A Study on Project Management and Its Role In an Enterprise

A Project manager works like a leader, administrator, facilitator, mediator and coordinator. He builds a team and leads it in order to complete a Project within the given time and budget. He should have the good communication skills to coordinate with his team members. He should also be pro-active so that if he comes to know that the Project is delaying or going over-cost then he can take appropriate steps to complete the Project in time and under the specified budget. He should use the available resources in an efficient manner so that the Project can complete in a specified schedule and budget. Besides these, he must also have the knowledge of Project integration, scope, time, quality, human resources, communications and risk management. A Project manager is an important member of the team of the Project management. He is responsible for the preparation of documents such as Project study report, Project’s Project report etc. for the development of a Project. He is also responsible to develop the design of the Project. He has to follow engineering guidelines and standards while developing a design for the Project. A Project manager controls the overall activities of a Project and tries to accomplish the Project within the specified time-period and budget. For a Project to be completed within a specified time-limit, it is necessary to maintain a good co-ordination Project personal. A Project manager is responsible for completing all the steps of a Project from its beginning to the termination of the Project. It is believed that if only one Project manager is assigned only one Project at a time then he can work more efficiently as he gets the full freedom to take decisions according to his skills. On the other hand, if the responsibility of accomplishing a Project is given to more than one Project managers then the probability of increase in budget and time-schedule is increased because their way of thinking may contradict each other thoughts. After getting the Project, a Project manager builds his team and makes some work plans to accomplish the job. After that, he uses the available resources to complete the Project in time. He has the responsibility of accomplishing the Project in time and within the given budget. If he feels that the Project is delaying or is going over-budget then he has to take appropriate steps to ensure that the Project would complete in the given time-limit and budget. He must use engineering standards and policies to develop a Project and must use the given resources wisely. The common terms of a Project management are: a) A Project b) Project Management c) Project Success

There are three important factors which work for a good project management. These are: Time, Cost and Performance. A project is said to be successful if it is completed on time, within the given budget and to the performance requirements. Many tools and methodologies are used in order to control the components of a project. These tools are: a) Work Breakdown Structure (WBS) b) Gantt charts c) PERT/CPM (Critical Path Method)

In this structure, a task is divided into sub-task to minimize its complexity. And the process continues until the main task becomes easier.

These charts were developed by Harry Gantt in 1916. These charts are used to provide a time-limit for each and every activity of a project.

In this method, a graphical representation of a project is developed. This representation is known as Project Network or CPM Diagram. It shows the inter-relationship between the components of a project and shows the sequence in which the various activities of a project should be performed. management performs a significant role in the development of an organization. It provides some kind of accountability for the top management of an organization about the work done. A final report is presented before the top management after the completion of the project. Sagar et al. (2011) specified that project management is an essential part of an organization. In this competitive world, an organization needs to have a project management which can monitor the overall projects and their activities. It is the responsibility of a project management to accomplish the project in time and under the given budget. Jain et al. (2013) described that a project is led by a project manager who is responsible for keeping track of each and every activity of the project. If he finds that project is delaying and going beyond the budget then he takes the essential steps to overcome the problem. Project manager creates a team of several members who perform different activities of the project. A project is a temporary activity which is performed to develop a unique product or service ; according to A Guide to the Project Management Body of Knowledge (2000). Here, a project is considered as temporary because every project has a definite starting and ending point. Unique means in every project, the output produced is always different from that obtained from other projects. Declerck et al. (2007) described that a project is a sequence of actions which are confined in time and size are in interaction with a politic-socio-economic environment. It has a specific goal which it needs to achieve. According to Gittinger et al. (2012), a project is a collection of several activities which access the specified resources to gain benefits. He further described that projects create an identified program which is less précised form of a project. According to him, a project should be small in size so that there should be no complexity in the project and also the risk factor goes decreased in this way. According to Gareis & Huemann et al. (2000) , the Project-Oriented Company (POC) is an organization which deals with the projects. It assigns projects , monitors the quality of a project and program, controls the interaction between projects and maintains personal management in POC.

According to PMI (2004), in project management; various activities like applying knowledge, skills, tools and methodologies are used to meet stakeholder’s needs and expectations. In project management, all the human and material resources are directed and coordinated throughout the life of a project so as to achieve project objectives. Lock et al. (2013) explained that there are many activities involved in a project and each & every activity has the same goal. Various constraints are used by the project management to complete the project in the specified time-limit and budget. Hence, every activity is interacted with other one to get the best output. Project management keeps an eye on the given human and material resources so that they can be used efficiently to obtain the best result. According to Singh et al. (2012), a project management controls various activities of a project. It assigns the projects to a project manager with a specified time and budget. Limited resources are provided for a project. It maintains coordination between the activities of a project. It also keeps an eye on changing business environment and provides flexibility in the projects. Yadav et al. (2011) described that a project should be flexible so that if there is any need to add some new features in it to enhance its efficiency; it should be easier to remove or add in it in future so as to increase its efficiency without interrupting the whole structure of a project. According to Seymour et al. (2012), project management is a core strategy to make some changes in an organization. In an organization, changes are needed in order to survive with the increasing competition in business environment. These days, organization has to look at the various updations which are taking place in the external environment and it also needs to adopt according to this changing environment. specific goal. Many processes are performed in order to complete a project. These processes involve: Initiating, Planning, Executing, Controlling and Closing. According to Sharma et al. (2012), the purpose of project management is to assign the project and related resources and control the activities of a project so that it can be accomplished in a specified time-period and within the given budget. Nilsson et al. (2013) described that to accomplish a project, various plans are made. Many team members are involved in these plans and activities. Each plan has a specific goal which is achieved in a specified time-limit. Project management monitors all these activities and plans so that the man goal of the whole project can be achieved. Turner et al. (2009) stated that a project is an entity where human-personal, money and resource materials are structured in such a way those they equally participate in accomplishing a common objective. He further specified that the constraints of time and cost are also considered while working on a project.

In this changing world, a business also needs to change according to the external environment. It needs to adapt itself so as to survive in this competitive world. A business will be finished if it does not make any changes in its policies according to market requirements. Hence, it is very necessary for an organization to know what kind of changes are going on in the market; so that it can also adapt itself according to the changing environment and survive. Without a project management, organizations may lose the knowledge and skills gained from the completed projects. It is very difficult for an organization to improve the efficiency of development projects. The current study deals with the significance of project management in an organization. Project management plays an important role in making a project to be successful. However, it is not exact science. It does not give full guarantee for the successfully completion of a project. But, the probability for a project to be successful increases if project management is involved because it monitors each and every activity of the project. It also monitors that every activity of a project should complete in the given time and cost constraint. Since, a project is a collection of various activities which are inter-related with each other, so if every activity is

Today is the time of competition. An organization needs to be flexible in order to sustain in this competitive world. It has to change its policies and rules according to the changing environment of a business. Many projects are run by an organization to enhance its business. It is very difficult task for an organization to monitor each and every project. Each project is so important for an organization as a lot of time and money is associated with a single project. Hence, failure of a single project can cause a lot of financial loss for on organization. Therefore, project management is organized to keep monitoring on the projects of an organization. It is the responsibility of project management to control the activities of a project and accomplish it within the time-period and budget. The current study highlights the importance of project management in the development of an organization. These days, many concepts are generating to assist project management. One of these concepts is Project Management Office (PMO). PMO ensures the successful implementation of projects. The trend of PMO in an organization is also increasing. PMO is also very helpful in identifying the risk involved in a project. Hence, appropriate actions can be taken on time to overcome the risk of delay of project. The current study is very helpful to know about the importance of project management.

The objectives of the current research work are as follows: 1. To study the concept of Project Management. 2. To study the terms related to project management. 3. To study the importance of project management in the development of an organization. 4. To study the challenges of project management.

Primary data was collected through various research methods such as interview, questionnaire, survey method and case studies will be used for data collection. Interview method is supposed to be the best method to get qualitative information. Case study method is widely used for an in-depth investigation of To get the required data, selected organizations of various enterprises. Data was gathered from the employees and managers of these organizations to know how project management is very helpful in the development of an organization.

The present study analysis was also based on the secondary data as well, which was collected from various international and national journals of repute, annual reports of various institutions and companies.

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