Question

A successful project need a project management plan. How to ensure this statement. You may have point from the financial management control. Justify its strengths and its weaknesses?[

Answer 1

The project management plan adds structure to the process by assigning an order to all the important parts involved in the plan. The purpose of a project management plan (or PMP) is to determine the project outcome, how a successful outcome will be achieved, who will be involved in the project, and how the project will be measured and communicated.In determining the successful outcome the PMP provides a way to achieve the desired outcome.

Strength and Weakness of PMP:

Strengh

1.Efficiency

PMP will ensure that your projects are delivered on time without exceeding the budget. Professional project managers have the expertise and tools needed to create forecasts, manage project costs and determine the risks across an entire project life cycle.

2.Improved Communication

Project management allows for more efficient communication between leaders and other employees involved in the project. Experienced project managers are effective at managing stakeholders who are critical to project success.

3. Greater Customer Satisfaction

Projects can deliver new features and open up new services/products to delight customers, or projects can contribute to reducing costs for customerns.

4. By hiring a project manager or outsourcing projects, your company will benefit from a high level of expertise.

Weakness.

1. High Costs

If you're hiring a project manager, expect to invest in specialty software. These programs can be costly and difficult to implement. Since your team will use them too, they may need training.

2. Increased Complexity

Project management is a complex process with multiple stages. Some experts have a tendency to complicate every process, which may confuse your team and cause delays in project delivery. They can also become rigid or precise in their plans, creating a stressful environment within the organization.

3.Communication Overhead

When you hire a project management team, new employees join your company. This adds an extra layer of communication and may not always match your organizational culture. That's why experts recommend keeping your team as small as possible. The larger a team is, the higher the communication overhead.

4. Sometimes, project management leaves little or no room for creativity. Team leaders either focus excessively on the management processes or set tight deadlines, forcing their staff to work within strict parameters. This can discourage creative thinking and hamper innovation that might benefit the project.

Hope this completes the purpose.

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