Introduction
Project management deals with the proper organization of the projects components. A company can initiate any project that its managers aim at completing. Some of the good examples of projects initiated by organization include launching event for a new product developed by the company or the product marketing campaign for an already product. Projects are usually activities that are started out of the usual business operations. They are usually created at a specific time to meet certain set objectives. According to Hauhey (2009), a project consumes time and resource, and this explains why careful measures should be put in place when initiating projects in an organization. Since managers of most of the organization today are charged with the responsibility of initiating the projects, they should have a clear understanding of the terminologies, the concepts, principles and the theories required to appropriately, apply them in the management of their projects.
The Key Managerial Terminology, Concepts, Principles & Theories and Their application in Project Management
Once the managers of the organization have started the projects, they must complete them within the stipulated period of time and using the resources specifically set aside for that purpose. This is because organization mostly initiate different projects at a time, therefore any delay in one of the projects will ultimately affect other projects. Since the management of projects requires the managers of the organizations to plan, organize, secure, manage, lead and then control the available resources in achieving the set goals ad objectives of the project (Field & Keller, 1998). These functions of project management are almost identical to the general management functions identified by theorists such as Henri Fayol. He categorized the functions of managers of the organization into five namely: planning, organizing, staffing, directing and controlling. The organizational managers while managing their projects should therefore apply these theories in order to effectively, achieve the projects objectives. Therefore, organizational managers charged with the management of the projects of the organization should possess adequate managerial skills that will aid them in the accomplishment of the set project goals and objectives effectively and efficiently using the available resources within the organization (Boyes, 2011).
The managerial concepts help the manager of an organization to generate thoughtful ideas while managing the project. This enables managers to start and complete the projects of the organization within the set project period of time and using the resources that are set aside for that particular purpose. The managerial principles are the doctrine and the laws that guide the managers of different organization in the management of their projects. These principles of management normally vary from one organization to another since they are uniquely formulated or adopted to fit the different organization situations. Therefore, different managers in charge of managing different projects will apply different managerial principles in their managerial tasks (Curlee & Gordon, 2011).
According to Phillips (2009), after the goals and objectives of the projects have been set, the managers should decide on the most appropriate managerial principles that will be used in guiding these thoughtful actions and achieve the desired projects results. The managerial terminologies enhance organizational managers to create and sustain a competitive edge for their organization. This is possible with specific managerial terminologies for the different organizations the managers hold positions. When setting and implementing the goals and objectives of the projects, managers need to, correctly apply the managerial terminologies that they properly understand.
Incase, the managers of an organization use the managerial terminologies incorrectly especially on projects that directly involve their customers, they will eventually mislead their customers which is likely, to lead to customers dissatisfaction. Such projects include those with direct effects on customers like launching a new product. Such acts results into loss of customer loyalty to the organization. For managers to manage successfully the organization projects and achieve the set objectives, they must effectively manage the four core projects elements. These projects elements comprise of the project resources, scope, money and time. Effective project management requires all these elements of projects to be simultaneously managed essentially to ensure exemplary success in the project (Phillips, 2009). While managing their projects, the organization managers should apply the managerial principles to abet them in attaining their objectives and goals. This will not only enable them to complete the projects in time scheduled, but will also lead to success of the organization generally.
According to Sapru (2006), some of the managerial principles that can be applied in managing projects are those developed by Henri Fayol during the period of 1841-1925. He identified 14 principles amongst which the managers of projects can choose the ones to be used, in their specific scenarios, and aid them in achieving the project goal timely and effectively. For instance, the principle of work division guides the managers of the project in dividing and allocating the tasks of implementing the projects to the project team members according to their areas of specialization. This ensures that these members take tasks on those areas that they are competent and produce quality project results.
The principle of authority, on the other hand offers guidance to the projects managers while giving orders to their subordinates working on the project. Alternatively, the principle of equity directs the projects managers while dealing with the other team members in the project and ensures that the mangers of the project treat them with kindness and fairness. Finally, other managerial principles such as that of authority, scalar chain and command unity are critical when applied in project management. These principles are usually applied when orders are being. This helps in determining those who have powers to do so and to what group of the project team members they are supposed to do so. When the subordinates working on the projects received orders from those with authority to do so, they fell motivated and work hard towards completing their projects (Field & Keller, 1998).
Conclusion
In recap, it is evident that there is an enormous need for managers in different organizations to ensure that the key managerial concepts, principles, and theories are applied when initiating different projects within the organization. This is particularly helpful to an organization that lacks a full-time manager to oversee project development. Considering that many members of the project team may lack the necessary skills, good application of management tools can provide an excellent opportunity to the managers (Field & Keller, 1998).
This is with regard to faster realization of the goals and objectives of an organization, which occur because of successful completion of the firms’ projects. For successful completion of a given projects, managers are also expected to have a good understanding of projects elements like which include time, scope, money and the adequate resources necessary for the project completion. In addition, project managers should be aware of circumstances that are likely to interfere with timely completion of projects. These include; poor communication, misunderstandings, personality conflicts, severe weather and poor goals and objectives (Phillips, 2009). Having prior knowledge on such issues helps managers to put measures that can be used to offset the effects of the above circumstances. This also helps to avoid cases like late completion of projects and eliminates both the internal and the external events that are likely to affect the project negatively. When the managers apply these managerial principles, theories, concepts and terminologies in managing their projects they are able to attain their intended goals for these projects.
Reference
Boyes, W. J. (2011). Managerial economics. Boston, Mass: Houghton Mifflin.
Curlee, W., & Gordon, R. L. (2011). Complexity theory and project management. Hoboken: Wiley.
Field, M., & Keller, L. S. (1998). Project management. London [u.a.: InternationalThomsonBusiness Press.
Haughey, D. (2009). What is Stakeholder Management? Retrieved on Nov 28, 2012, fromwww.projectsmart.co.uk
Phillips, J. (2009). Project Cost Management. Retrieved on Nov 28, 2012, from www.projectsmart.co.uk
Sapru, R. K. (2006). Administrative theories and management thought. New Delhi: Prentice-Hall of India. Retrieved on Nov 28, 2012, from www.projectsmart.co.uk.
