Business project managment Essay Example | Topics and Well Written Essays - 2000 words

Business project managment - Essay Example This also ensures that the company stays up to date as a project involves research into the market and the references of the stakeholders. However, a project cannot imply exist on its own without any particular order. It is for this reason that every project has its own unique management. The management leads the organization towards the direction of achieving the objectives of the project. This is done through decision making the analysis of the progress of each project. It is also important for the project managers to balance the finances while handling their projects. This is in terms of the cost time and quality. Although the organizations are looking for a way to boost their profits through the use of projects, it would not be wise to utilize all the funds of the organization to fund projects. It would be harmful in that the organization may end up suffering in other areas. These areas may include the lack of money for salaries or expansion. The project management is put in place so as to make sure that the costs involved in running the projects are valid and reasonable. Project management also involves the managers being time conscious and making sure that they eat the deadlines of their projects on time. This will also ensure that no unreasonable costs are incurred in extra time spent working on a project. Due to the importance of the project in boosting the economic status of the company, the project management is also responsible for ensurin g that there is quality in the outputs of every project. Quality leads to more sales and demand from the customers. They have to look into all the aspects of the project and in their planning of the project make sure that they are all leading to achieving the goal and objective of quality output. They also ensure that the four life cycles of a project fall in place; the project initiation, project planning, project execution and