MGT290 - Project Management Assessment Answer

Project Leadership vs Management

Project leadership is about bringing people together so they can work together to reach a common goal. This lets the team do more than they could do on their own and get better results.

The process of project management is an essential component of how an organization functions. It encompasses all of the predetermined actions and actions that are carried out in the process of locating, selecting, and purchasing items and services from third-party vendors. Figuring out what needs to be done, selecting providers, negotiating contracts, and managing relationships with suppliers are all part of this process. The process of project management is particularly significant since it streamlines the acquisition of the resources that are necessary for businesses to perform effectively (Zaman et al. 2019). The ultimate stage of a project is commonly referred to as the closure phase which is an important phase of project leadership. The project manager reaches a critical juncture in which they ascertain the acceptance of the project's deliverables by the client, stakeholder, or customer. Maintenance for a product or project is imperative if there is an intention for its sustained utilization subsequent to the completion of the project (Lock, 2020). 

Planning and Forecasting 

The planning and forecasting of demand for a product or service, the monitoring of stock levels, and the coordination of logistical activities such as shipping and storage are all aspects of strategic and project management. In addition to this, this encompasses the operational management of forecasting and getting ready for the demand of a product or service. The management of risks is an additional essential part of the purchasing process. The first thing that has to be done is to investigate any potential problems that may occur as a result of acquiring products or receiving assistance from a third party. The next step is to create strategies that will either eliminate or lessen the impact of these dangers. Despite their origins in distinct academic fields, purchasing and project management are both extremely important to the success of a business in meeting its goals. The process of planning, scheduling, assigning, monitoring, and regulating activities within a project is referred to as project management. The goal of this process is to guarantee that the project's goals are accomplished within the restrictions of the available resources and the given amount of time. Both beginning and ending their work here is required of project administrators. The methodical and well-organized acquisition of goods and services from outside sources is what we mean when we talk about the procurement process. It is vital to carefully consider the benefits and drawbacks of both project management and purchasing before reaching a conclusion about what course of action to take.

The ability of project management to assist in maintaining adherence to the timeline is among its most significant advantages. According to Nicholas and Steyn (2020), it is the role of a project manager to oversee the project's schedule, money, and resources from the very beginning to the very end in order to guarantee that everything goes off without a hitch.

When it comes to application areas, there is a wide gap between project leadership management and management. A project manager is responsible for managing a wide variety of components of a project, such as the project's timeline, budget, quality, risks, and communication with stakeholders. The goal of any effort to acquire products or services should be to locate and enter into contracts with vendors who are able to provide the required goods or services at rates that are competitive with those provided by other businesses that are active in the same market. In a similar vein, it is absolutely necessary to make certain that severe conditions are satisfied throughout the entirety of the process of acquisition (Zaman et al. 2019).

References

Lock, D. (2020). Project management. Routledge.

Nicholas, J. M., & Steyn, H. (2020). Project management for engineering, business and technology. Routledge.

Zaman, U., Nawaz, S., Tariq, S., & Humayoun, A. A. (2019). Linking transformational leadership and “multi-dimensions” of project success: Moderating effects of project flexibility and project visibility using PLS-SEM. International Journal of Managing Projects in Business, 13(1), 103-127.

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