The project management process has been considered as a complex process, and each phase of the project management process has its own tasks and activities. The first and foremost phase is the initiation phase, in which the project manager examines the future benefits of the project for the organization. The second phase is the planning stage, which is considered to be very critical and important for the successful completion of the project. The third phase is the execution stage, in which the project manager distributes the tasks of the project among the team members. The fourth phase is the control stage, in which the project manager controls the progress or schedule of the project and adjusts them accordingly. The fifth phase is the closing phase, in which the project manager presents the complete project to the client and closes it if the client approves the final output of the project.
Every organization has a project to implement. For that, it is necessary that the project’s planning and design stages be carried out effectively, as they are crucial to the success of a project. Project management approaches to assist in the planning and design stages of the project so that the desired results in specified costs and specified time can be achieved. Not using such techniques can result in huge losses in organizational profits, bad reputation in the community, and the delivery of new products to market can be delayed. In light of all the facts mentioned above, this article aims to provide its readers with the role of project management approaches in organizational success.
Project Management involves different processes such as planning, scheduling, controlling, monitoring, and closing to achieve the desired objectives of the research. Project management can be defined as a process that involves applying the techniques, tools, skills, and knowledge to the activities of a project to meet the project requirement. The definition of project management clearly explains that project management is related to managing the allocated resources of the project efficiently and effectively to complete the project successfully. The Project Management Institute identified that the project life cycle of a project consists of five different stages, which are listed as follows:
- Initiation Process
- Planning Process
- Execution Process
- Monitoring & Close Process
- Closing Process
Some best practices are essential for successful project management, including project mission, top management support, project schedule, client consultation, personnel management, Client Acceptance, Technical tasks, Monitoring & Feedback, Communication, and Troubleshooting. Monitoring and controlling both are complex project management phases; however, proper development and effective utilization of project management tools can reduce these complexities.
The project’s success and failure depend on various factors, and it is crucial to define specific factors behind the success and failure of the project so that it is also based on the project’s nature. Determining critical success factors for a project is a complex process that needs supervision and proper planning in order to achieve the project goals. It is also argued that critical success factors cannot be defined as a benchmark for measuring the project’s failure or success as the project resources themselves can influence the project life cycle. Many authors have reviewed different studies on the project’s critical success factors and identified different factors based on their complexity and importance to the project. The most cited and widely used success factors include support from the senior management, realistic and clear objectives for the project, and an effective plan for the project. The past literature and empirical studies concluded that the selection of critical success factors for a project depends on the project’s needs. The project managers examine the impact of critical factors on the project during the project life cycle.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.