Project Management Essay Example | Topics and Well Written Essays - 2500 words - 2

Project Management - Essay Example Moreover, these activities are assumed to accomplish, their objectives within financial constraints as well. In the light of above discussion the projects are conceived to attain the certain goal or set of goals in a given time frame, therefore it could be established, that the time is the most important feature of these activities. Generally, the resources are deployed in an organization to carry out its normal functions, but the nature of a firm is pretty much stable, as compared to that of a project. This fact places a premium on the timely execution of the projects. The project could also be defined, a set of interconnected tasks, which should be completed to execute, the entire project (Blackstone, Cox, & Schleier 2009). However, this observation leads to the implication of interdependence of one task on to the completion of another one. This interconnectivity compels the project management to hire experts of every area affected by the project. Next, this paper will shed some li ght on the interesting facts, about the revolution of project management as a science, which are as follows The process of project costing got better, because the cost overruns dropped from 180% to just 56%, in past ten years (Blackstone, Cox, & Schleier 2009) The time overruns are also decreased from 164% to 84% in the same period of time (Blackstone, Cox, & Schleier 2009) These improvements are caused, by the excessive utilization of information technology, to integrate the decision process, between various people working on the project. However management information systems helped a lot in terms of effective and efficient project execution, but they by themselves are the most difficult ones to manage. The case of NHS IT program is a real world example. The major purpose of projects is to create something new, such as new product development. Therefore, they carry a higher level of risk, which requires an able management team that was lacking in the NHS project. The projects are believed to be the only credible source of development in the dynamic world of management, because they provide, the opportunity to the business persons around the world to experiment with something new (Zdanyte & Neverauskas 2011). However the rate of failures among these activities is overwhelmingly high. This fact is partially caused by the inadequate level of knowledge about this particular field among practitioners. This trend also played a significant role in making the IT project of NHS a failure, where the large level execution was attempted without any prior planning. The modern method of project management entails, dividing a whole project into smaller ones, and then considering each one separately (Gorog 2011). In this way the commitment of resources is well divided among the various stages of the project, so it becomes relatively simple to track the investments. Another benefit of this approach is the clear and logical interdependence between the different phases of the project gets highlighted, which gives clear sense of direction to those working on it. This above mentioned approach was the ideal one to implement on the venture