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Project management is defined as the process of managing the entire project from initiation to maintenance of the project. Moreover, the project needs to be managed throughout its creation from initiation, design, implementation, testing and maintenance. The main purpose is to ensure the project is going on the right track .This will ensure the project is completed on time and is given to the end user which leads to his satisfaction and this further increases the interest of the customers into the business. This further leads to overall profit as the reputation of the company increases by satisfied customers as they get their products which are producing the right results as they had expected and according to all the requirements.

The management involves a proper plan on how to execute a project and this is only possible through the project management. This involves the skills of the workers and the ability to work in a team which is controlled by a project manager who makes sure everything is going according to the plan without problems. The entire project is crucial for both the company building it and the customer who wants the product. The process should go smooth so that everything happens at the right time.

The advantages of project management are:

  • The end-user is able to provide the feedback at every stage of the project so that product is according to the requirements.
  • The project manager leads the project team from start to finish of the project.
  • The amount of risk assessment is increased and the manager can know whenever the project is not going on the right track.
  • The overall quality of the product and quantity increase because of the effectiveness and the good work environment as everything is being monitored at every step
  • The project team members grow in a good way as they work in the right manner.
  • The overall customer satisfaction is increased as the product satisfies all requirements.

The disadvantages of project management are:

  • The overall communication overhead can be very high which can lead to confusions in taking decisions.
  • The project can be hindered by project manager if he is too rigid about his plan.
  • The overall cost overhead increases as tools to manage the project at every stage are costly.
  • There is also a time overhead as the total time for project completion cannot be calculated easily.
  • It leads to non creativity of technical and managerial people as everything is managed by the project manager. Their work reduces and they have to sit idle in the long run.

Example: If the computer software has to be developed, then the project manager will ensure the right requirements are taken into account. He will further see the design which is according to the requirements. The manager checks the coding involved while the project is implemented. He ensures it produces right results and is free from errors. He also makes sure the testing is performed in the right manner so that all errors are removed. The manager ensures continuous maintenance of the project takes place so that minor changes can be made to the project in such a way it keeps producing the right results without any bugs. This will ensure the timely delivery of the product and will lead to overall customer satisfaction. This leads to an increase in profit of the company as more customers are attracted to such business. This helps in the overall development of the company as the profits are high.

The above discussion shows the importance of project management which ensures the timely delivery of product and the smooth process from initiation to maintenance of the project. It also discusses the advantages and disadvantages of the project management. All organizations should make it mandatory to use this technique so that the business can grow and overall productivity can be increased with the passage of time. The main purpose is to ensure all requirements are satisfied and the product gives the right results as demanded by the customer. This will increase the overall profit. The various tools will include analysis of every phase of project and ensure the project follows the right rules and the correct design is converted into the implementation. Without project management the overall project will not follow the right path and won't be tracked. This will increase the chances of errors and bugs and the project not working at all. This can lead to an overall compromise on the project and the customer may be dissatisfied and can also file a case against the company for not providing the product on time and according to his needs. This can cause a downfall of business in a big way.

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