Importance of Project Management: Tips for Successful Project Completion

Running head: MARKETING PROJECT
MARKETING PROJECT
Name of the Student:
Name of the University:
Author Note:

1MARKETING PROJECT
PART A
1. It is important to take into account the views and opinions of the team members as everyone
comes up with unique ideas and suggestions. Every team member can put in their insights and
contribute to a better project (Marchewka 2014).
2. Approval is necessary, as there might be some changes during the process. Approval is just as
valuable as the effort that goes into making a project. It is during the approval of a project that
many imperfections or limitations become visible (Larson et al 2014).
3. A team is a group of people who work together to achieve a common goal towards. However,
each team member has a specific task to fulfill. Each member has a given portfolio. This saves
time and effort (Burke 2013). Everyone should be clear about his or her roles and the respective
work they have been entrusted with.
4. It is important for the team leader to support the team and motivate them in their work. The
team members will look up to the team leader for positivity and mental upliftment. Hence, it is
up to the team leader to be there for all the members of his team and help in reducing stress. He
should focus on building a healthy and happy work environment.
5. Record keeping in business is of utmost importance. It helps in filling taxes ,make financial
statements, detect the progress of the business, keep the track of deductible expenses and prepare
tax returns (Kerzner 2017).
6. Project expenditure reports of the cost, expenditure, revenues and invoices of items used for
the project. It is important to keep a track of the funding of the project sonthat it does not reach
to the point where it no longer can be funded (Marchewka 2014).

2MARKETING PROJECT
7. Giving copies of reports to project stakeholders is a way of keeping them updated and
informed about the various developments in the project. One can inform the stakeholders about
the status of the project by various ways (Burke 2013). It is important to communicate with the
stakeholders from time to time. It is also important to listen to their opinions and revert to their
concerns.
8. Risk management is of vital importance for the growth of a company as it helps in identifying
various strengths, weaknesses, threats and opportunities of the project. Thus, planning, preparing
and evaluating with strategic risk management can save time and energy (Kerzner 2017).
9. Project deliverables are of different types and are also one of the biggest risk factors when it
comes to the success or failure of a specific project. The deliverable should be clear to everyone
in the team.
10. It is of vital importance to keep records for accuracy of accounts. Records are a proof or
evidence of the income, revenues and other financial statements (Larson et al 2014). If there is
any problem later then the team can go back to the records and check for the accuracy of details.
11. Post-project staff transition is important as after the completion of a project it is important to
transfer them to another project.
12. Sign-offs are important as it helps in understanding the requirements of the project. When a
member of the team signs off it only means that he or she is well versed with the objectives of
the project.