The role of the discipline of project management in today's global economy (Essay Sample)
Assignment Overview:
For this assignment, you will write a 3 - 4 page paper providing an overview of the role of the discipline of project management in today's global economy. Well-written papers will provide a complete, yet concise overview of the topic and address all the key points outlined below in the assignment details. This paper is a good opportunity for you to begin developing a strong grasp of the important role that project management plays globally and understand your own position relative to the industry.
Use PMBOK as one resource in reference.
Role of Project Management in Today’s Global Economy
Student’s Name
Institutional Affiliation
Role of Project Management in Today’s Global Economy
Introduction
Project management has gained substantial application in many institutions over the recent past due to its perceived usefulness. Research has shown a rising demand for project managers and the trend is expected to continue as organizations continue to expand their operations. Project management entails initiating, coordinating and terminating the activities of a selected team after the achievement of certain goals. This may involve strategic planning, execution of various strategies regardless of any constraints that may be encountered in the process of project implementation. The attainment of project objectives requires the application of different processes, tactics, knowledge, tools, skills, and expertise. According to Project Management Institute, project management involves a series of five distinct phases that occur in succession. These include project conception and initiation, project definition and planning, project execution, project control, and project closure. Effective project management has been proven to have a significant financial impact on organizations as well as economic growth. However, it is important to note that different models of project management are needed for different types of industries. Project management has been widely applied in industries such as manufacturing, business service, finance companies, construction industries, and utility industries among others; thus, its perceived importance to global economic growth is undisputable.
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