managers believed that project managementis very important to efficiently handle projects. The need for documentation in project management isimperative as only a proper documentation can give project a right directionand also would help with any offshore team that’s involved in the project.
Thisgives them a clear vision of what the project demands. Documenting each step inthe project is very useful and also projecting timelines for each task and therisks associated with each of the tasks would be invaluable.A project gets a right direction only when there is a properdocumentation in the project management and that’s because this documentationcan be accessed by any team that is involved in the project including the teamworking offshore. It helps to give a clear view regarding the demands of theproject. InfrastructureWhen we look at the estimation of the world bank, it saysthat for every 10% rise in the infrastructure assets there is a direct GDPincrease by 1%.
A very big obstacle for the social development and growth inthe economy worldwide is caused due to insufficient infrastructure orinfrastructure which is not developed yet. The very common issues projects inthe infrastructure filed has are delays in the project, cost overruns,unavailable private financing and failed procurement of resources, all theseissues are directly proportional to the poor risk management which includes allthe adopted risk allocation techniques and professional experience. According to Nahyan, Sohal and Fildes (2014) the workprogress gets affected by resulting in considerable time over run because ofthe decision making which is very slow in the initial stages of the project.
Examples such as technical issues, changes in the design, unclear clientinstructions, improper coordination and improper design are some of the mainreasons for the delays in project. In order to execute huge infrastructureprojects, the project phases such as planning and design are very important asthe success and completion of the project are affected by those phases. The keymanagement processes such as knowledge sharing, communication and coordinationwhich are the aspects of stakeholders impacts the life cycle of the project atvarious stages.According to Shane et al.
(2015) there is a 5dimensional project management approach which is replaced an organization’spresent project management practices. The five dimensions in the projectmanagement are namely schedule, cost, context, technical and financing. Once acareful analysis is done, each and every dimension is rated by the team inorder to allocate right amount of resources.