Analysis of Business Project Management Approaches and Techniques

This report delves into the multifaceted realm of project management, defining it as the crucial practice of initiating, planning, executing, controlling, and closing project activities within specified deadlines. It emphasizes the significance of effective project management in achieving project goals and highlights the key stages involved, including initiation, planning, execution, performance, and closure. The report elucidates the role of a project manager, outlining their responsibilities in leading project teams, making decisions, and resolving issues. It then explores various planning approaches, such as classic and waterfall techniques, and the modern Program Evaluation and Review Technique, emphasizing the importance of selecting appropriate techniques for delivering high-quality projects. The report also addresses the constraints and risks inherent in project management, including time, scope, and cost constraints, and presents different approaches to project management like agile and critical chain methodologies. Finally, it outlines the essential skills of a successful project manager, such as leadership, negotiation, time management, and risk management.

BUSINESS PROJECT MANAGEMENT
APPROACHES OF MANAGING PROJECT
• Project management is defined as the practice of initiating, planning,
executing, controlling, and closing the actives of a project and thereby
complete the same within the assigned dead line.
• Appropriate project management plays a major role in accomplishing the
goal of a project
• This is the mode of organising and managing all the valuable resources
and thereby strengthen the value of project (Meredith et al. 2017).
• Initiation, planning, execution, performance and project closure are some
of the vital stages of project management.
CONCEPT OF PROJECT
MANAGEMENT • The project manager is defined as the person, who leads the project team and decides the course
of action that are required in terms of completing the project in a timely and cost effective manner
(Kerzner 2018).
• The project manager holds the responsibility of managing any kind of issue effectively and solving
it properly.
• Developing clear and concise plan is one of the major activity of project manager, through which
they execute and monitor the success of project.
• Organising and motivating the project team is another vital responsibility of project.
• The project manager holds the responsibility of controlling the time management. It is the role of
project manager to set realistic deadline and communicate the deadline among the team members
(Lock 2017).
• The project mangers play a major role in estimating cost and developing budget.
• Some of the major skills of project manager includes:
 Effective leadership
 Negotiation
 Time scheduling
 Cost control
 Contract management
 Risk management
 Communication
 Critical thinking
 Recovery of project
 Task management
 Quality management
PLANNING APPROACHES TO
PROJECT MANAGEMENT
• Selection of appropriate project management technique is one of the
major ways of delivering high quality of project within the dead line.
• This is the mode of managing the internal functionalities of a project in a
systematic manner (Harrison and Lock 2017).
• The techniques of managing project can be both traditional and modern.
Different techniques of managing project are as follows:
• Classic technique- This is the traditional technique that comprises of
making plan for upcoming work, measuring the tasks that are to be
performed, aligning the resources and managing the team.
• Waterfall technique- This is also a traditional approach which deals with
performing all the tasks in a systematic manner.
• Program Evaluation and Review Technique- This is one of the most
modern approaches that deal with the complicated planning and tracking
the work progresses. Through these ways, efficiency of project can be
managed (Kerzner 2019).
TECHNIQUES OF MANAGING
PROJECT
• Any kind of risk can hamper the growth of business and make it difficult
for the project manager to complete the project within the dead line
(Fewings and Henjewele 2019).
• Time is one of the major constraints of successful project management.
This is referred as the schedule of completing the task within the deadline.
Thus, any kind of issue related to time can hamper completion of project
within the deadline, which ultimately hampers the organisational public
image.
• Scope constraint is another major risk of successful project management,
which can ultimately lower the value of project (Cakmakci 2019).
• Cost constraint is also a major challenge of successful project
management. This can also affect the quality of project.
Risks and constraints of project
management
• Cakmakci, M., 2019. Interaction in Project Management Approach Within
Industry 4.0. In Advances in Manufacturing II (pp. 176-189). Springer,
Cham.
• Fewings, P. and Henjewele, C., 2019. Construction project management:
an integrated approach. Routledge.
• Harrison, F. and Lock, D., 2017. Advanced project management: a
structured approach. Routledge.
• Heagney, J., 2016. Fundamentals of project management. Amacom.
• Kerzner, H., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
• Kerzner, H., 2018. Project management best practices: Achieving global
excellence. John Wiley & Sons.
• Kerzner, H., 2019. Using the project management maturity model:
strategic planning for project management. John Wiley & Sons.
• Lock, D., 2017. The essentials of project management. Routledge.
• Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project
management: a managerial approach. John Wiley & Sons.
References
• An approach to project management is defined as the way, through the
activities of managing project can be carried out.
• The application of appropriate project management approach is one of the
major way of attaining success from the project (Kerzner 2017).
• There are multiple approaches to project management such as traditional
approach, critical chain approach, extreme project approach and event
chain project approach.
• Agile approach is one of the best approaches of project management. In
this type of approach, collaborative effort from the self-organized team is
being put in terms of accomplishing the goals and objectives of project
(Heagney 2016).
• The critical chain approach is also a major approach of project
management. According to this approach, it is important to use both
behavioral and mathematical sciences in order to analyses and remove
any kind of obstruction that may hinder the growth of project.
ROLE AND SKILL OF SUCCESSFUL PROJECT
MANAGER
Table 1. Label in 24pt Calibri.
.
REPLACE THIS BOX WITH
YOUR ORGANIZATION’S
HIGH RESOLUTION LOGO
REPLACE THIS BOX WITH
YOUR ORGANIZATION’S
HIGH RESOLUTION LOGO