Value Of Project Management And Management - 2226 Words

VALUE OF PROJECT MANAGEMENT A SURVEY ON PM PRACTICES ON IT/TELECOM SECTOR Companies these days are turning to project management to consistently deliver business results and to stay ahead of the pack in today’s competitive and chaotic global economy. Project Management is in fact elaborated as project, program and portfolio management. More companies these days clearly sees the payoff from investing time, money and resources to build organizational project management expertise which ultimately benefits the company with greater efficiencies, improved customer and stakeholder satisfaction and greater competitive advantage. A survey by consulting giant McKinsey Co. found that nearly 60 percent of senior executives said building a strong project management disciple is a top-three priority for their companies as they look to the future. 1. WHY PROJECT MANAGEMENT MATTERS: Prominent organizations across sectors have been steadily embracing project management as a way to control spending and improving project success. Under economic crisis, executives of various organizations have discovered that adhering to project management strategies have reduced risks, cut costs and improved success rates. Companies are also discovering that as their PM strategies matures, the business values derived from it also increases. So ultimately to increase these business values, executives at many global organizations are creating formal project management offices as well. This also givesShow MoreRelatedA Project On Value Management Essay1031 Words   |  5 Pages The project is an 8 month project. The status is being taken after 4 months, thus the project should be 50% complete. According to the project plan, the project is 45% complete. The summary activity Design – Build Engineering Gadget shows the percent complete, duration, start date and finish date for all detail activities below the summary activity. The time-phased budget used previously is shown below. This budget is organized by phases, or as PMI ® refers to them, process groups. The time-phasedRead MoreProject Scope Of Earned Value Management925 Words   |  4 PagesEarned Value Management started back in the early sixties when the Air force started using the program. In recent years, the program has become a part of the federal project risk management system and is mandatory tool used for US government contracts. Earned Value Management helps to analyze many parts of a project such as the cost variance, schedule variance, cost performance, and schedule performance. Earned Value management measures the performance of a project by finding variances between theRead MoreNet Present Value and Software Project Management1643 Words   |  7 PagesSOFTWARE PROJECT MANAGEMENT TUTORIAL LETTER 201 FOR INF3708 SOLUTIONS Solutions (Highlighted) - Assignment 01 – Semester 1 ASSIGNMENT 01 - COMPULSORY Study material Total marks Hughes Cotterell: Chapters 1 – 4 25 marks = 100% UNIQUE NUMBER: 203647 1. A 1. 2. 3. 4. 5. is said to be â€Å"A specific plan or design† or â€Å"A planned undertaking† System Scope Project Software Management -2- INF3708/201 2. Software Project Management scope normally comprises the following: a. Project FeasibilityRead MoreCase Study for Earned Value Project Management7639 Words   |  31 PagesImplementing Best Practice in Hospital Project Management Using EVPM Methodology By: Raf Dua Divisional General Manager Micro Planning International Australia Implementing Best Practice in Hospital Project Management Using EVPM Methodology 1. Front matter 1.1. Copyright notice Copyright ï £ © 2000 Micro Planning International Australia Copyright ï £ © 2000 Raphael M. Dua This document is copyright. Other than for the purpose of and subject to the conditions prescribed under the CopyrightRead MoreProject Management : A Strategic Value That Gives Companies An Edge On Their Competitors820 Words   |  4 PagesProject management across the organization helps create a strategic value that gives companies an edge on their competitors. Project management matters because it is a way to â€Å"map out† your plans to control spending and improve project results. It may be a way to reduce risks, cut costs and improve success rates. Being able to deliver projects on time and within budget often determines whether a company will get the next job or not. Projects have been around since beginning of time. Even a life cycleRead MoreHow Successful Project Management Can Provide Outstanding Value For An Organization1772 Words   |  8 PagesSuccessful project mana gement can provide outstanding value for an organisation particularly when the objectives of the project have been achieved. A large project can be complex in nature with its life cycle involving a number of facets including the initial concept, financing, design, construction and the operations, maintenance and refurbishment phases. This report will focus on the operations and maintenance (OM) phase of a Sydney road tunnel, the Eastern Distributor. Project descriptionRead MoreProject Management : Building A Unique Product, Service, Or Result?776 Words   |  4 PagesProject management matters because it is a way to control spending and improve project results. It may be a way to reduce risks, cut costs and improved success rates. Project management across the organization helps create a strategic value that gives companies an edge on their competitors. Being able to deliver projects on time and within budget often determines whether a company will get the next job or not. Projects have been around since beginning of time. Even a life cycle of a living beingRead MoreConstruction: Rethinking Operational Stages1668 Words   |  7 Pagesareas as well as increase client, users and stakeholders value. In this regard experts in the field of construction have proposed rethinking of construction (Egan 1998) by strategically rethinking operational stages in order to decrease cost and improve performance. One of these strategic operational stages, called the briefing process has perked the interests of the researcher in the course of producing a report on value management. During a research of a case study on ABC, the researcher hasRead MoreValue Management650 Words   |  3 PagesPROCUREMENT PERFORMANCE AND VALUE MANAGEMENT INTRODUCTION To realize the success of a project, the value must be attained through the core objectives and goals of the project to the stakeholders. This could be achieved by using the right processes throughout the project life cycle. VALUE MANAGEMENT Value Management (VM) is a well structured or established process that is used for defining and maximizing value of money (OCG, 2007 p.3). It is applicable to all sort of projects regardless of being bigRead MoreChapter 7 Discussion Questions Essay757 Words   |  4 Pageswhy many information technology professionals may overlook project cost management and how this might affect completing projects within budget. Information technology projects have a poor track record in meeting budget goals. There is an average cost overrun for unsuccessful IT projects ranging from 180 to 56%. There is room for improvement in meeting cost goals for IT projects. 2. Explain some of the basic principles of cost management, such as profits, life cycle costs, tangible and intangible