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Project management in the business world

(Use at least one project of which you have been either a team member or a project manager as an example to describe the topics below):

Each of The following topics must be Included

- Define project management and explain its importance to the business world.
- Explain project life-cycle management and the benefits of project management to an organization.
- Explain the concepts of planning in the project life-cycle and how research and critical thinking is mandatory in planning.
- Explain project organizations and the importance of leadership and sponsorship.
- Explain project team building, including techniques of successful team building.
- Explain how to create a work breakdown structure and how a project manager breaks down the overall project into packages.
- Explain the need for project management software in large integrated programs and the benefits to the overall project management organization.

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Answer 1: Project Management and Its Importance to Business World
Project management can be defined as the process of planning and organizing the resources and capabilities of the business organizations so that employee can be motivated and controlled to achieve specific goals and objectives (Schwalbe, 2010). In simple term, projects are temporary attempt of business firms that defines beginning, goals, and a time limit to finish the project.

In a project management, manager uses permanent, semi permanent and repeated activities and instructions, so that the unique goals can be attained with available resources and facilities (Hossenlopp, 2010). Project management also includes application of knowledge and skills, so that it can be started and finished in a proficient manner. A project management process includes different activities such as, key start and end dates, strategic goals and objectives, evaluating assumptions, measuring risk, implanting risk mitigation techniques, evaluating key constraints and restrictions, etc. (Kerzner, 2009).

In the present business environment, project management has become a significant part of the business world. Project management is a vital part of the business organization, as it makes possible to translate the strategies and tactic into suitable actions, as well as goals and actions into realities (Fewings, 2012). In addition, It is important for the business world because is a synergistic session, which helps the individuals and groups to take decisions pertaining to project management (Rad & Levin, 2006). Further the importance of project management with business world is aligned with the achievement of competitive advantages, as it facilitates optimum use of organization's resources in best manner.

On the other hand, it is also beneficial for the business world, because provides a chance to rectify the errors or avoid the failure of the strategies (Schwalbe, 2010). In this complex, business world, project management facilitates the business firms to focus on the priorities and follow an evaluation process. Moreover, it is also significant to deal with the highly changing and emerging environment as well as challenges at both internal and external level (Hossenlopp, 2010).

Answer 2: Project Life-Cycle Management and Its Benefits

Project Life-Cycle management can be defined as the process of managing a project from its starting to end. It mainly includes five phases, such as initiation, planning, execution, control and closure (Westland, 2007). All these phases are important for business organizations to complete a project successful and attain defined objectives. In the initiation phase, a brief outline of the project is taken with strategic planning to set the goals and objectives. Moreover, planning phase comprises detailed description of breakdown of each activity from start to end of project. With this, in this phase, risk can be analyzed to avoid any complexities in the future (Kerzner, 2008).

At the next move, execution is significant in the project management for the business firms to ensure the effective implementation of all the activities that are defined in the planning process. It is beneficial for the business firms in terms of implementation of all the plans and procedures on time and also save cost of the firm by minimizing operational expenses (Heldman & Mangano, 2009). Moreover, project life cycle process also enables the business firms to supervise and control each activity, so that it can be finished within a specified time period with decided cost (Gido & Clemens, 2008). It is significant to ensure the quality of the project implementation. The last phase of project life cycle management is important for the business firms to assess the performances of the project and at what level the objectives has been achieved (Westland, 2007). This is beneficial for the companies to analyze that all the requirements are matched with the needs and demands of the stakeholders in perspective of quality, cost and design or not.

Answer 3: Planning in Project life-cycle

Planning is an important phase in project life-cycle, in which different decisions are made by the project manager to ensure the successful execution of the task. Through planning, project managers answers several questions such as what needs to be done, how long it will take, who will do it and how much it will cost. In ...

Solution Summary

Project management in the business worlds are examined.