Forces of Fostering Project Management

Forces of fostering project management to be discussed below - 

Expansion of knowledge: The expansion of knowledge allows an increasing number of academic disciplines to be used in solving problems associated with the development, production, and distribution of goods and services.

Satisfying the demand: Satisfying the continuing demand for more complex and customized products and services depends on our ability to make product design an integrated and inherent part of our production and distribution systems.

Worldwide markets: Worldwide markets force us to include cultural and environmental differences in our managerial decisions about what, where, when, and how to produce and distribute output.

Intense competition among institutions: Another important societal force is the intense competition among institutions, both profit and non-profit, fostered by our economic system resulting in organizational crusades such as supply chain management and six-sigma.

Rapid growth of technology and communication: In additional, these forces operate in a society that assumes that technology can do anything.

Difference between Vision and Mission

Difference between Vision and Mission

Vision	Mission
Vision is a statement that expresses organization’s ultimate objectives.	Mission statement is a description of what an organization actually does – what its business is – and why it does it.
Guides in formulation of mission.	Guides in formulation of business definition, goals and objectives.
Vision is futuristic in nature.	Mission is current in nature.
Mission is the way of achieving the vision. So, vision remains fixed.	Mission is changed to achieve the vision.
Tells what an organization aims to achieve.	States what a company is currently doing.
Vision answers the question, What do we want to become?	Mission answers the question, what do we do?
Vision has longer time horizon.	Mission is less long time horizon than vision.

Characteristics of a Project

 Characteristics of a Project

 The fundamental characteristics of a project are as follows -

1. Project is specific purpose oriented activities.
2. Project has a definite life cycle.
3. Project is inter-dependent on others projects being carried-out simultaneously.
4. Evey project is unique in nature.
5. There are some conflicts in procuring project resources and problem solving.
6. A project is temporary.
7. A project is developed using progressive elaboration.
8. Project requires resources, often from various areas.
9. A project should have a primary stakeholder (customer or sponsor).
10. A project Involves uncertainty.

Definition of Project

 Definition of Project

A project is a specific, finite task to be accomplished. Project can also be defined as a one-time activity with well-defined set of desired end result. Projects can be large or small and take a short or long time to complete.

According to Project Management Institute (PMI) - A project is “a temporary endeavor under-taken to create a unique product, service, or result.”

The British Standard define a project as-  “A unique set of co-ordinated activities, with definite starting and finishing points, undertaken by an individual or organization to meet specific objectives within defined schedule, cost and performance parameters.”

From the above discussion, Project is a group of unique, inter-related activities that are planned and executed in a certain sequence to create a unique product or service within a specific time frame, budget and the client’s specification. 

 

Example: The construction of a bridge, construction of shopping mall, a specific research work for development of a product etc.

“Strategic management is an ongoing process.” explain.

“Strategic management is an ongoing process.” explain.

The strategic management process means defining the organization’s strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance. Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy.

These components are steps that are carried, in chronological order, when creating a new strategic management plan. Present businesses that have already created a strategic management plan will revert to these steps as per the situation’s requirement, so as to make essential changes.

 

Strategic management is an ongoing process. Therefore, it must be realized that each component interacts with the other components and that this interaction often happens in repetition.