How was the evolution of Project Management?

How was the evolution of Project Management?

How was the evolution of Project Management?

Formal project management emerged towards the end of 1950s. Much of the earlier theory of project management got developed by military organizations, while working with defense contractors who were supplying large, complex systems to military services. Construction industry and in the engineering discipline also victimized the beginnings. The use of task force and other organizational team contributed to its emergence as an emerging management philosophy and process for the integration of activities in organizations. Projects became featured by distinct life cycle and a management system that provided for a formal and legitimate integration of organizational resources across the existing line and staff organizational design.

As project management became matured, related activities such as specialized planning, organization, motivation, leadership, and control techniques emerged to support the management of ad-hoc activities from the focal point of the organizational structure. Professional societies, such as the Project Management Institute (PMI) developed, to “transfer” or improve the technology of project management. These societies greatly helped in the growth and maturation of the theory and practice of project management.

Now project management is recognized as a rightful place in the continued emergence of the management discipline. Project management is practiced in almost all business, industries and educational, military, government, and ecclesiastical organizations and even in our personal lives. A body of knowledge (BOK) has been developed to describe the art and science of project management. The body of knowledge is changing the way that contemporary organizations are managed.

References

  1. Introduction about Project Management

  2. Definition of a capital expenditure

  3. Importance and difficulties of Capital expenditure

  4. What is the need of Project Management ?

  5. How was the evolution of Project Management?

  6. What is the scope of Project Management

  7. What is the impact of Project Management on Organizations ?

  8. What are the characteristics of Project Management?

  9. What are Project Management Activities?

  10. What are Project Management processes?

  11. What are the different phases of life cycle of a project?

  12. How does project management becomes a part of strategic planning?

  13. What are the different phases of capital budgeting?

  14. What are the facts of project analysis

  15. What are the basic strategic postures associated with the SPACE approach?

  16. What is conglomerate diversification?

  17. What are the objectives of capital budgeting?

  18. Maximization of the wealth of equity shareholders

  19. Do firms really act or should solely act to further shareholders welfare?

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