Business Project Management Essay Example | Topics and Well Written Essays - 2000 words

Business Project Management - Essay Example Project management process involves four major functions. These are planning, organizing, leading and controlling. Planning is the first stage of project management process and evaluation of a project is done in wide areas of the project i.e. cost required, future cash flow, possible risks etc. Project life cycle estimation is also important activity in this stage. Second stage of project management process is organizing. In this stage, the required resources are organized like capital, labour, material, equipment and facilities etc. Capital refers to both the initial investment and fund required for management working capital. Leading is the third stage project management process and it is very much crucial for completion of a project with quality work and ensuring deadline. The main objective of leading is to ensure right job to right people and motivating them to get best output. Controlling is the final stage of project management process where the project is continuously monitor ed. Progress of the project is evaluated and compared with the proposed project progress plan. Developing effective strategies and change of ineffective strategies of project development is main part of controlling a project (Smith, L. 2003, p.4). Therefore, overall objective of project management should be performing these four project management functions very efficiently and effectively in an organized framework. This is the job of a project manager. To complete or continue a successful project, the project manager needs to be planned and executed for each small stage of the overall project. This will help to develop and implement contingence in critical situation during project development process. Discussion Answer 1 Resources Resource is one of the most important primary objectives of a project. It includes mainly people, material and equipment i.e. the major non financial resources. Availability of skilled employees is one of the main focused areas of businesses because skill , knowledge and experience of employees have substantial impact on quality output and progress of a project. Again, sufficient supply of people leads to low wage rate and total wage of a project and vice-versa. Therefore, this important resource needs to evaluate at the planning stage of project management process so that project deadline, cost and quality work can be ensured. Next important resource is equipment which is very necessary to do the project task or activities. Technology plays a great role in this resource as use of hi-technology equipment reduces completion time or faster production and more output. Again, the employees also need to very much familiar with the advanced technology equipments as they need to operate the equipments efficiently to ensure better output. Material is another important resource of project as it is needed to produce the products. Therefore, sufficient and continuous supply of raw material is necessary for project. Material is necessary for bot h construction and production unit projects. Time Time is one important factor of project management. Project deadline and progress of a project can be ensured by efficient time management. It includes working hour of the employees and daily, weekly or monthly work progress. Again, time management can be aided by using tools, techniques and skills to accomplishing specific work activity or goal within due date. Therefore, to develop specific goal or work target, minimum time need to be considered to reduce total