Components Of Project Management

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A project is an organized way of achieving short term and long term goals of an organization considering various factors such as time, resources, scope and cost. The proper management of all these elements leads to efficient execution of any project. Managing these main components of project management affects the daily actives of any organization on a daily level and gives an overall picture of the progress and status of various projects in an organization to the executive leaders on a high level. It not only helps with the ongoing projects it also helps to use the knowledge gained from previous projects and apply it to the future projects to ensure the successful completion or to identify the risks associated. Through managing process, people…show more content…
Planning defines a course of action by laying out what should be done, when it should be done and who needs to do it. Planning for implementation needs to address the issues below:
1.1 Organization structure:
According to S. Pretorius, the organization structure and role of leadership is prominent in implementation of project management. A project requires different kinds of management structure based on the project requirement to efficiently plan and control the progress
· Functional approach is vertical leadership structure where a coordinator instructs, oversees and controls the people in a functional department which is ideal for small projects. The decisions are made by the leader on top and the people reporting to him are expected to follow them.
· Divisional approach is a horizontal structure where team members are nominated by top leader to oversee the project and they influence decision making by working closely with the project manager. Multiple people can be nominated during various phases of the project based on the skill set. This is ideal for big
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It also aids to monitor and evaluate a project. It helps to organize work and allocate responsibilities. It also includes the time aspect to all the activities and forms a basis for coordination and control throughout the project. Areas of planning are:
· Work planning: project will be subdivided into different tasks and the completion will be scheduled in a sequential manner
· Resource planning: Man power needed for a project will be estimated and based on the organizational structure approach, resources can be reassigned to various projects based on their expertise.
· Cost planning: Expenditure incurred and the projected income will be budgeted
· Technology planning: Technology required to manage and monitor the project will be defined.
After the project implementation plan is approved along with the planned budget two types of emergency funds are allocated to the project budget. Management reserves are used to deal with unexpected changes such as new regulatory standards and contingency funds for additional work than cannot be accurately measured in
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