Explain the importance of Project Management in today's society. What do you think the industry will be like in the next 10 years? What are the most important issues your field is facing today?
Solution:
The project management holds a crucial part in today's society mainly because of advancements and developments which are happening in every industry around the world. The developments leading to the initiation of projects which will help in completing and fueling the development. Hence, projects are considered to be the wheels of driving development. with the advancements in technology, infrastructure the number of projects live are on the rise and hence the requirement for project management professionals is huge. The projects in the field of IT, Data Science, infrastructure, social projects, etc. add to the importance of project management in today's scenario.
The development is going to stick with us and so it the need for project management. The projects provide a detailed and properly scheduled way of getting the work done and hence it is the most preferred way of developing and implementing the strategies for meeting the strategic goals. For the next 10 years, the project management is going to experience unprecedented growth and the need for project management professionals is set to grow.
The challenges in project management are immense. The latest problems are due to technology and its fast pace of changing. The technology is in the changing phase and it is changing rapidly with new introductions of sophisticated and more easy to use and comprehend technology. Hence, the project management often deals with using obsolete technology due to higher time of project durations which does not allow the projects to have a different technology until complete. Another challenge in project management will be to manage the resources, including the human resources which are extremely volatile in the fast-paced world today. Hence, project management will face these issues while progressing towards the development with project management.
Importance of Project Management in today's society :
1. Clearly defines plan of the project before it begins : The primary function of project management is mapping out the clear plan from beginning to end. The importance of planning in project management cannot be ignored
2. Creates a base for teamwork : People's are required to work together in a team. It helps to benefits the team by sharing the knowledge with others in team.
3. Resources are maximized : Both human and financial resources tends to be expensive.
4. Helps to keep control of costs : It is important to keep on budget and to control spending.
5. Helps to manage change : Project management allows for effective change management and makes it less of a complex task.
6. Quality is continuously managed : Quality results makes the client happy which is win-win situation for all involved,
7. Knowledge : The more project a business undertakes then the more knowledge is acquires.
8. Creates an opportunity for learning : Sometimes project work perfectly but sometimes it does not work. After this experience past mistakes can be avoided.
Growth of Industry in next 10 years:
1. Infrastructure : If India wants to enter in the modern world it has to fix its Infrastructure as the step towards developing country. Then it will be in the list of developed country.
2. Financial services : The financial service will be more developed according to the modern world.
3. Technology : New technologies will be added in the development process.
4. Healthcare : Healthcare services will be developed.
Important issues Industry is facing today :
1. Proper Marketing
2. Targeting and Retaining Customers.
3. Strategic Leadership.
4. System Usability.
5. Lack of ample funding.
Explain the importance of Project Management in today's society. What do you think the industry will be like in the next 10 years? What are the most important issues your field is facing today?
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