Project Management: Best Practices and Stakeholder Perspective

Essay by cookiesurgB+, May 2010

download word file, 7 pages 0.0

PROJECT MANAGEMENT: BEST PRACTICES AND STAKEHOLDER PERSPECTIVE Introduction: This paper will discuss the nature and characteristics of projects and project management, the rationale for their existence, and their impacts on the organization and its goals. An important dimension or ramification of project management which this paper will be delve into that of its relationship to the stakeholders. It is hoped that this discussion and analysis will provide a useful synthesis and better insights into the such a relationship from the systems viewpoint.

The concept of projects

There are several definitions of project, but the most relevant in this context is that offered by the Business Dictionary which defines project as a planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations. It also described as a temporary piece of work with a finite end date undertaken to create a unique product or service: Projects bring form or function to ideas or needs.

Employees of a functional divisions are assigned or detailed to a specific project and then re-assigned back to the organization when the project is completed.

Project management is defined by the Project Management Institute (PMI) as the application of knowledge, skills, tools and techniques to project activities to meet project requirements; and its methodology as the planning, monitoring and control of all aspects of the project and motivation of all those involved in it to achieve the project objectives on time and to the specified cost, quality and performance." Being a temporary, one-time endeavor, it differs from the organization's operations and processes which are its current and permanent work to create a product or provide a service on a continuing basis. Project management is being executed effectively when it is able to optimally allocate and integrate all inputs...