Business, 20.02.2020 03:58, flower1750

Business managers focus on improving efficiency and effectiveness, but sometimes they use a project management approach to make significant changes. What often prompts them to use the project management approach? What would be an example?

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Business managers focus on improving efficiency and effectiveness, but sometimes they use a project management approach to make significant changes. What often prompts them to use the project management approach? What would be an example?, The project management fundaments have been established as as proper planning, design, execution and monitoring. Project Management approach allows managers to strategically manage projects which also increases efficiency and effectiveness. Project management is a modern approach that involves application and integration of project management process of initiating, planning, executing, monitoring and controlling to termination. Project management involves identifying requirements, establishing clear achievable objectives, balancing competing demands for quality, scope, time and cost, in addition to adopting the specifications, plans and approaches to different concerns and expectations of stake holders. Project management also respond to uncertainty which may have positive or negative effects on the organization and the management team is responsible to stakeholders including customers, the umbrella organization, and the public.

Explanation: The project management fundaments have been established as as proper planning, design, execution and monitoring. Project Management approach allows managers to strategically manage projects which also increases efficiency and effectiveness.

For example; A company changes its sales order processing. Once that process is improved, it becomes apparent that the improvement in that process has created a backlog in order fulfillment in the manufacturing department. A project management approach would address such issues as part of the risk planning, and the order fulfillment process would have been reviewed as an extension of the sales order process. Or, the initial project would have been assessed to determine if making changes to the sales order process would be beneficial to the company as a whole, given investments needed for other parts of the company.

Managers often use this approach because it helps in achieving strategic goals and shortening the product life cycle to ensure new products and services are released to the market as quickly as possible to achieve the organizational strategy and mission. In the light of this, projects are screened to ensure those that do not support organizational objectives are terminated and their resources re-directed to more critical ones.

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commercial banking

provide online payment services

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invest in people's funds in securities

accept tax return refunds

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Business managers focus on improving efficiency and effectiveness, but sometimes they use a project...