Business Project Management Essay Example | Topics and Well Written Essays - 3000 words

Business Project Management - Essay Example However, with increased competition, widespread use of project management theories and processes in day to day functioning of businesses and blurring departmental and functional boundaries, projects are now considered no less than strategic processes underpinning theories and concepts of leadership, strategy, culture, communication, integration and appropriate know-how of relevant systems. This report aims at delving deep into this transformed outlook towards project management approach and how these management functions are shaping the traditional structure of project management into an amalgamation of project, change and process management. With the inclusion of relationship management, risk management, people satisfaction and motivation, empowerment and creativity; project management in itself is turning into a specialised body of knowledge comprising of the vital elements of management, strategy, human resources and operations. To demonstrate this tectonic shift, examples of vari ous projects ranging from big construction to IT ones have been taken so that theories and concepts can be understood in real life terms. ... Projects are time-bound, focus on a single time process and are usually complex in nature because of mingling of several distinct and unrelated functions. Limitation of time, cost and resources add to the characteristics of projects. On the contrary, processes are repeatable and do not suffer from limitations which are present in project management. Homogeneity is also more dominant in process management than do in project management. Traditional approach to project management Traditionally, projects used to be differentiated from that of processes because of superficial differences identified between the two. Their scope, extent of penetration in organization’s philosophy and strategy, resource allocation, level of inter-dependence of different functions and activities within the management of two and results achieved thereof lead to the misconception that projects cannot assume the status of processes and vice-versa. Typical project management cycle includes stereotypic phas es defined as requirements analysis, resource management, project methodology, risk management and project closure. These phases are technical in nature with clear specifications of roles, duty, inputs and respective outputs. They do not recognize the evolving nature of business place and components of business management like planning, controlling, decision making and more contemporary functions of management namely leadership, strategy, cultural ramifications, knowledge of systems and overall congruence with the components of process management. This makes the traditional approach to project management short of fulfilling the current needs of business and unique propositions. Evolved components of project management Prosci (2011) specifically highlights the tripartite nature of project