Power of Project Managemetn

The Power of Project Management

Abstract
One may wonder what project management can offer to their organization? Today’s highly competitive world forces organizations to cut costs as well as implement new products and ideas quickly. Project management can offer a structured process that has been developed throughout time that enables projects to reach their fullest potential with minimal risk of failing.
This paper will demonstrate the power of project management and the benefits it can offer an organization. Also, the research stresses the importance of communication between the stakeholders, team members, and upper management. More and more organizations are recognizing the role that project management can play in increasing their success.

Table of Contents
Abstract 2
Project Management Defined 5 Definition of Project Management 5 Role of Project Management 5
History 6 History of Project Management 6 Project Successes and Failures 7
Project Management Process 7 Process Defined 7 Adopting PM into the Organizations Structure 8
Benefits 8 How Does PM Benefit the Organization 8 What Does it Improve 9
Summary 9
Bibliography 10

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The Power of Project Management
The cost and consequences that an organization can experience from missed deadlines, cost overruns, poor workmanship and redoing work to correct errors, unclear directions, and duplication of effort can be astronomical for a company. Project management offers solutions for organizations that are finding that they are working with tighter budgets, diminishing resources, more and more time constraints, and tougher competition during their normal course of business. The awesome power of project management makes it possible to focus on priorities, track and measure performance, overcome challenges and problems, become flexible enough to adapt to change and achieve higher performance and a higher probability of success in each

Bibliography: Bista, B. (2006, October 28). Project Management: History and Evolution. Retrieved October 20, 2012, from Wzine Articles: http://ezinearticles.com/?Project-Management:-History-and-Evolution&id=340860 Ebersole, G. (2007, March 21). The Importance and Awesome Power of Project Management in Today 's Business Environment. Retrieved Ocotober 2, 2012, from Exine Articles: http://ezinearticles.com/?The-Importance-and-Awesome-Power-of-Project-Management-in-Todays-Business-Environment&id=498103 Haughey, D. (2010, January 2). A Brief History of Project Management. Retrieved October 20, 2012, from Project Smanrt: http://www.projectsmart.co.uk/brief-history-of-project-management.html#timeline Haughey, D. (n.d.). The Role of the Project Manager. Retrieved October 20, 2012, from Project Smart: http://www.projectsmart.co.uk/the-role-of-the-project-manager.html Hendarto, H. (2007, April 21). Project failures and project successes. Retrieved October 20, 2012, from Article base: http://www.articlesbase.com/project-management-articles/project-failures-and-project-success-134947.html Picariello, G. (2010, Semptember 4). The Top Ten Benefits of Project Management. Retrieved October 3, 2012, from Bright Hub PM: http://www.brighthubpm.com/project-planning/2350-the-top-ten-benefits-of-project-management/ PMI Institute. (n.d.). Retrieved October 10, 2012, from Cost Control, Monitoring and Accounting: http://pmbook.ce.cmu.edu/12_Cost_Control,_Monitoring,_and_Accounting.html Wideman, M. (1998, September 6). Negotiating for Project Benefit. Retrieved October 15, 2012, from Max 's: Project Management Wisdom: http://maxwideman.com/papers/negotiating/power.htm