A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. Project management is the application of knowledge, skills, and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals – and thus, better compete in their markets.
Project management is a systematic process of planning, organizing, analyzing, implementing, and controlling of project’s to ensure the best possible use of resources. So, project management is an endeavor undertakes to create a new product or service.
Followings are the important forces fostering the project management:
- Market analysis – It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
- Technical Analysis- It is a methodology that makes buy and sell decisions using market statistics.
- Financial Analysis – It is the assessment of financial information to reach business decisions. This analysis usually results in the reallocation of resources to or from a business or a specific internal operation.
- Economic analysis – It provides insight into how markets operate and offer methods for attempting to predict future market behavior in response to events, trends, and cycles.
- Ecological analysis – it is a kind of research. In these types of studies, researchers examine the strength of a market before and after some time-specific event.