Business Environment
Based on your readings and your personal experiences explain of your understanding of the role of project management in today’s business environment.
As we all know the world is moving away from self-contained national economics toward an interdependent, integrated global economic system. Thus, there is an intense competition among the economical industries in today’s business environment. As an employee of MAS Holdings; a leading apparel manufacturer in the island; I am well aware of the fact that all organizations target to achieve maximum profit at a minimal cost. In this scenario, efficiency and productivity would be the core pillars in achieving these set targets.
Therefore most of the organisations implement the technique of project management to reduce risk and increase organization efficiency. Importantly it helps to overcome potential risks and address the challenges, that organisation are likely to come across in future. After a successful execution of project management steps, the project itself will become flexible and will adapt to changes that may occur in the future.
Project management helps to…
Remain focused on the set goals and helps to define clear action plans to reach those goals
Encourage continuous improvement of those who are involved the particular project
Consequently will enhance productivity of each member which ultimately increase overall efficiency
Ensure that allocated funds for the certain project are being used for the correct purpose and will remain accountable for those funds.
In addition, Project management will help to develop a relevant performance measures for the group or department that will be implementing a certain project. Also this will set a benchmark of what is successful project and what is to be called a failure within the organisation. In other words, project management will try to align the drive for success within all the employees in the firm to a certain extent.
Hence, this drive for success could further be combined with a performance based incentive so, that will make sure the employees involved in the project remains motivated. At the same time it is highly important to make sure that there are proper internal controls in place, especially when there is an incentive scheme in place for the project.
Meanwhile,