Traditional Approach To Project Management
Project management date back to theearly 1916, with Henri Fayol’s introduction to the five functions of a manager. Modern Project management era however started in 1958 where core engineering fields came together to work as one in the development of CPM/PERT. This is the era whenbusiness organizations started to receive project management as a strategic tool and started applying project management tools and techniques to complex projects. Technology advancements were an injection to the enhancements and strengthening of organizational project management.
Change is inevitable in organizations today and in looking for a way to stay ahead in today’scompetitive and chaotic global economy, companies have turned to project management to improve
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The success or failure of these units was based on metrics usually associated with financial ratios. Technology advancements enabled for a large variety of project management tools or software’s to be developed by many different companies targeting the project management office and project management professionals. Even with the technology advanced tools some organizations were still using the traditional approach by following guidelines to achieve the organizational project management maturity model (OPM3) (Morlan, …show more content…
The purpose of being in business and undertaking small to large projects is solely to make profit, using strategic management does not only increase the value of profit you make but decreases the time spent on completing what may turn out to be an unsuccessful project to a successful project that saves the company time and money. The strategic project management systems will begin to benefit the company as soon as all professionals involved have a better understanding of the tool. This though can be assisted by providing training for the professionals for them to better understand and utilise all management tool functions of the system in place.
The benefits of new approach, strategic project management are:
• The organizations will save money and use less resources
• Be at an advantage to increase profits
• Reach and exceed customer expectation thus retain customers and get more business
• Increase the value of the organizations share price on the market
Over time (maturity) it will also provide the following benefits:
• Success of the project means the company attains their strategic goals
• The improves quality of life of its employees and community
• Innovative and will improve corporate
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