Project management is a distinct area of management that helps in handling projects. It has three key features to distinguish it from other forms of management and they include: a project manager, the project team and the project management system. The project management system comprises organization structure, information processing and decision making and the procedures that facilitate integration of horizontal and vertical elements of the 7 project organization. The project management system focuses on integrated planning and control.
Benefits of Project Management Approach
The rationale for following project management approach is as follows.
Project management approach will help in handling complex, costly and risky assignments by providing interdisciplinary approach in handling the assignments.
Example: Research and development organizations.
Project management approaches help in handling assignments in a specified time frame with definite start and completion points.
Example handling customer orders by Industries involved in production of capital goods.
Project management approaches provide task orientation to personnel in an Organization in handling assignments.
Example: Organizations in IT sector handling software development assignments for clients.
