1-4. Project Management Importance

Why is using a standard project management methodology important?

Bosses, customers, and other stakeholders do not like surprises.
Good project management (PM) provides assurance and reduces risk.
PM provides the tools and environment to plan, monitor, track, and manage schedules, resources, costs, and quality.
PM provides a history or metrics base for future planning as well as good documentation.
Project members learn and grow by working in a cross-functional team environment.

Project management has become important because projects represent ways in organizations undertake major activities. The Project Management Institute (PMI; see www.pmi.org) is one of the fastest growing professional societies in the world because of the growing importance of project management.

Project Management is important because of the rate at which several projects fail to meet these goals. Here is a slide from the Pinto textbook of some success rates on IT projects


proj success rates

Question: Is there a difference between “Project Success” and “Project Management” success? Hint: Figure 1.7 of the textbook (Pinto book) will be helpful in answering this question.

Assignment: Using resources from the Internet, identify one world-known project which is considered a success and one world-known project which is considered a failure.  Discuss why you think the project was successful or a failure  for the project that fits that category. Here are some suggested examples: The super conducting super-collider, the Boeing 787 super airliner,  The Three Gorges Dam, The Denver International Airport