What Is The Meaning Of Project Management

Published Date: 02 Nov 2017

What is a Project?

A project is a short term or a long term attempt to accomplish certain or a unique goal within a determined time period (beginning and end) plus allocated budget. (Burke, 2003)

Process of the project

Input resources Out Put

(Raw materials, Transformation Process (Product or

Human resources, Service)

Time, etc)

What is the Meaning of Project Management?

Project Management is the list of activities such as planning, organizing, managing, leading plus controlling varied resources which are available in the organization to achieve established goals and objectives (Davidson, 1995). Project Management assists to find out and provide answers to the questions, such as,

What task to be done in the hotel?

Who is responsible to what?

When should it complete?

What resources should be allocated for the project?

What is the next step of the process?

Generally, Project Management holds three key activities. Such as,

Planning the Project

It defines the tasks or duties plus time duration, develop interrelationships between tasks, furthermore, identifying relevant resources which should use to accomplish the project of the hotel. Whole project based on the first stage of Project Planning.

Example: Hotel should systematically plan about the resources, time, employees plus other materials which are use for the project.

Managing and Controlling the Changes

This begins when the project starts and it will go till the project gets completed, furthermore, this is an ongoing method. It consists with several changes which are taken for better results of the project.

Example: Managers of the hotel should analyze plus verifying the performances of the project, furthermore, should do changes when required.

Communicating Information

This is a vital part of the project management process as it communicates relevant plus useful information to particular parties such as, clients, employees plus managers of the organization. If the communication process is not working properly, then whole the project could be breakdown due to insufficient coordination among different stages.

There are some reasons why organizations carry out projects. Such as,

The factors of external environment

Market changes plus customer needs and wants

Diversifications of products and services

Developments of innovative technologies

Globalization in the world

Increase hyper competitions in the world

Changing of internal environment (management decisions)

1.1 Theories of Project Management

This is based on the information which are useful to get accomplish the tasks and operations of the organization. Furthermore, such information assists to get things done in an efficient and an effective way through the process of input and output. (Dinsmore,1993)

1.1.1 Total Quality Management (TQM)

TQM is one of the vital factors in project management as it is complete and prearranged approach which focuses on to improve the quality of goods and services by modifying through continuing operations. These requirements may arise within the particular organization or it could be effect from the external environment to obtain certain standards.

Advantages

Highly concentrate on reputation of products and services.

High level of productivity and efficiency of row materials plus employees.

TQM assists to drop unwanted waste of production.

Highly affect to buildup the image of the product or the organization.

Disadvantages

Organization has to bear initial costs such as implementing training plus motivational programs for employees.

Benefits won’t be able to obtain for several years.

It is very difficult to change the mindset of employees for new changes.

1.1.2 Information Management (IM)

IM is gathering and managing of information which is collected from one or further sources, moreover, distribute such information to one particular audience or different audiences. Management should be able to control such information through the levels of structuring, processing plus delivery. The final information should be fulfilling with definitions, way of use, validity plus value, distribution methods of all data plus information to the relevant parties (within an organization or out side of the organization) (Wideman, 1991).

Advantages

By providing relevant information, it improves the quality of the product or service.

It assists to buildup proper communication system within an organization.

It summarizes all the larger information into data, which could easy to understand.

Can be use to measure performances, further do necessary changes of the operations of the organization.

IM accommodates to develop proper interrelationship/co-ordination among the departments.

Can be use as a control tool by evaluating plus improve performances of employees.

Disadvantages

Budgeting of Information Management is very difficult.

Quality of the output depends on the quality of the input.

Required specialized employees to update or operate it.

Productivity or effectiveness could be decreased due to the decisions of managers.

IM consider only the qualitative factors and none other quantitative factors.

1.1.3 Management by Objectives

Top level managers use clearly defined objectives to improve the performances of the employees to achieve final goals or objectives of the organization.

Moreover, those objectives should be accepted or agreed by the management plus employees of the organization. Theory illustrates that goal setting as well as actions plans should be share among employees, furthermore across the organization (Drucker, 1954).

Advantages

It assists to clarify objectives plus obtain suggestions from all management levels.

Managers have clear vision plus idea of their duties, further standard required.

Can monitor of employees’ tasks or pre-arrange required training facilities, moreover, which lead to improve their abilities.

Could be use as a motivational technique by greater participation and as well as better communication system.

It leads all levels of managers to organize all relevant resources to achieve goals plus objectives of the organization.

MBO assists to improve the profits plus standards of the organization through better guidance.

Disadvantages

Results can be obtained after few years later as it gets some years to be effective.

Having lots of difficulties with paper works when it measuring or evaluating specific operations.

Most of the time it has to sacrifice certain things to achieve particular established goals plus objectives.

Can be seen or happen some poor judgments by managers, when meet certain goals.

If the suggestions and targets of managers are unfeasible, employees become frustrated.

Appraisals of salary increments or promotions could be stated on personal fervors other than on performance evaluations.

1.2 Tools of Project Management

1.2.1 Cost-Benefit Analysis

This tool is which use to identify the profitability of the project by calculating the differences between the costs of the project and the benefits gain from the project (Meredith, J., and Samuel, J. 1993). CBA is most important tool to assess any project as it is provide set of values which are highly constructive to decide the feasibility of the project from an economic perspective.

This concept is which demonstrate the cost and benefits of the project in money terms. Furthermore, if the benefits are exceed the cost of the project, which choose the project as profitable and it is fruitful to invest. There are few advantages plus disadvantages of this theory. Such as,

Advantages;

To decide if it is a profitable investment by comparing costs and benefits.

Easy to use to comparing projects. (Total estimated costs and total expected benefits)

Provides clear and exact picture of the investment.

CBA can be use at various levels to get correct decisions.

Disadvantages;

Difficult to analyze future costs plus benefits of discount rate, thus indirect impacts.

Benefits are more difficult to estimate than costs.

Sometimes it is time consuming plus expensive.

It does not focus on source of the costs and as well as benefits.

Does not consider on environmental justice, thus how to distribute costs plus benefits across dissimilar groups.

1.2.2 Gantt Chart

It is a tool in project management which can be use to demonstrate a project schedule. Moreover, it assists to budgeting and communicating plus demonstrates the dates of start and finish of the relevant project in an effective manner. There also have some advantages plus disadvantages.

Advantages;

It provides a visual sketch about the project.

Chart shows that which employees are working on what.

It illustrates interdependencies of tasks.

Which can be use to do some changes in the project.

Can be use to calculate the total cost of the project.

It shows the percentage levels of completion.

It is very easy to understand and there are no any technical conditions to recognize.

Disadvantages;

It becomes more complicated to demonstrate for large projects, thus impossible to read and understand.

Most of the time, dependencies can be mislead in the huge projects.

Project planners or managers won’t be able to get a printout of the Gantt chart on one single page.

1.2.3 Project Management Software

This is a set of computer applications which are especially designed to assist with project management functions, such as for recording, calculating, plus analyzing, furthermore, consolidating and presenting project details.

There are lots of packages available in the market named as, Project Manager Software, Project Tracking Software, Web Based Project Management Software, Project Management Software Tools, etc.

This software extremely assists to the project manager to plan as well as control their projects, moreover, project managers should be able to understand and use it in a correct way to obtain fruitful benefits (Burke, 2003). There are more advantages plus few disadvantages in the project software.

Advantages;

PMS offers quick calculations, able to show on spreadsheets plus changes and editing can be easily done.

This software assist to reduce human errors, thus calculations are constantly correct.

PMS assists to handle and process huge projects with plenty of activities.

Managers able to get correct information within a shorter period of time.

Further decisions can be easily taken once the software has been established correctly.

The relevant project database able to link with other corporate database.

Disadvantages;

Additional costs such as restructuring, training staff on software plus hardware applications may increase.

Production or productivity may decrease when implementing an innovative system.

New systems will confused and decrease the moral plus productivity of employees.

Whole process will stuck if the computer system goes down, especially if there is no any backup system.

There is some few main management tools can be seen in each and every project. Such as,

a. Scope Management – it involves all the efforts or tasks which are used to accomplish the project.

b. Schedule or Time Management – this shows, when the project starts and end, how long it will continue to achieve the final goal, etc.

c. Cost or Budget Management – it controls whole financial process of the project.

d. Quality Management – it controls the quality of the project which leads to satisfy expectations of the relevant parties.

e. Resources Management – managing the resources which are use to accomplish the project.

f. Risk Management – controlling and managing risk factors of the project.

Conclusion

There are different types of project management theories, concepts plus tools which could be used to planning, organizing, managing, and leading plus controlling varied resources which are useful to get accomplish such particular project. As a project manager of any organization he or she should have a proper knowledge of these areas to obtain better results, moreover, to achieve the final goals and objectives of the organization.

Moreover, project managers can use Microsoft Projects to enhance their plans by thinking more cautiously on project detains. Furthermore, it assists to calculate diverse data plus resources which you should consider on continues project process, thus it accommodates project managers to identify problems and responsibilities.

These project management theories, concepts and tools are highly assisted to get things done in the hospitality and tourism projects, as the organization plus project managers wish. Such as, it accommodates to obtain high level of knowledge and skills of employees, enhance to build up customer relationships, to acquire innovative technologies plus other resources through globalization, and save time plus limited resources of the organization.

List of Abbreviation

CBA: Cost-Benefit Analysis

PMS: Project Management Software

PMT: Project Management Theories

TQM: Total Quality Management

IM: Information management

MBO: Management by Objectives