PROJECT MANAGEMENT – AN ESSENTIAL TOOL FOR ORGANIZATIONAL SUCCESS
Keywords:
Project Success, Project Management Methodology, Project Management Framework, Project Management Processes, and Project Management Best PracticesAbstract
Project Management is a mandatory tool that helps organizations to overcome challenges posed by current
businesses environment. The characteristics of project management structures and processes provide greater flexibility for
organizations to respond to changes faster. Today, almost every organization undertakes projects in order to adapt to
rapid changes in the environment and support existing processes. Unfortunately project failure rate has come to an
unacceptable level in most of the industries and sectors that use project management. One main cause of failure is lack of
good project management practices. Importance of applying good project management is not clearly understood by the
management. Organizations do not have an understanding as to how project management framework be integrated with
the existing business architecture. Organizations should first understand the drivers of project management and its
importance to an organization. Then, a suitable project management framework should be created considering the nature
and characteristic of the business activities. In order to assure step by step approach to project management, a
appropriate methodology should be deployed. A methodology consists of a project management lifecycle and standard
project management processes. Processes are applied to manager lifecycle phases. Well defined Project success
evaluation criteria helps organization to evaluate project results in a rational manner and continuously improve the
processes and the methodology.
