PROJECT MANAGEMENT (Term Paper Sample)

Project Management Name: Institution:  Introduction By delineation, a project is a temporary activity that is designed to produce a unique service or a product. The end term of the project is a result which is used to measure the overall project performance. Projects are said to be temporal since they are usually defined at the beginning or the start and then at the end in the scope of their resources (Cheng et al, 2000). It is unique since it is designed to operate for a routine way to accomplish a given task. It, therefore, requires people who are not only working in a specific environment, but, they can come from different geographical areas. Discussion From the aforementioned discussion in the introduction part, an allusion of Project Management (PM) can be deduced. It is an application with skills, knowledge, and techniques that are used to execute projects in a more effective and an efficient way. It is one of the strategic competencies for organizations that enable them to tie project outcomes in relation to goals of the business. It thus enables a business to compete in their markets. The process of Project Management falls under five major processes. One is the initiation part, second is Planning, followed by Execution, then Monitoring and Controlling, and lastly the Closing Phase. In the initiation part, the project is examined whether it is viable to be started. A decision is made in this part whether to commence the project or not. In planning, the scope is put into writing, and the task to be done is outlined. In the execution stage, duties are distributed to various teams in time so that to help them bring up the importance of the project. With performance and control Phase, Managers compares the status of the project in relation to the action plan. Lastly, after the approval of the Project, an evaluation is done to determine the success or failures of the Project in the closing Phase. The Enterprise Project Management (EPM) is one of the most effective models in a business discipline used to guide organizations in delivering their plans. The model is based on the concept of organization’s mission, vision, and objectives of the set Projects. The model contains four important levels of responsibility. One is the executive ownership meant to set mission, goals and the mission of organization, sponsorship to translate objectives, Project Organization, a steward of success of the Project, and the Team Resources to represent functional and technical resources used to execute activities in line with organizational objectives. Within the Enterprise Project Management toolkit shown in the diagram below, a Project Management Office is included to show how the pl...