Project Management in a Business Operation - Case Study Example

Prof Topic: Project Management and Sustainability Project management is essential in sustaining a business operation and in acquiring competitive advantages in the market. Economists share common purview that business sustainability can be secured if corporate plans, policies and mechanism are defined; social and business analyses are proficiently safeguarded; and security on financial and human resources are strategically managed. This report will explore the interrelationship of project management and sustainability. Project Management defined Project management (PM) refers to rationalized and strategized planning, organizing and managing resources to achieve objectives and goals of an organization or an institution (Drob, 2009). Such considerably account the framework to understand the business operational management taking into account some policies, strategies, quality control, monitoring and employees’ evaluation or appraisal which are crucial in managing corporate systems. As a mechanism, it involves budgeting, economic valuing and usage of balance scorecard (Otley, 2002). Thus, it necessitates disciplined decision-makings to advance the performance of an institution driven by motivation, business policies and corporate vision or goals. Usually, project outcomes of the business corporations are measured by assessing goals or objectives against with key result areas (KRAs). As to its essence in human resource management (HRM), project managers seriously delve on organizational structures to ensure that systems can operationalize and integrate plans by optimizing desired technical skills from humane resources hence, project management experts should nurture value-system and takes direction through clear vision and mission as common direction where all undertakings are geared (Ilies, Crisan & Muresan, 2010). Organizational managers however thought that for this to be effective and for employers to be proficient, they need to be clarified about the nature of their contracts with mutual trusts and strong commitments. PM and Governance Moreover, project management is a system that is sensitive too to corporate regulations and policies. As part of corporate policy, the management should have distinct and competitive policy in the administration, in human resource management, and in extolling policies which secure customer satisfaction by optimizing unrivalled quality service, developing competitive products' pricing, exercising corporate ethics and solid teamwork of employees with management (Dransfield, 2000, p. 70). In so doing, it’s crucial for managers to exhibit leadership by managing the company from the vantage of its objectives. Managers are also imbued with knowledge on quality control to ensure that there is complete integration, time management, cost efficiency, open communications, systematized procurement and scheme for risk mitigation (Nastase, Tapurica & Tache, 2010). The quality control also includes standardization of working environment, its products and its operational systems. Managing the project well contribute and auger well to the national economy. Such meant illustrating necessary skills for comprehensive planning, organizing, directing and controlling the financial, technical and resources. Hence, it’s imperative to systematize relations, production, marketing and maintenance to ascertain sustainability. Managers ought to ascertain their strength, weaknesses, opportunities and threats (SWOT) and regularly conduct political, economic, social, technical, environmental and legal (PESTEL) analysis. The company must invest more to boost strengths and opportunities as well as strategize ways to deal with threats and weaknesses. The conduct of PESTEL analyses will enable strategic decisions to meet challenges and to craft responses on potential problems. It will also help solidify its economic standing in relation to rapid changes of world economy. PM and Virtual Realities These days corporations have virtual counter part in its operation—there respective websites. Major and small entrepreneurs have made use of portals in its business expansion program and its e-commerce. Commercial stores which sell goods and products, which can be readily ship, conduct business relations, marketing, and customer care using websites. This electronic mechanism in business management expands commercial opportunities since internet protocols permit companies to present its corporate state and its products world wide. Such increased access for customers and potential investors became an alternate of offshore business expansion strategies which lessen the operational costs of the company but have however increased the communicative level of a corporation or an industry in rigorously promoting their respective products. It also helped hasten management by automating communications and coordinating all departments. Currently, information technologies have already improved e-commerce transaction and have supported electronic banking, online transactions mechanism, automated accounting and electronic data exchange management. The World Wide Web further bolstered marketing and online business networking through social networking sites and e-sites marketing such as e-Bay. These developments assuage liberalized economy and hastened electronic method of fund transfers. Businessmen are further supported by easy access to research and data mining to improve project management. PM and Social Responsibility Part of project management (PM) is administrating the exercise of corporate social responsibility (CSR). The later meant a compliance of national requisite where a company performs an economic system which satisfies the interest and expectation of the public (Carroll, 2009, p. 271). Some companies exercise corporate social responsibility by providing scholarships for students, supports social activities of a local government, sponsors sports activities, help construct schools, support ecological protection activities or recycling, and donates for social welfare concern. However, this commitment is possible only when the company is able to achieve proficiency in targeted profits, whence it could share a percent for communities that are directly affected by its operations (Abbott & Monsen, 1979). Such meant that corporations viewed social concerns from the vantage of corporate ethics. Often company would consider the whole social system in its operation and thought that, aside from its contribution through taxation and employment of locals, it also upholds institutional action to support communities’ needs using preferred development programs. Such meant that the company or corporation is able to recognize its relation with the society by exemplifying the spirit of voluntarism (p. 272-273.) PM and Accountability Transparency and accountability are values that are imperative in project management to sustain business operations. Transparency meant the ability of managers and administrators to bare out financial status and corporate decisions by publicizing it using all forms of media. It also includes performance appraisals or evaluation and objective accounting of its financial status. Multinational corporations, for instance, are practicing transparency nowadays of its financial status amid demands from ecologists, social activists and affected communities who bare witnesses of some environmental devastation and negative social impacts. This is most true among multinational mining companies operating in third world or developing countries. Performance appraisal is also imperative in project management. This mechanism allows company to evaluate the performance of the employee in accordance to expected results and to standards. As such companies must have some quality control or standard of measures or criteria to accurately test the performance of an employee and managers as well. These evaluations will provide rationale and justifications in granting rewards, benefits, or promotions. It will also help the management to understand the needs of their employees and to determine which of their skills needs beefing up via training and seminars. Source: Dransfield, 2000. Monitoring or evaluation team would also further assess the employees reliability, creativity, and adaptability. Therefore, there skills will be measured by looking into their communication skills, interpersonal relations with customers, and their respective technical competence (Dranfield, 2000, p. 76). Such will also include the noting how they are able to deal with multicultural and the variegated customers or clienteles. The evaluation is maybe based on merit and competence too. At a holistic view, these assessments will be used to evaluate the status of the company and for business leaders to determine which needs serious mentoring, coaching or serious training (p. 79). This further meant that in managing performance, open communication is essential from top-down and/or in multichannel approach. Conclusion Project management therefore is about planning, implementations, systems, approaches, mechanism, strategies, operational structures and evaluations (Mihalache & Salagean, 2010). It covers human resource management and accounting of finances. It’s about performance evaluation as well as appraisal of needs and skills to determine needs. All these relate to business operations and its relation to society to contribute for sound economy and for economic developments. All these are necessary to strategically sustain the social economic system and corporate life where goals are achieved and the outcomes benefitted all. REFERENCES Mihalache Anita & Salagean Liana, (2010). Project Management Techniques, Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, Vol. 0(1), pp. 1151-1155, May. Catalin Drob, (2009). The evolution of the project management. Studies and Scientific Researches - Economic Edition, University Vasile Alecsandri of Bacau, Faculty of Economic Sciences. Issue 14. Liviu Ilies, Emil Crisan & Ioana Natalia Muresan, (2010). Best Practices In Project Management, Revista De Management Comparat International/Review Of International Comparative Management, Faculty Of Management, Academy Of Economic Studies, Bucharest, Romania, Vol. 11(1), pp. 43-51. Marian Nastase & Oana - Catalina Tapurica & Florin Tache, (2010). Involving Project Leaders Within Project Management Teams: A Key Factor Towards Competitiveness, Revista De Management Comparat International/Review Of International Comparative Management, Faculty Of Management, Academy Of Economic Studies, Bucharest, Romania, Vol. 11(4), pp. 582-590. Rob Dransfield (2000). Studies in Economics and Business: Human Resource Management. Heinemann Educational Publishers. Jordan Hill, Oxford. http://www.google.com/books?hl=tl&lr=&id=Eq3Tcd9gYn8C&oi=fnd&pg=PA69&dq=performance+management&ots=NUCCU0B1Mx&sig=pD59SppStFSAGjLm23BlgguxmlE#v=onepage&q&f=true. Accessed: August 3, 2011. Carroll, Archie B (1999). Corporate Social Responsibility: Evolution of a Definitional Construct. International Association for Business and Society. Sage Publication. Vol. 38 No. 3: 268-29. http://www.cs.unitn.it/~andreaus/bs1011/BS_L3_carroll.pdf Accessed: August 4, 2011. Abbott,W. F., & Monsen, R. J. (1979). On the measurement of corporate social responsibility: Self-reported disclosures as a method of measuring corporate social involvement. Academy of Management Journal, Vol. 22 pp. 501-515. Otley, D.T. (1999), 'Performance Management: a Framework for Management Control Systems Research', Management Accounting Research, Vol. 10, No. 4, Dec, pp. 363-382. Read More