Project Management Essay Example | Topics and Well Written Essays - 1500 words - 13

Project Management - Essay Example An ineffective project planning can lead to a lot of risk management since, the processes such as monitoring and coordination lacks much seriousness. Therefore, importance of project management in organizations is a vital factor in the realization of the firm’s objectives and targets. A good project management leads to the business services of an organization gaining a lot of advantage, which appears through good attainment of goals, utilization of optimal resources and the making of informed business decisions. Another importance is that, a competitive advantage takes toll through an energized workforce through the execution and collaboration of a business culture, which, ensures the customers are satisfied fully. A well planned and a systematic project management plan can create a source of the organization’s tangible profits. Another importance is that, top management is able to attain exact and accurate timely data for the purposes of making informed decisions in business related matters. The project management cycle undergoes a five-step approach; they are initiation, planning, execution, monitoring/control and closure. Initiation is a process involving the giving of an overview of how the project looks like, and the strategy implemented in the organizations plan. This is done to achieve the desired results and in addition, it is where a project manager is appointed to guide the rest of project members due to his or her experience and skills. Planning is the second step, which includes risk assessment alongside defining the system used in order complete the plan. Execution and control are the third and fourth step respectively, which involves planning a solution used for the implementation of solving problems noted in the requirements of a project. Closure, which is the fifth and last step, involves a manager ensuring the