Project Management An Essential Component Of Modern Day...

Introduction Project management became an essential component in modern day economic activity which is used by project management team to deliver a successful project – it can be succinctly described in this way (Roberts 2011). Although management books and training programs reach billions, there are persistent management problems (Brightman, 2004). The main problem with projects management practices were relatively few – planning, project implementation, cost and time overruns and quality non-achievement (Zarina et al. 2014). For small companies, management process is often simple as they are highly centralized in nature (James 2000). Big company have monitoring problems and both cases constraints exists like scope, excellence, timetable, budget, resources, risks, consumer satisfaction, and stakeholder support (Fred 2015). Amongst them, scheduling time and cost is crucial. Often delay causes higher overhead costs (Chidambaram, Narayanan Arazi 2012). However, actual overruns of cos t and schedule slips in the very short run create tensions and leads to questions about controlling management and capability (Okpala Aniekwu, 1988). Different methodologies were developed over the last century for different project to serve individual purpose. To optimize taking care of the constraints in the iron triangle, Critical Path Method (CPM) is used over the years, which was successfully used over years to find out the right time to complete a project allocating resources in aShow MoreRelatedWe Create Happiness By Providing The Best In Entertainment1379 Words   |  6 PagesIntroductionï ¼ Essay Map â€Å"Culture can be the engine for economic, social and environmental transformation of the space in which we live. 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