Does Project Management Differ in Australia from Project Management in China - Research Paper Example

The paper “Does Project Management Differ in Australia from Project Management in China?” is an excellent example of the research paper on management. Globally the aspect of project management has been regarded as an essential process that assembles methods, skills, and knowledge to accomplish a specific project objective. Often, an individual known as a project manager heads the project management tasks. Initially, the art of project management was confined to top strategies in the private and public sectors. However, in 1969, a project management institute was established to develop standards and principles for project management. The guidelines developed by the project management institute are intended to provide a guide for industries all over the globe (Zaval and Wagnet, 2011). Such project management principles have been approved for use in the US through a lead agency known as the American National Standard Institute (ANSI). In the US scenario, an additional profession known as the Project Management Profession has been in existence to regulate the credentials in this field.

Globally, project management practices have been characterized by systematic approaches for initiating a project, planning the process, execution, monitoring, and evaluation of the project. The main goal of a project plan is to identify a goal and organize all logistics to achieve a goal, which may include an innovation. Another aspect of project management is project risk management which most project managers have come to include in their projects. In project risk management, it is assumed that all projects are subject to certain risks. Such risks have to be minimized or eliminated for developers to witness success at all stages of a given project. In project risk management, project managers follow specific steps, which include risk management planning. Other processes include risk identification, qualitative analysis of risks, quantitative analysis of risks, response planning, monitoring of risk, and control of risks. Whenever projects are planned, various factors that include natural factors and artificial factors may be sources of risks. The project managers have to identify these risks and incorporate the risk management plan into their project management system.