February 2, 2009 | Author: PM Hut | Filed under: Project Management Advantages
Objectives of Modern Project Management
By Dr.Russell Archibald
The objectives of Project Management are two-fold:
- To assure that each project, when initially conceived and authorized, supports the organization’s approved higher level strategic objectives and contains acceptable risks regarding the project’s objectives: political, technical, cost and schedule.
- To plan, execute, and control each project simultaneously with all other projects effectively and efficiently so that each will achieve its approved objectives: meeting the related strategic objective by producing the specified results on schedule and within budget.
The first of these objectives is essential to the strategic management of the organization. Application of Project Management practices during the early strategic planning and project concept phases has been introduced in more organizations within the past few years, with beneficial results. Too frequently, project failures can be traced directly to unrealistic original technical, cost or schedule targets, and inadequate risk analysis and risk management.
Dr. Russell D. Archibald, PhD (Hon), MSc, Fellow PMI and APM/IPMA, PMP, is one of the six founding members of the Project Management Institute. Now semi-retired, he has many years of management experience in engineering and operations with a variety of major US corporations in Europe and South America as well as the US. He has made major contributions to the understanding of project management, is author of the best selling 2003 book “Managing High-Technology Programs and Projects” (published also in Russian, Chinese, and Italian), has trained more than a thousand program and project managers and project specialists around the world, and has consulted in project management to clients in 14 countries on 4 continents. E-mail: email@example.com. Website: www.russarchibald.com.
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