Disadvantage and advantages
of project
Answers
Answer:
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Explanation:
Advantages of Project Management
The first and foremost advantage is the fact that a particular project is handled by separate project manager as he or she will concentrate only on that particular project that makes it more likely to achieve success.
Another pro of project management is that it helps the company in achieving efficiency when it comes to capital, labor, and other operational related expenses as it keeps a close watch on all the activities of the project which in turn helps the management in identifying the areas which are revenue leaking and helps the company in saving lot of capital.
It helps the company in developing managerial qualities in talented people by assigning them first small projects and then big projects which in turn create a favorable atmosphere in the company where people know that there is ample scope for growth.
Project management creates a system whereby workflow is measured and accounted for, ensuring that resources are used judiciously in fulfilling the goals of the project. This type of planning establishes expectations for staffers, provides clear directives and builds in procedures for quickly addressing unexpected outcomes.
Managing projects from start to finish can help control project costs and help a project manager retain control over his budget, identifying problems or issues before they turn into roadblocks. This can also help a business ensure on-time delivery, retain satisfied customers and project an image of competence and professionalism.
Effective project managers make determinations about appropriate staffing and team formation in the early stages of project planning. This can help ensure the right people with the most appropriate skill sets are assigned to tasks within the project, allowing the company to use its human resources judiciously and effectively.
Disadvantages of Project Management
The biggest disadvantage of project management is that sometimes it leads to overlapping of authority and responsibility between the top management and project management where they have different plans in mind which leads to confusion among the team members of project and further project suffering.
Another con of project management is that it may be possible that there is no competent staff to carry the responsibility of project manager and if management selects incompetent staff then project will be a failure leading to losses for the company.
Another limitation of project management is that suppose the company is working on 10 projects simultaneously then it will require 10 project managers to handle those projects which is not possible if the company is small and ultimately all projects are handled by either single project manager or top management itself and thus limiting the use of project management.
Overhead. Project Management presents 3 types of overhead: cost overhead, communication overhead, and time overhead. Cost overhead: Project Management (that includes hiring, training, etc.) costs money. Communication overhead: Instead of having the information flow directly from functional managers down to the team members and back up, it’s all funneled through the Project Manager. Time Overhead: The communication overhead stated above is one cause of time overhead. For example, once the requirements are discovered to be false, the team members have to scrap the implemented part based on the wrong requirements, the Project Manager has to re-gather the requirements, and finally pass them again to team members for implementation. Additionally Project Managers can never accurately assess the length of any task, and pad their estimates so that they won’t wind up with a late project.
Obsession. Methodology obsession: Instead of just “getting the project done”, some Project Managers become so closed and so protective their own methodology that they refuse to experiment with another one that might be faster and better for their current project. Process obsession: Quite a few Project Managers hinder the progress of the project with their obsession for sticking to the process because of Insecurity and Fear of loss of control. Stakeholder obsession: Instead of managing the stakeholders’ expectations, requests, and interference, and focusing on getting their support, these Project Managers try their best to accommodate the stakeholders that is costly and needless.
Lackluster Creativity. Strict project management can discourage outside the box thinking and hamper creative efforts. Project teams that experience collective creative block can slow progress, employ cost overages and generally take a project off-track. Intervention and creativity-generating approaches, like brainstorming sessions, may be necessary to refocus the group.
Answer:Benefits of project management
improve your chances of achieving the desired result.
gain a fresh perspective on your project, and how it fits with your business strategy.
prioritise your business' resources and ensure their efficient use.
set the scope, schedule and budget accurately from the start.
Explanation:Loss of resources, scheduling problems, security issues and interpersonal conflicts are major disadvantages of project management. Additionally, your organization may incur high costs by outsourcing work or by hiring new employees to complete the project