What are the characteristics of Project Management?
The following are the characteristics of project management:
- Projects are ad-hoc endeavors that have a defined life cycle.
- Projects are building blocks in its design and execution of enterprise strategies.
- Projects are the leading edge of new and improving organizational products, service and enterprise process.
- It provides a philosophy and strategy for the change of management in the enterprise processes management of change in the enterprise.
- The management of projects entails crossing of functional and organizational boundaries.
- The management of project requires an inter-functional and inter-organizational focal point to be established in the enterprise.
- The traditional management functions of planning, organizing, motivating, directing and control are carried out in its management.
- Leadership and managerial capabilities are essentially required for the successful completion of a project.
- The main outcome of a project is the accomplishment of technical performance, cost and schedule objectives.
- Projects are terminated upon completion of the cost, schedule and technical performance objectives, or earlier in its life cycle when the project is no longer promising or have a strategic fit in the enterprise’s future.