Project Management as Recognized Profession

Question: Discuss about theProject Management as Recognized Profession. Answer: Introduction Project management is the extent of endeavor that involves systematic way of planning and controlling a project from its fast to its last. Project management is highly concerned with integrating each discrete part of a whole project scattered in various areas (Walker and Garrett 2016). Project managers are extremely important for making the project efficiently will eat time and least cost. Apart from that, due to complex nature of modern business project, there become some frequent changes in the project in the middle of project process. These changes can only be implemented by the expert assistance of project management professionals. Project management professional is now desperately needed by every organization for effectively completing complex projects (McCann and Kulatunga 2015). This literature review is primary concerned with the benefits that the project manager would get, if project management becomes a recognized profession in organizations. The study been conducted throug h analysis the trends and demand of professional in various sectors. Concept of Project Management Nature of Project Management Project management can be defined as the process of applying knowledge, skills, methods, skills and process for achieving the objectives of the project (Phillips 2013). Every project is unique, temporary endeavor, which is undertaken to achieve planned objectives. It is actually defined as output, outcome and benefit for organization. A project is temporary in nature that has exact beginning and end time. Project also has specific set of scope and resources. According to Kerzner (2013), Project management is not a routine operation rather it is a specific set of activities to accomplish specific goal. Therefore, the project management teams usually do not work together within same organization. The team may work individually in different organizations or in different geographic location. On the other hand, Verzuh (2015) opined that project management is the discipline of initiating, planning, executing, monitoring, controlling and closing the work project tram to meet the specific cr iteria and specific success criteria. Project Management Role Project management role is the most exciting role within a team of project. Initiation is of project is related to authorizing the phases of the project. According to Ingason (2015), planning defines the some course of activities for that are necessary for achieving the purpose of the project. On the other hand, Walker and Garrett (2016) opined that in this modern business era, organizations are likely to make their project various different locations due to globalized nature the business. Therefore, project management is related with integrating people and resources for carrying out project management plan. In order to get best output from different projects, organizations apply project management for monitoring and controlling the progress of the project in regular basis. Monitoring and controlling of projects facilitate in identifying the variance occurred in the project processing and thereby, organizations can take correct actions immediately before the variances affect the over all output of the projects. According to Stark (2015), project management is also applied in organization leading and motivating the teams of project management. On the other hand, Williams van Rooij (2013) opined that project management is also fruitful for organizations in communicating between the stakeholders and the organization. In modern business context, frequent changing needs are arose from the part of the clients and therefore, project management would be helpful through incorporating the changing needs within the project at later stage. History of Project Management According to Hwang and Ng (2013), until the year, 1990, creative engineering, architect and master builders themselves usually managed the projects of civil engineering. On the other hand, Simpson et al. (2015) opined that in 1950, these organizations had started to adopt systematic techniques of project management for making complex engineering projects. Project management had developed from several areas of applications such as engineering, civil construction and heavy defensive activities. According to Madter et al. (2012), the forefather of project management Henry Gantt, who was the father of planning and controlling technique had used Gantt chart as a tool for project management. On the other hand, Costello et al. (2013) opined that Henri Fayol created five management functions for project management that are associated with foundation of knowledge for project management. Apart from that, Frederick Winslow Taylor's theory of scientific management suggested the work breakdown st ructure and resource allocation for project management. Project management professionals are responsible for making the whole project into various smaller sub sections through work break down structure that reduces the complexity of the project. On the other hand, the project professionals are also responsible for allocating the resources in proper manner for efficient completion of project. In 1950, in the up-to-date project management era, project management had become recognized as separate discipline with engineering model (Usman et al. 2012). Prior to 1950, organizations used to manage project only through Gantt chart and informal techniques. After 1950, organizations had started to use two project scheduling method namely "Critical Path Method" (CPM), Program Evaluation, and Review Techniques (PERT) (Rui, Ismail and Hussaini 2015). CPM assumes deterministic activity in which each activity done is known. On the other hand, PERT assumes stochastic activity times, in which every activity is unknown (Dalcher 2014). These mathematical techniques quickly spread into various private organizations for their project management. Benefit of Project Management from Organization Perspective Benefits Determination Organization Oriented Candidates According to Leong et al. (2014), if a construction company is considered, then it can be said that the main motive of the project teams is to build or construct as per clients request, which always needs project management team all throughout the year. On the other hand, McCann and Kulatunga (2015) pointed out that if a retail organization is considered, then it can be found that project management team is hired by the concerned at later point of time or at requirement basis. Therefore, it can be said that project management professionals are required at any field but it depends upon the type of organizations. Background of Organizational Candidates According to Pope-Ruark (2014), project management is mainly concerned with construction teams or with IT/IS teams, where candidates are mostly from engineering background. The organizations sometimes hire the teams in temporary basis and therefore, there is no permanent designation for the professionals. On the other hand, Lima et al. (2014) pointed out that disintegrated project management professionals who work as a team for an organization comes from different designations such as operation manager, software engineer, information technology professional and from other related backgrounds. Therefore, it can be said that the project management team is generally formed by such candidates who work by making project management as an occupation but not as a profession. Comparison of Benefits and Detriments According to Sage (2016), while considering organizations perspective, it can be said that project management plays a vital role as it helps in determining the completion of a project in least time and least cost. The whole project is divided into several parts and activities, which are accomplished by SDLC and Waterfall method. Such methods help in reducing the cost of project and risk analysis as well, which is accomplished by only project management professionals. On the other hand, Phillips (2013) pointed out that with the help of project management professionals, an organization is able to limit is resource consumption. This is because if a third party project management team is hired then the team will act on temporary basis against payment or contract and the concerned organization need not have to pay the team throughout the year irrespective of project deals, thereby reducing the capital consumption. Benefits Detriments 1. Project is controlled by project manager 2. At intermediate phase, client is able to provide feedback 3. Cohesive flow of project is entertained 4. Services are delivered efficiently and effectively 5. Project management team gets its experience improved 6. Assessment of risk is evaluated by the team at post-phases 1. Overhead cost many not be bearable by the concerned organization. In an average of $70,000 per year is paid to project managers 2. Cost of communication may not be bearable by the concerned organization 3. Constraints in communication will lead to time overhead, and eventually increasing the cost of project 4. Obsession in project management from project managers will lead to project delay Table 1: Benefits and Detriments of Project Management for organization (Source: Kerzner 2013) Benefits of Project Management Becoming a Profession Project Management Benefits for Candidates Verzuh (2015) opined that architects and engineers form the largest part of project management for any organization. However, such candidates basically work under the common designations such as engineer or architects irrespective of the type of organization. On the other hand, Sage (2016) pointed out that what so ever be the designation, the candidates inculcate extensive knowledge of project management while working in such organizations. For example, a software engineer while working with software developer team, it indicates project management for the client, but the candidate does not have any separate designation. Therefore, the candidate is able to gain enough knowledge of project management while working in a team of software developers. Therefore, it can be said that candidates are able to gain huge knowledge of handling projects ranging from construction to software. The candidates are able to get practical knowledge of Critical Path Method (CPM), Project Evaluation Review Technique (PERT), Network Analysis, Iterative Waterfall Method, SDLC, and Work Breakdown Structure. Project Management as Recognized Profession for Project Manager Importance of Project Management Profession According to Pmi.org 2015, while nations economy fluctuate in the forthcoming years, the economy of some country will expand and others will contract, which will eventually share a constant benefit and demand for the project managers. Pope-Ruark (2014) pointed out that starting from the year 2010 project management would result in decade long growth of trajectory. From the year 2010 onwards, project management has been considered as a profession, which has grown by over US$ 6.6 trillion. McCann and Kulatunga (2015) added that while considering the global economy, there is a demand of project managers of about 15.7 million. The roles of such project management are segregated into seven industries that are project-intensive, which has been found from PMIs 2013 Project management Talent Group (Pmi.org. 2016). According to the group, 10 countries are imposing the maximum demand of project management professionals, which is expected to increase between 2015 to 2020 by 13.8 million. It has been also found that 42 million project management professionals will be required by the year 2020. Critical Demand Analysis of Project Management Profession (PMP) According to Walker and Garrett (2016), while considering Australia, it can be said that it has been hit by largest economic downturn, where most of the industries have stopped but the mining industry of Australia is imposing the largest demand of project managers, who are by profession. On the other hand, Rui, Ismail and Hussaini (2015) pointed out that in Brazil the demand of Project Managers who are by profession is increasing in areas such as IT, financial services and telecommunication sector, which has led to decrease in 5% unemployment rate. Verzuh (2015) added that China is the top country that demands for Project Management Professionals (PMPs), which incurs for 8.1 million practitioners in the manufacturing department. This has increase the best job openings globally, where candidates get the opportunity to explore their career. Simpson et al. (2015) placed the view on India, which demands for 4 million project managers in the field of IT, healthcare, construction and oil a nd gas. It is also expected that the demand will increase to 60% by the year 2020. Worth of Project Management Profession According to Hwang and Ng (2013), project management professionals are undoubtedly the implementers of conceptual theories in practical world. Engineers and architects from all dimensions have worked in different field and therefore, have resulted in gaining knowledge of handling complex projects. On the other hand, Rui, Ismail and Hussaini (2015) pointed out that PMPs can be afforded by only top organizations, which have the capability to expend capital all throughout the financial year. While presenting the critical discussion in the earlier parts, it has been found that the global trend regarding IT, manufacturing and telecommunication is increasing rapidly, where there is a demand of almost 14 million project management professionals. Therefore, it can be said that if the project managers try to focus on being project management professionals, then surely they will be able to develop their career. It will be quite worthwhile for the project managers if they tend to establish their career as Project Management Professionals. Moreover, it has been also depicted that project management profession is gaining recognition and will continue to rise in the next five years, which indicates that it will be fruitful for the candidates if project management becomes recognized profession. Gap of the Literature The researcher has faced various time and budget constraints, while conducting the research. The researcher not able to apply several models and theories regarding the research topic. Some information that was collected from online sources was not authentic. A lack of critical analysis and penetration has also been found in conduction of research while concluding results from the research. Summary While concluding the study, it can be said that projects are individual in business perspectives that requires people to come together and meet specific objectives for the overall project. Project management is concerned with managing distinct packages of a work and achieving the overall objective of a particular work. From 2010, project management has been selected as a recognized profession and recently there are 712,948 active PMP certified professionals. All types of organizations are now desperately need project management professional due to complex project orders from the clients. Apart from that, due to dynamicity of the project, it is very hard to predetermine the exact time and cost of the project. In this context, project management professionals efficiently help the organization to adjust the changing requirement of the project with least cost and least time. In the earlier age, the organizations were not so much concerned regarding the stability and same types of busines s trends, but the day are now changing with high demand of complex project from the clients. With regards to the growth of economy and changing business trends, there is high demand of modern projects that mostly requires the assistance of project management professionals for effectively execute those modern projects. It is expected that the demand of project management professional will be increased by 13.8 million from the year 2015 to 2020. Therefore, it can be said that the demand of project management professional in in every corner of every business. Hence, if the project managers try to develop their career only as project management professional of the organizations then they will surely excel in their career. On the other hand, if the organizations establish project management as a separate department of their business, it will be fruitful for both the project managers and organizations Reference List Costello, T., Langley, M.A., Botula, K., Forrester, E., Curley, M., Kenneally, J., Delaney, M. and McLaughlin, S., 2013. IT frameworks.It Professional,5(15), p.64. Dalcher, D., 2014. sustainability: A new Professional responsibility?.Advances in Project Management: Narrated Journeys in Unchartered Territory, p.135. Hwang, B.G. and Ng, W.J., 2013. Project management knowledge and skills for green construction: Overcoming challenges.International Journal of Project Management,31(2), pp.272-284. Ingason, H.T., 2015. IPMA Code of Ethics and Professional Conduct.International Journal of Project Management,7(33), p.1635. 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