Final assignment Example | Topics and Well Written Essays - 2500 words

Final - Assignment Example Project management is a crucial part of organizational management that ensures the accomplishment of a series of organizational objectives within stipulated timeframes and budgets. Project management enables organizations to successfully pursue competitive strategies in their bid to achieve the desired organizational performance. Unlike conventional approaches, current literature acknowledges project management as a vital business process (Jamieson & Morris, 2004). This paper explores the significant principles of project management and how to use project management as a discipline to successfully achieve organizational objectives. Project Life-Cycle Management and the Benefits of Project Management to an Organization Project Life-Cycle Management Successful projects and campaigns usually rely on quality research, proper and careful planning, insights and regular adjustments on the basis of feedback. Project management life cycle basically has four interrelated phases (Gido & Clement s, 2012). For instance, in a packaged water project that I was involved in some time back, the project was divided into four phases: initiation, planning, execution and conclusion or closure. The figure below represents phases of project management life-cycle. ... It is essential top conduct a review in order to establish the viability of the project during the initiation phase. This will help in determining the likelihood of achieving the desired deliverables of the project. Also, a proper project team must be created that will ensure the accomplishment of every project task within the right timeframe. The creation of project office will set clear all the tasks that are supposed to be executed for successful completion of the project. The project charter is crucial for identification of the vision and objectives of the project, scope, project deliverables and overall implementation strategy among others. Finally, there is need to review the overall performance of the initiation phase so that any deviation can be rectified before it is late (Gido & Clements, 2012). Planning Phase This entails the development of schedules, strategies and necessary tools for implementation. This is where project plan is created. The organization develops plans f or resource acquisition and use, financial, risk, quality, acceptance and communication. The organization uses project team to accomplish the tasks involved in this project management phase. Execution Phase This phase focuses on building project deliverables. It entails transforming organizational needs into actionable objects. The project team designs and develops the planned solution and authenticates the solution in accordance with organizational requirements. This phase also involves monitoring and control, which entails time management, cost management, quality control, risk management and procurement among others. Closure Phase This is the final phase of project life-cycle. It