Pros and Cons of Project Management Approach

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Pros and cons of Project Management Approach

A project is a temporary endeavor, having a defined beginning and end (usually constrained by date, but can be by funding or deliverables), undertaken to meet unique goals and objectives, usually to bring about beneficial change or added value. Project management is the discipline of planning, organizing, securing and managing resources to bring about the successful completion of specific project goals and objectives. Every business undertakes projects of some sort. But some undertake far more than others. Similarly, some industries are more project-intensive than others. Aerospace and defense, for example, are extremely project-intensive, working for years on long-term contracts or development projects that will eventually bring forth a new jet aircraft, missile system, ship or piece of electronic wizardry. Likewise, almost by definition, construction is another industry that exhibits a high degree of project activity. Food, retailing and textiles, on the other hand, are less project-intensive. Even so, care must be taken. While corner shops may not be prone to launching new projects, the major supermarkets are: each year sees a number of new distribution depots, IT systems, retail outlets and the like. Prospect of project management are:

Increased control of financial, physical and human resources •Improved customer relations
Increased quality and increased reliability
Increased profit margins
Increased productivity
Increased internal coordination
Increased morale of the work force
Reduced development times
Reduced costs
Project constrains:
It is often said that a project management must handle or juggle many things to accomplish a project. Project constraints are time, cost, risk scope, or any other factors that limit options. Such factors may include the date a milestone or the project must be completed or the maximum allowable risk a project may have. The “triple constraint” is used...
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