The Role of Project Management for Business - Essay Example

Running Head: PROJECT MANAGEMENT FOR BUSINESS Project Management for Business Student Name: Student Number: Course Code: Instructor: 28th March, 2016 1. Importance of Time Management in Project The mere fact that there is a budget attached to any project creates the need to have it completed within a specified of specific time frame. Projects are more often than not run by groups that offer collaborative efforts directed at achieving a single goal, which is usually to complete the project in a timely manner and in a way that meets the objectives and goals of the project owner. As such, the time management component offers all the associated groups in the project a slot in the schedule to carry out their roles so that the end can be reached within a reasonable time. When these fail, a project usually gets a lot costly besides deviating from the core goals within which it was meant to meet. The element of waste of time means that other resources too will suffer. The component of money in cost has been mentioned. However, the unpredictable time frames also serve to increase duress among groups that are working in synergy to achieve a common goal. We can effectively conclude that a hurriedly put together project may not meet the standards required for a good project. Even more dangerous is the thought that a project can go beyond the period within which it is expected to come to completion. Both of these scenarios have the project managers and workers who offer a helping hand in each department stressed and denied meaningful time out for rest and rejuvenation so they can work at their optimal capacities (Larson and Grey, 2011). 2. The benefits of planning in project development Anything meaningful can only be achieved through a rigorous process of planning that will see much of it concluded within a given schedule. It is not uncommon to find project managers laying down extensive plans on how to complete projects within a certain time and with the given budget. These are some of the biggest reasons why planning is a very integral component of project development. The benefits attached to this are more than enough. First off, planning allows project managers to allocate sufficient resources for the project in terms of money, human resources, time and policy framework that can help the organization achieve its goals through mission and vision as envisaged in the company policies. Carefully planned projects run the possibility of consuming fewer resources and even having the project complete before the scheduled time of completion, but with the desired results. More often than not, projects that are rushed never have the correct benefit of proper planning. There is the urgent need to have a control mechanism that ensures everything is within planned strategies so that should a situation come up where the project needs extra resources, then there are available channels through which these resources can be found without necessarily costing extra, or even infringing upon the expenses of the organization. It is therefore wise that plans be put in action so that projects are run smoothly and with the efficiency that plans inject into projects (Burke, 2013). 3. Organizational Structures in a Business All businesses operate within stated structures that define leadership and channels through which issues are addressed. For instance, management decisions are mostly carried out by the top brass in an organization. A great instance when organization structures come in handy is when running projects. As a means to achieving leadership, project managers are usually put in charge of each project. These managers are charged with overseeing the while project and getting to offer leadership to the whole team that is working towards achieving the objectives and goals as envisioned in the company mission and vision statement. Following in command are the line managers or supervisors. These are charged with guiding the low level employees who actually do the work as envisaged in the project’s objectives (Kerzner, 2013). Structures are very important when it comes to handling situations. Every once in a while, situations call for the escalation of an issue to the right authorities that can handle them since decision making belongs to those in the upper echelons in the leadership structures. However, a true leader who knows their proper roles within the leadership structure may, once in a while, cede some amount of power for decision making so that their subordinates feel more empowered to handle components of the projects that do not need very high clearance. With such delegation of duties to subordinates, a clear cut style of leadership that encourages innovation is developed. Innovation and creativity are two very important components of project management that give meaning to work. 4. Management Functions: Controlling and Directing Controlling as a function of management keeps everyone in the structure working towards the goals of the organization, both for short term and long term benefits to the whole organization. Through control, standards are calibrated so that a good balance is achieved in ensuring that the company keeps within the stated standards. This keeps everyone in check so that they do not end up creating situations that may need extra care not to blunder and bring down the organization. Since control is very much associated with planning, it would be prudent to look at it as a means to success of a company, in which all those in the organization structure participate actively to meet the requirements that make a successful project management. The directing function of management requires a more focused approach in the manner of issuing sets of rules that would make company policy geared towards goals and objectives a successful venture. Directing managers are tasked with issuing these rules, and ensuring that they are followed to the letter and spirit that is etched in the mission and vision statements of the company. Directing may need more than just boardroom decisions since it requires a more hands-on approach that dictates what is to be done, and what is to be avoided at all costs. With directing, the potential of each employee is gauged, hence a more focused approach is used to achieve employee reliability since each one of them is placed where they perform optimally, and in line with what the management decides. More often than not, employees find it difficult to cope when they are placed in areas that are above their purview and clearance since they do not have the power to make decisions (Davis, 1962). 5. Interpersonal Influence and Barriers To Project Team Development Personal relationships are very important when nurtured, even in a setting where there is no official duty requiring one to carry out business decisions. However, during business, or when one is running a project, there is a need to have properly defined official relationships that are conscious of what each person or individual is supposed to do during their work. This work place relationship affects or influences how projects are done so much so that colleagues who do not get along affect the progress of a project. Objective relationships may define how company policy is affected towards shaping the progress of a project. A good example of interpersonal influence includes leadership qualities shown by a project manager when the employees tasked with completing a project become discouraged and need a lot of convincing that all is not lost. The barriers to project team development range in nature. While resources may prove to be a big challenge, interpersonal influence that is negative may offer challenges that hinder good progress during the carrying out of a project. For instance, when a situation arises and the project manager has to offer leadership, but he cannot rise to the occasion and offer the much-needed leadership, then the lack of leadership is reason enough to state that there is a barrier to project team development. This goes down to mean that there is a great chance that there will be conflict among team members, hence a higher chance of under-deployment or over-deployment where roles are switched and confusion ensues (Brown & Eisenhardt, 1995). 6. Leadership in Project Development Project management may not be the easiest of tasks that a manager has. However, even with the difficulties involved, it is imperative that a project manager seeks to offer the best in leadership in such a manner that processes are allowed to continue even when challenges arise. This can only happen if the project manager has the best qualities of a leader. A leader is someone who positively influences those under them so that they feel like part of a team that accomplishes minor tasks that make up a whole project. Leadership that delegates duties in such a way as to make teams feel as if they are part and parcel of the success in a project is what makes project management an endeavour to look forward to. Delegation of duties is empowering, so much so that employees feel like the leader trusts them with making decisions that are crucial for the success of the whole project (Keller, 2006). In instances when leadership is needed, empowered employees may know what to do just in case they can handle the situation. A case whereby leadership qualities lacks in the project manager means that more confusion arises since employees are likely to act in a less independent way, hence delaying when there need not be any delays. References Brown, S. L., & Eisenhardt, K. M. (1995). Product development: Past research, present findings, and future directions. Academy of management review, 20(2), 343-378. Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA. Davis, K. (1962). The role of project management in scientific manufacturing. Engineering Management, IRE Transactions on, (3), 109-113. Keller, R. T. (2006). Transformational leadership, initiating structure, and substitutes for leadership: a longitudinal study of research and development project team performance. Journal of applied psychology, 91(1), 202. Kerzner, H. R. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Larson, E. W., & Gray, C. F. (2011). Project management: The managerial process. Read More