Project management

Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semipermanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.

All organizations use projects as the way to translate strategies into actions and objectives into realities. Many companies are project-intensive they live and breathe project management because they are in that kind of business, such as construction, aerospace, engineering design, engineer-procure-construct (EPC), general contractors, consulting, software, and so on. For them, organizing around projects is a natural way of life as almost all senior staff have "come up through the ranks", and top management understands what it takes to be successful in project work.

Project Management is a competency that leaders can use in their organizations to handle increasing complexity with higher success rates and acceptance, and lower uncertainty and costs. Following are just a few examples of the organizational inefficiencies that pose the above-mentioned risks, but can be effectively handled through use of the Project Management competency:

Project Management can also bring in some tangible benefits for individuals at various levels in organizations. For example, through project management:

- Executives get accurate and timely information so that they can make sound business decisions and make course corrections quickly so they can maintain a competitive edge. -People who execute understand their roles and responsibilities and how their work relates to the bigger picture. Minimization of conflicts and confusions through effective communications increases productivity and enthusiasm.

Several importance of project management for your firm is.

* Compression of the Product Life Cycle. * Global Competition. * Knowledge Explosion. * Increased Customer Focus .