Project Management and Performance of a Company - Paper Example

Paper Type:  Essay
Pages:  6
Wordcount:  1639 Words
Date:  2022-10-10



This paper focuses on the importance of project management, and the correlation between project management success and organizational success.

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Multi-project company problems are complex by nature and must be dealt with systematically. Transparency and collaboration are essential for both the organization and its partners. This can be achieved through efficient and effective Project management


This paper examines the impact of flexible project management on the overall performance of an organisation.


A case study was conducted in Cisco to see how Agile project management has been implemented.


These findings indicate the importance of having a project management structure that is precise to help the company achieve its financial goals and progress.


This study shows that Agile project management can improve the organization's strategies, customer satisfaction and operations. It also helps to foster collaboration and vision. Introduction: Technology allows for rapid innovation. Organizations are continually being driven by changes in workforce models, employee expectations, and employee models. Organizations around the globe are increasingly adopting project management to improve their ability to deliver faster and more efficiently. This paper will discuss how project management implementation can help organizations manage potential changes and take advantage of the opportunities. These are the components of project management:

Resource Management

This is the management of a company's resource. These resources could include tangible resources like goods and equipment, financial resources and workers. Resource management ensures that there are enough physical resources available for the project and that they are allocated to the appropriate tasks. Resource management is all about optimizing efficiency. Management must have a clear understanding of the current projects, goals, objectives, and future project work in order to achieve this. This includes tracking the progress of projects. A governing body schedules resources in order to ensure transparency and accountability during the planning process. Project managers are also available to help predict resource availability. They ensure that projects are completed to the best of their abilities.

Risk Management

Risk management includes the identification, analysis, assessment and strategic mitigation potential risks. Risk management is essential for any company to be able to execute a successful project. It ensures that the business has a good disaster recovery plan and continues operations. This covers the entire project lifecycle and must be considered at each stage to ensure that projects align with their best interests. Risk management is about managing potential unanticipated challenges and being proactive, rather than reactive.

Change Management

This is the systematic approach to managing a company's transition of projects, processes and technologies. This is a process that helps companies adapt to changes by implementing strategies, controlling them, and monitoring their progress. This strategy involves creating a process for initiating change and structuring the appropriate mechanisms to respond to change requests throughout their life cycle. It is possible by carefully considering how the adjustment will impact processes, systems, and employees. Planning, testing, communication to affected resources, scheduling and execution, documentation, and evaluation are all key components of change management. Every change should be documented, both for future reference and to allow for backtracks. It is important that any change be made in compliance with the law.

Demand Management

This allows organizations to combine new ideas, policies, interests, projects and processes while building a portfolio. Demand management's goal is to create a portfolio that is strategically aligned. This process is more successful in building the right portfolio if it captures the true strategic commitment of an organization and combines it with ongoing activities. It gives the organization and projects the direction they need to choose and implement the most relevant set of activities that align with their objectives. Demand Management includes the assessment and control on current activities in order to identify and correct any gaps in processes, resource allocations, or projects.

Process Improvement

Companies continuously assess all aspects of their business to reduce costs, increase output, and improve employee and customer engagement. This involves choosing the best tools and methods to accomplish these goals. This is essential for making improvements and continuing to adopt improvisation as a culture, not just once. Systems Thinking has been gaining popularity recently and is proving to be a great way to make lasting improvements. Every organization should look at different approaches to improve efficiency and effectiveness. These include: * Process-based approaches to optimize and redesign processes

Efficiency Review

Methods that emphasize efficient flows and reduce operational bottlenecks. Six Sigma methods are based on statistical techniques to minimize waste and defects. Process improvement provides an objective analysis of policies, practices, and values.

The Importance of Project Management

Project success is what drives organizational success. McKinsey & Co. conducted a survey and found that almost 60% of senior executives believe building a strong project management culture is a top priority as they look into the future. From different companies, executives discovered that project management techniques can be applied to different strategies and projects. This is important for surviving the current economic crisis. The survey respondents reported that they had spent 40% more time on project planning and due diligence in 2007 than 2007.

Establishing a more regular schedule for project reviews in order to evaluate risks, milestones, and overall value (37%). Measuring qualitative and quantitative project outcomes more often (38%). It's interesting to note that many executives admitted that the economic crisis highlighted their project management weaknesses and forced them into improving. Organizations around the globe have found that project management skills and oversight are helping to streamline delivery, reduce costs, and mitigate risk. They also report that they were able to avoid spending money on failed projects due to their good project management skills. A tighter budget and fewer resources means less investment in innovative projects. Organizations that have lower project failure rates reap the greatest benefits. This can help them to be more competitive. Companies are discovering that their project management strategies mature and bring more business value. Many global companies are creating formal project management offices (PMOs) to increase their value and ensure that the portfolio is aligned strategically. PMOs are responsible for determining which project management method is best for each project and deciding on the most suitable approach to achieve them. It is important to understand the specific requirements of each project in order to strategize manage it with the best methods.

Traditional/Waterfall Methodology

Traditional or Waterfall project management is one such method that is most common in the world. The traditional methodology is a universal practice, which was introduced during the 1950's. This method aims to ensure that tasks are completed in an orderly manner. This method consists of a collection of tools and techniques that can be used to plan, budget and manage project activities. These techniques allow you to achieve the desired project results in a timely manner, within budget and according to your expectations and specifications. Traditional project management is best used for projects where activities are performed in a consistent sequence and the projects are not subject to change. Traditional project management is based on a set of tools and experience. This methodology is used for all projects. It has five stages. These are: initiating and planning, execution, controlling, and closing.


  • The final goal
  • Defining the project objectives
  • To begin, let's list all possible risks.


  • Identified all the activities in the project
  • Calculate the duration of the activity and the resources available
  • Develop a documented plan


  • Execution of the plan and determination of the project's quality
  • To distribute the information, set up meetings in teams
  • Documenting and scheduling work packages

Controlling and monitoring:

  • Control the project's scope and quality
  • The project progress report
  • Revision of the plan and activities


  • To get client acceptance and close the contract
  • Final report
  • Make recommendations and share your knowledge for future projects. Gantt chart is an important tool in the traditional method that provides a quick overview of a project. This is a useful way to show project activities and tasks on a timeline. The Gantt chart is used today primarily to manage project schedules and reduce stress. This chart allows us to see the connections between tasks better, and team members will be on the exact same page. This helps you to establish a realistic timeline and provides high visibility. Charts can become too complicated when you have hundreds of tasks to complete.

The 21st Century's Traditional Methodology

These processes have become more complicated and challenging, and traditional project management is no longer the best way to solve business problems. This complicated process has led to many project frameworks and methodologies being used to extend the idea of this method. These are not able to deliver the successful projects that modern projects require. It is difficult to adapt to this method when it is being used. These are some of the drawbacks:

  • A change in the scope of a project can have a serious impact on time, cost, and quality.
  • It is impossible to incorporate changes in business requirements made by clients during the course of a project.
  • The entire project can be negatively impacted if tasks are not completed in the appropriate phases and not identified in a later stage. This could lead to the client losing their business.
  • There may be delays if the project has external or internal dependencies (key resource, projects). This can be avoided by using a dynamic approach to project management, which is widely accepted in the industry today as the most reliable, efficient, and cost-effective form of project management.

Agile Project Management and Implementation

Agile technology is used for project management. Short development sequences, known as sprints, are applied during the project plan stages. This allows the team to concentrate on continuous improvement in the creation or services. Agile project management platforms are people-centric. They also have an iterative process where the project team executes each stage in sprints or iterations.

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Project Management and Performance of a Company - Paper Example. (2022, Oct 10). Retrieved from

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