Project Management | Significant Concepts, Methods, Terms and Other Components

Running Head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University

1PROJECT MANAGEMENT
Significant Concepts, Methods, Terms and Other Components
The chosen chapter in the book talks about various concepts and methods related to
project management that can be applied in different streams and sectors like construction,
healthcare, creative services and others. In these sectors, project management concepts, tools and
techniques can be utilised to solve various problems or issues within the chosen sector (Watt,
2019). Project management is a huge field of study that includes multiple tools and techniques,
one or more of which are applied to the different sectors. Moreover, the authors of the book also
talk about how project management skills can be applied in a wide range of career paths some of
which are discussed as follows.
Business Owners: Business owners like restaurant managers or retail store managers need
to use significant project management skills like cost estimation, return on investment
calculation, cost benefit analysis and others in order to run the entire business. Furthermore, the
business owners also need to have stakeholder management skills in order to manage all the
stakeholders associated with the company / business.
Outsourcing Services: Outsourcing services are actually project management activities on
a much broader scale. When services are outsourced to an external organisation or company,
various aspects of the service including scope, time, budget and other aspects need to be
managed but the outsourced organisation (Meredith, Mantel Jr & Shafer, 2017). The organisation
presents various proposals to the parent organisation, one of which is chosen and effectively
managed in the form of project management.