Project Management Research Paper Example | Topics and Well Written Essays - 1500 words - 1

Project Management - Research Paper Example A project can be considered an endeavor which is temporary with a beginning and an end which is defined. It is usually constrained in terms of resources and time thus it is pursued in order to achieve unique objectives and goals with added value or beneficial change (Heldman, 2011). Thus, project management is tasked with the responsibility of ensuring that all the goals intended for a certain project are achieved. This paper will research comprehensively the significant principles of project management by selecting the aspects of a project that are crucial and discussing them further. It aim is to establish the fact that project management as a discipline is crucial in successfully achieving an organization’s objectives Project Life-Cycle Management and the Benefits of Project Management to an Organization Generally a project life cycle management has four phases which are Initiation, planning, execution and closure (Watt, 2013). 1) Initiation The initiation phase involves de veloping a business case, undertaking a study of feasibility, establishing the charter of the project, appointing the team to undertake the project, setting up an office for the project, and finally performing a phase review. 2) Planning Planning involves creating a plan for the project, coming up with a resource plan, a financial plan, and a quality plan. Coming up with a risk plan, procurement plan, and a communication plan is also done in this phase. 3) Execution This is the phase where deliverables are built. It is also in this phase where the project is controlled and monitored. Here, â€Å"cost management, time management, quality management, risk management, change management, communication management, procurement management, acceptance management, and issue management are performed† (Murch, 2001). 4) Closure Here steps are taken to wind up the project formally. Project Organizations and the Importance of Leadership and Sponsorship From a project management point of vi ew, there are three types of organizations, functional, projectized, and matrix organizations. In functional organizations, the manager is in charge of everything including team members completely. In projectized organization, teams are divided into different projects and when the project is over they move to another one. Finally, matrix organizations are a combination of both functional and projectized types of organization. Both leadership and sponsorship play a vital role in project management. The importance of sponsorship is that it avails all the necessary resources needed in project management ensuring that that the project meets its desired goals. On the other hand, the importance of leadership is that it plays a crucial role of controlling, planning and organizing the resources that have been provided by the sponsors ensuring that they are fully utilized enabling the project management team to realize their goals. Leadership in project management also ensures that a project is sponsored fully since it is tasked with seeking sponsors who are obvious beneficiaries of the project once it is undertaken and completed. Project Team Building and Techniques of Successful Team Building A project team is the group of personnel tasked with undertaking the whole process of the life cycle of project management. They may be each tasked to different processes of the project. There are various factors that should be considered when undertaking project team building. It is important for project leaders to understand the project which is