Project Management and Managing Risks - Lessons Learned and Techniques Implemented

Running head: PROJECT MANAGEMENT
Project Management
[Name of the Student]
[Name of the University]
[Author note]

2PROJECT MANAGEMENT
Topic 1: Modern Project Management
Project management or PM generally refers to the application of the various processes,
methods and skills along with the application of experiences so as to achieve success in the
objectives of the project. One of the key factor which is responsible for distinguishing the project
management from just management is that project management is having a final deliverable
along with a finite lifespan which is not like the management which is an ongoing process. From
the chapters I have leant the basic of project management along with the risks faced by it.
Besides this I have also learnt about the process of managing the risks associated with project
management. This report is going to provide a broad overview of the major issues faced by PM
and the lessons which I have learned from the course which are going to help me obtain a better
understanding of the different concepts provided to us in the course.
1. Key Issues faced by Project Management:
The key issues in modern project management can be categorized into various kind and this
mainly includes the following:
A. Undefined or poorly defined goals: One of the major challenge that is faced by the project
members as well as by the team members is when they are not aware of the actual goal of the
project. In cases when the projects are not defined in a proper way then there exists high
possibility of project failure. A lot of chaos and confusion is created whenever the people
involved in the project are not aware of what’s, why and when of the project. Whenever a project
starts without any clear objective or specified direction or without any kind of plan might lead to
project failure.

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B. Unrealistic deadlines: This is generally considered to be the second challenge faced by the
project management. This includes the unrealistic expectation that the clients and the
stakeholders are having from the project managers and the members of the project. It has been
seen that there is a slip in the project timelines because of the unrealistic deadlines at the initial
stage of the project.
C. Insufficiency in the skills of the Team: Success of any kind of project in greatly dependent
upon the skills of the team responsible for the completion of the project. The tasks in a project
are assigned to the team members according to their skills and in case when the members are not
skilled or trained in a proper way they won’t be capable of meeting all the challenges and the
tasks which are assigned to them.
D. Improper communication: one of the biggest challenge faced by project management is the
poor communication amongst the team members and all others who are associated with the
project. Poor communication might lead to unsuccessful delivery of the project. One of the
greatest asset that each and every project manager should have is proper communication.
2. Lessons learnt from the Course:
From the course I have learnt what is meant by a project. Project is nothing but a temporary
endeavor which is undertake in order to create a product, result or a service which is totally
unique. Besides this I also learnt about the various characteristics of a project which mainly
includes an established objective, a well-defined life span with proper beginning and ending
time, involves doing of certain things that has never been implemented before which means a
non-routine activity having a unique element and lastly has a specific requirement of cost, time
and performance. In order to complete a project there is need f proper project management.
Project management is considered to be the process which is associated with managing the

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interdependent and ongoing projects which are conducted by a group. This includes proper
coordination which would be helping in the achievement of the objectives of the project. The
course also helped in understanding the project life cycle which is generally divided into four
steps and this includes the defining phase, planning phase, executing phase and lastly the closure
phase. The course also helped in understanding the major challenges faced by the project
management along with the importance and the benefits of project management.
3. Understanding and implementing the major phases of project management:
From the course I learnt that project management helps a lot in managing the daily life activities.
By application of the project management which is not but the application of knowledge skills
and the techniques which are needed in order to complete the task in an effective and efficient
way would be very much helpful. So, I would be using this technique in future. While doing any
kind of task I would be dividing the task into four steps as stated in the project life cycle. Firstly I
would be initiating the work then I would be making plans in order to have a successful project.
After the planning is completed I would be proceeding to the execution of the project and once
the execution is competed I would be monitoring my task and do the necessary things in order to
complete the project and lastly I would be moving into the closure of the project.
4. Ideas gained about project management:
From the course conducted in the class the ideas that I was having about project management has
totally changes. I have understood the fact that before proceeding with any kind of task a proper
planning is needed and this would be very much helpful in achieving success in the task. Project
management helps in making life become much easier. Each and every task planned in a proper
way would be very much helpful. There exists five major phases in the project management and