The Role of Project Management in Todays Global Economy (Essay Sample)

The Role of Project Management in Today’s Global Economy
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The Role of Project Management in Today’s Global Economy
Project management is concerned with the control of a task from the beginning to the end. According to Kerzner (2017), it involves the coordination of efficient and effective teams led by a leader who promotes cooperation and motivation towards the accomplishment of a common goal. From the Project Management Institute’s (PMI) view, project management can be conducted through process groups such as initiation, planning, execution, monitoring and completing. This paper is a provision of an overview of the role of project management in today’s global economy.
Projects, Programs and Portfolios and Their Roles in Organizational Settings
A project is a distinctive process that consists of a combination of organized and controlled actions with beginning and end dates. It is undertaken for the achievement of objectives that conform to particular wants which include the limits of time, budget and revenues. A program on the other hand is a group of linked projects whose management is coordinated for the acquisition of advantages that could otherwise not be obtained if they were managed individually. Lastly, a portfolio is a group of projects or programs combined for the facilitation of effective administration steered towards meeting strategic targets. According to Russell and Shane (2016), risks in projects are regarded as threats, while in programs they are seen as opportunities, and portfolios consider them as deviances from the anticipations of stakeholders.
Roles in project management are aligned with the organization by having project managers in charge of projects, and portfolio management representing the permanent organization. The program manager then bridges different organizations through summing the projects taking place between them. Projects, programs and portfolios are all geared towards the achievement the business’s directions and plan through focusing on quality aspects of the plan at each stage, the overall timelines of achieving objectives, and economic allocation of resources respectively (Russell & Shane, 2016).
The Role of Project Management in Today’s Professional Environment
Project management is key in the operation of various industries such as telecommunication, construction, manufacturing, among others. It is necessary due to difficult budgets, limited resources, constraints in timings, and competition which require improvement of strategies for success in completion of tasks. Since the global environment is a competitive one, there is need to establish a strong project management which can focus on the rising needs, faster and affordable ways of production of goods on a global scale. With the growing accessibility to advanced technological systems, the dynamics in project management continue to change. Integration of technological tools and management models in handling the risks and complexities associated with projects in today’s global environment is critical for achieving efficiency and innovativeness (Kerzner, 2018). Moreover, project management in the global environment is characterized by differences in cultures and languages. Technological advancements such as the internet have therefore been utilized in breaking these barriers to allow faster and effective completion of tasks.
Project Management as a Means of Accomplishing Work Within Global Settings
Project management has been utilized in the accomplishment of tasks within the global environment. Due to its ability to accommodate varying aspects of the global environment, project management has continued to be a primary lens of accomplishing these tasks. The past years have portrayed clear indications of the world moving towards an outburst in corporate growth. According to Allan and Mark (2016), firms are enlarging in size due to mergers, or widening their operations through extensions beyond geographic locations. As such, project managers are charged with the responsibility of maintaining a broad control span in different nations and cultures. This is done through regularly taking care of harsh conditions in the market while pursuing determined, efficient and profitable goals.
Moreover, the management of global projects requires support of local activities while facilitating the promotion of enhanced communication between the head office and the individual sections of operation (Allan & Mark, 2016). As such, project management continues to become an ideal approach in the control of global projects through efficient maximization of the benefits of local variations and minimization of the disadvantages from geographic extension.
Effects of Organizational Structure On Project Management
The organizational structure plays a big role in the determination of how projects are executed. As such, project managers have to adapt to the differences that might be present in these organizational contexts. According to Kaiser et al., (2015), the organizational structure utilized in the definition of a company dictates the organization of departments. The hierarchy in project management is based on the role of participants or the basis of the project. In functional organizations, projects cutting across the divisions can be challenging due to the demand for management as a result of the manager’s indirect functional authority hence requiring constant cooperation from other division managers. The matrix structure authorizes both project and functional managers, and therefore the result is provision of a more defined division of labor thus building a strengthened team culture (Kaiser et al., 2015). Since resource conflict could arise between the two managers, there is need for enhanced communication between them.
Variations Between Development Frameworks
According