Methods of Project Management

Question: Discuss about the Methods of Project Management. Answer: Introduction A project is an exclusive course of action ventured for achieving expected and planned objectives. Project management is an act of managing the whole process of a project from the starting till the end so that the desired output can be achieved. It is a methodical approach to initiate and plan the overall strategy covering all the important guidelines of a project. The project manager is the one who is responsible for undertaking all the decisions needed for the completion of the project (Bryde, 2005). The main purpose of project management is to help the key personnel in controlling, and executing the overall perspective of the process of project management. The companies undertake required methods for their project management in order to ensure the timely completion of a task and to counterbalance workload of the members for the optimum utilization of time and scope of the project. Methods of Project Management The time constraint is one of the important factor that affects the success of a project and is to be considered most primarily when undertaking a project. From the perspective of project management, it is obvious to manage the time efficiently to have some extra advantage over the completion of the task. Effective time management is of utmost importance in the process of project management. There are several different methods that assist in managing the time efficiently and effectively when it comes to project management (Bennatan, 2000). To make the effective use of time, first it is very important to understand and eliminate the things that wastes extra time and cause delay in completing the project. Sometimes in order to save time, managers skip the planning process and start working instantly which is the wrong way. Planning plays the key role and is essential before starting any kind of project as this results in reducing the cost, time, and the quality of deliverables required for the project. Brainstorming is one of the techniques to be used to analyze the requirements of the project. A sample work plan is to be made during the planning process which will guide throughout the process as what is to be done in a systematic way and reduces the burden of thinking after every step as what is to be done next. The time dedicated to the planning process will reduce complexities and provide a clear vision of the task (Heagney, 2012). Once the planning is done, work break-down structure is to be followed so that each and every team member knows what work he/she has to perform. The managers also need to work on the various other factors that include scope change, managing issues, risk management, and the process of communication. He/she should adopt different risk management techniques and be prepared in advance to overcome any kind of risk he/she is expecting in the future. The managers need to be aware and forecast the vulnerabilities of the project and make pre parations according to that to save time that could have wasted (Wood, 2002). Program evaluation and review method is beneficial too as the review of the plan so maintained from time to time is also critical to provide opportunities to the members for making changes that are needed to achieve desired results and this will also benefit in knowing whether the work done is accurate or not. Managers are required to engage and have an eye on each and every operation and activities undertaken and maintain effective co-ordination between all the cycles and process of project management including its members. This will enhance the efficacy of the project and helps in determining various opportunities that exists which will provide benefits during the process (Lau Ng, 2013). Drill down method is another important dimension that affects time factor by breaking down problems into smaller manageable parts. Then the estimation of the project time and schedule plays a dominant role in managing project. It defines and establish estimates of the time by adopting different wa ys to meet and understand time constraints. It helps in identifying whether the project will be completed on time or not and provide scope for changes in accordance with the availability of time. An effective communication strategy is to be developed by the project manager so that the wastage of time can be eliminated. Communication is the factor that affects the task completion and have an extreme impact on the task results. If the communication is not proper and accurate between the seniors and other team members, the project is bound to suffer in an adverse manner. As this directly affects the working structure and leads to several misunderstandings if the information is not properly communicated (Kaiser, El Arbi, Ahlemann, 2015). Optimum utilization of available resources is also a determinant factor that helps in elimination of extra wastage of time on several occasions and ensures the time limit of the project. If proper techniques are adopted and effective decisions are made to make use of all the resources in a productive manner by the project manager then also the time factor can be controlled and minimized up to a certain extent. Adequate use of information is vital to identify and assess the potential of risks and its consequences. Managers need to identify and analyze all the sources of information so that the timely decisions are to be taken (Gladden, 2013). Conclusion It is the duty of the project manager to assemble and link all the factors that can in any way reduce the time limit and create favorable output without affecting its budget, quality, and other important determinants of the project. The project is ensured to provide desired outcomes within the specified deadline if the proper guideline is to be followed and effective measures are to be adopted by the project manager. The accurate mix of planning, execution, and action is very necessary in order to make a project successful. To ensure the completion of the project on time, the managers need to understand what is important and accordingly prioritize and organize the activities (Remington Soderholm, 2010). Then he/she must take important decisions regarding the project requirements and risk management, and perform the activities needed for the task and take immediate and appropriate actions. In this way, the project manager can ensure the completion of the project successfully and on t ime. References Bennatan, E. (2000).On time within budget. New York: Wiley. Bryde, D. (2005). Methods for Managing Different Perspectives of Project Success.British Journal Of Management,16(2), 119-131. Gladden, R. (2013). Project Psychology: Using Psychological Models and Techniques to Create a Successful Project.Proj Mgmt Jrnl,44(2), 99-99. Heagney, J. (2012).Fundamentals of project management. New York: American Management Association. Kaiser, M., El Arbi, F., Ahlemann, F. (2015). Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment.International Journal Of Project Management,33(1), 126-139. Lau, E. Ng, P. (2013). Review Of Time-Cost Optimization Techniques In Construction Project Management.Ejm,13(3), 75-84. Remington, K. Soderholm, A. (2010). Time: one factor influencing the project management of change.International Journal Of Project Organisation And Management,2(3), 221. Wood, D. (2002). Risk Simulation Techniques to Aid Project Cost-Time Planning and Management.Risk Management,4(1), 41-60.