Term Paper: Project Management Although Desirable

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[. . .] If the change in the project budget needs to be quite high and if that project is only in the beginning phases, then we can easier drop it from the portfolio than if it were in its final stages.

The second thing that needs to be considered is how much extra budget the project needs and whether this can be covered from the company's resources. Of course, the question of whether a budget may be supplemented or not will always refer to the beginning of the process, to the selection phase, and will check out the relevance of the project for the company, in terms of strategic objectives, as well as its relation to other projects (here I am referring to the fact that some of the projects may not be dropped from the portfolio because other projects depend on it and form a subset of projects that can only be done together. Additionally, a project will always be regarded with respect to the other projects in the portfolio and will be compared to them in terms of strategic importance).

So, managing the project over a period of time takes into consideration more or less the same factors we have talked about in the selection phase, with the single exception that now this is a dynamic process and the elements we are referring to need to be regarded from a dynamic point-of-view (in the sense that time, for example, is evaluated in time-to-completion units, etc.).

As for the tracking part of the project management, this needs to be done throughout the project's lifespan. This can be done by the project manager, for a single project, or by a departmental manager, in the case of more than one project belonging to the same department. What does tracking actually comprise?

For once, the project manager tracking the project will approve or disprove any change from the original plan or schedule. This regards anything from budget to human resources.

Second of all, the project manager will constantly evaluate the performance of a certain project, in terms of how well the project is being completed, how much time before it is done, if it is on schedule, etc. Following this evaluation, he will also take the necessary action in order to correct any anomalies discovered. For instance, if the project is behind on its schedule, the project manager may use some of the methods I have described here above in order to bring extra people to work on it (which may be quite difficult, because, if it means allocating them from other projects, he will need to get other project managers' approval).

Third of all, the project manager will track his project (or his portfolio of projects) in terms of existing and future possible risks. We are to assume that the business environment today is rather volatile and that the conditions at a certain point may no longer correspond to those initially analyzed at the beginning of the process. As such, the project manager needs to keep his eyes open for any kind of possible risks that may appear on the way and needs to make the right provisions to avoid them.

As I have mentioned in the beginning of my essay, a swift and brief definition of project management cannot be applied. However, there are a series of attributes and characteristics that make project management recognizable.

Briefly speaking, project management deals with projects, with getting the best out of a company in terms of completing the project and impacting to the best of its abilities the company's strategic objectives. We already know what management in general is: it deals with functions like organizing, planning and controlling. As we have seen from the lines here above, many of these can be applied to projects. Indeed, projects can also be organized, planned (the resources needed for its accomplishment) and controlled (during the tracking phase).



2. Mullaly, Mark E. Project Management: A New Definition. July 2003. On the Internet at http://www.gantthead.com/article.cfm?ID=183068



From the Internet at http://www.123projectmanagement.com/project-management-definitions.html

There are many programs that are referred to as Resource Allocation programs. [END OF PREVIEW]

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