MGMT 727 short notes for final term

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Are you in search of MGMT 727 notes for final term so let’s dig in it,   Managing is an art of getting things done through and with people in formally organized groups. Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims towards any project. It is the art of creating an environment in which people can perform as individuals and yet cooperate towards the attainment of group goals.

MGMT 727 notes for final term

1.1. Management as a Process:

According to this, management is the process of using organizational resources to achieve the organization’s goals through planning, organizing, leading, and controlling. It is thus, a set of activities directed at an organization’s resources with the aim of achieving organizational goals in an efficient and effective manner.

Functions of Management:

The process of management consists of four basic managerial functions. These are:

  1. a) Planning:

Planning is the process of setting objectives in any project and then determining what

should be done to accomplish them. It is a capstone activity of management. Managers at

every level do planning. Planning activities determine an organization’s objective and based

on these helps it in establishing appropriate strategies for achieving them. These strategies

provide the organization with the direction and serves to obtain a match between the

external environment and internal capabilities. The strategies are intended to achieve a

sustained competitive advantage over the competitors

  1. b) Organizing:

Organizing is the process of assigning tasks, allocating resources, and arranging coordinated

activities to implement plans. It involves establishing intentional structure of roles for people to fill in organizations.

  1. c) Leading:

Leading is the process of arousing enthusiasm and directing human resource efforts toward project and organizational goals. It involves influencing people so that they contribute towards organizational and group goals. Leadership predominantly is concerned with the interpersonal aspect of managing.  In projects most important problems arise from people in terms of their desires, attitudes, and behavior (as individuals as well as in groups). Thus, effective project managers also need to be effective leaders.

Attributes of a Project:

Projects focus on a single goal as compared to a program. They have customers who are affected by the end results. They have to be completed within specified time frame (completion date), within budget (limited resources including, people, money, machines) and should be according to the specifications (with a certain level of functionality and quality).

In brief projects are:

  • Directed towards achieving a specific result.
  • Coordination of undertaking of interrelated activities.
  • Of limited duration, a beginning and an end.
  • Prone to risks, that is, every project has a certain amount of risk.

Characteristics of Projects:

  • As already mentioned projects are temporary with a definite beginning and a definite end.
  • They also have temporary opportunities and temporary teams.
  • Projects are terminated when the objectives are achieved, or conversely, if the objectives

cannot be met.

  • Most of the projects last for several years. However, they have a finite duration.
  • They involve multiple resources (human and non-human) and require close coordination.
  • They are composed of interdependent activities.
  • At the end of the project, a unique product, service or result is created. Some degree of

customization is also a characteristic of projects.

  • Projects encompass complex activities that are not simple, and may require repetitive acts.
  • They also include some connected activities. Some order and sequence is required in project

activities. The output from one activity is an input to another.

Activities of Project Managers:

Following are the four major activities that are undertaken by the project managers:

  1. Traditional management: This includes decision making, planning, and controlling
  2. Communication: This refers to exchanging routine information and processing

paperwork.

  1. Human Resource Management (HRM): It involves motivating, disciplining, managing conflict, staffing, and training.
  2. Networking: It includes socializing, and interacting with outsiders.
  • 32% of time in traditional management activities
  • 29% in communicating
  • 20% in HRM activities
  • 19% in networking

Today’s business environment is moving away from the conventional practices and with this;

the role of the Project Managers is also witnessing rapid changes.

MGMT 727 short notes for final term

Ten Facts of Project Managerial Life:

  1. i) Project Managers work long hours. Number of hours worked tends to increase

as one climbs the managerial ladder.

  1. ii) Project Managers are busy. Typical manager’s day is made up of hundreds of brief incidents or episodes. Activity rates tend to decrease as rank increases.

iii) Project Manager’s work is fragmented. Given managers high activity level, they have little time to devote to any single activity. Interruptions and discontinuity are the rule.

MGMT727: Project Management Notes (pdf)

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