Project to meet the expectations of the shareholders. The

 

Project Management

Challenges
of Managing Projects Successfully

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Lack of
Full understanding of the value of project management

            One case study suggests
that a common challenge in managing projects successfully is a failure to understand its value. For instance,
PMI’s 2014 Pulse of the Profession reveals that more than a third of government
agencies do not fully understand the value of project management. Failure to
understand the value of project management is a cause for alarm since it is a
challenge to manage projects successfully.

Failure
to Meet Project Initial Goals

            The High Cost of Low Performance in the book
“PMI’s 2014 Pulse of the Profession also indicates that the percentage of
strategic initiatives by the government that meets
their predetermined or initial goals and business intent is only fifty-two (52%). Therefore, the case suggests that meeting the original goals of a strategy is a common challenge before
successfully managing these projects.

Limited
funding

            Limited funding is a major challenge in project
management by the government agencies. For example, despite receiving much
support from an executive level, agencies are limited to disburse a given
(finite) amount of funds to all portfolio of programs as well as projects
assigned to them. Such limited amount of funding threatens the growth of
project management and program management which inhibits the success of the
project. Furthermore, once senior program managers retire, there are not enough funds to replace them.

Complexity
of Many of Today’s Projects

            A case study of the Transportation Business at CH2M
suggest that the complex businesses or organizations have to simplify their
strategies and their operational executions to
meet the expectations of the shareholders. The case also suggests that although
these complex businesses have a properly conceived plan, there is a struggle in
their ability to perform in the market conditions that shift daily.

Exciting
Breakthroughs/Opportunities Exploited

            Projects allow people to exploit exciting breakthroughs
and opportunities. For example, a report from “PMI’s
Pulse of the Profession: Capturing the Value of Project Management”
suggest that the organizations that perform excellently focus on talent
management. They train their staff and engage in the transfer of formal and
effective knowledge. Another exciting opportunity s to understand the value of
working together. Projects need teamwork and therefore assist in exploiting
togetherness in organizations.