Project Management
A project management information system is a guideline to the progress of a project, therefore, increasing the chances of success. Project management is essential since it gives managers accurate details in time, and it makes the decision making the process much quicker (Kerzner, 2017). Completion of the project in time and within a budget as a result of appropriate project management prevents an institution from incurring extra expenses. Project management allows a firm to spot variances in time and resources. Managers use such information to reallocate resources to the success of the entire project.
The key challenges that project management solves are lack of strategy and quality control. Firstly, a lot of problems for organizations stem from the lack of a proper plan. However, project management comes in as a driver of the strategy of an organization. The planning and execution of a project are well managed and all the activities are put in line with organizational strategy. Secondly, a project can meet all the requirements in terms of time and costs but fail to meet the quality standards. Most firms face this challenge because employees are pressured to finish the project in time and within the budget constraint. Project managers play a crucial role since they are keen on how well the activities of the project are carried out. Project managers also outline the required standards of quality to the workers.
Successful organizations apply project management is six well-defined steps; conducting groundwork, clarification of requirements, planning, communicating the plan, monitoring, and finally, delivery of the project. For example, American Airlines merged with US Airways and resulted in an overlap in technology. The companies acknowledged the management of complicated projects could not be sufficiently performed on spreadsheets. The organizations opted to utilize portfolio and resource management for time entry and capacity planning (Hsu & Flouris, 2017). Consequently, the airline capitalizes more on its IT labor, and there is a positive economic impact.
References
Hsu, C. P. C., & Flouris, T. (2017). Comparing global airline merger experiences from a financial valuation perspective: an empirical study of recent european based airline mergers. Transportation research procedia, 25, 41-50.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.