In every business endeavor, there are different undertakings that help the organization achieve its vision or strategy. Temporary activities, which have defined start and end times, are named projects. They are not part of routine operations, rather they are distinct from everyday business tasks, and have unique, specific targets.
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There are some project constraints, however, that must be considered. It is not enough to work towards the defined output or outcome. Resource deployment constrains the movement of task accomplishments.
An expertly managed project aims to complete the project while staying within the following:
Scope: The specified features and functions of the project deliverables
Time: The target deadline of the project and the tasks therein
Cost: The budget that the completion of the projects and tasks should meet
Quality: This defines the specific requirements of the project and tasks
Project management is a tool which applies knowledge, methods, processes, skills, and experience to achieve every project goal while considering all the aforementioned constraints. Project management increases the likelihood of attaining the desired outcomes and output, while minimizing or absolutely eliminating wasted resources.
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Patrick Dwyer of Merrill Lynch is an advocate of both lifelong education and good business, which is why he loves teaching business leaders skills and tools they can use to have a successful career in the field. Read more articles by following this Facebook page.
