The Importance Of Project Management Body Of Knowledge

Abstract

Project management consists of various tasks which helps to achieve organizational goals. It is a skill of using resources like time, people and money in order to meet customers’expectations. Project management involves planning, interacting with clients, handing team members. It is important as it gives strategic outputs, unique products or service The assets which are improved due to project management include: revenue, return on investment and net present value. This paper gives an insight on the topics like the importance and role of project management, the difference between portfolio, program and projects, the benefit of studying Project management Body of Knowledge and

Without the logical approach to deal with undertakings and achieving targets, it would be difficult for the organizations to complete the projects within the constraints of time, scope and quality. At the end of the day, there must be a system and a characterized method for getting things done to guarantee that there is a structure to the art of project management. By utilizing the techniques for project management as depicted in PMBOK, associations can try to accomplish the objectives and make sure that the expectations are met. The contending demands of time, scope and quality is upon the project manager and how well he deals with these requirements goes far in deciding the accomplishment of the project. The consequences of lack of project management include: cost overruns, conflicts between the team members, unclear objective of the project, missed deadlines. Along these lines, Project management is both fundamental and basic to the achievement of the goal. Globally, all the organizations have implemented the methodologies of project management in order to deal with budget, quality and risks. With no place for mistake and less assets

It is a standardized body of knowledge which is useful in handling complex projects in an organized way. It describes the project management life cycle, its related processes and also project life cycle. (It consists of five process groups which include Initiating, Planning, Executing , Monitoring and Controlling and Closing. It has ten knowledge areas which are as follows: Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Human Resource Management, Project Procurement Management, Project Risk Management, Project Communications Management, Project Quality Management and Project Stakeholder Management. Project management Institute of knowledge is useful as it helps to standardize the management work across all the organizations. It means same knowledge is used in different organizations. It gives us the knowledge about methods which works and which doesn’t work globally which helps the inexperienced people and helps to avoid failures. It is very useful in complex projects in an organized way. Having a standardized scheme equalize the workflow which is made possible by Project Management Body of Knowledge. It is a considered as learner’s guide for everyone and hence it is considered as an international standard