Field of project management and how it relates to the Project Research Paper

Field of project management and how it relates to the Project Management Maturity Model - Research Paper Example Typically, as it has always been the norm, project management works efficiently when the direction and the scope of the project is well depicted and understood. Additionally, the process of project management works effectively when all the stakeholders reach a mutual consensus on aspects of objectivity and expectations. Equally important in project management is the need for a thorough understanding and assessment of the risks involved. All these benchmarking features in project management become achievable when the probability of success is assumed to be equally high. However, different companies no longer align themselves towards the above stated guidelines in the process of project management. Nowadays, different companies are undertaking different approaches towards the project management. Many reasons can be attributed to the shift from traditional project management approaches. One of the reasons in this paradigm shift is that more and more projects are becoming highly complex and hence require technical capabilities in order to achieve success. ... The rising costs, global economic disparities and competition within the market players continue to drive many companies to take more risks. Changes in project management have undergone significant milestones with regard to the entire practices as more industries embrace the art. However, a notable observation is that these companies share similar accomplishments with other companies during the benchmarking activities. One of interesting areas in project management is the project management maturity model, which is a vital component in strategic planning (Kerzner 45). Project management maturity model abbreviated as PMMM, can be elucidated as the foundation in achieving excellence in project management. Project management maturity model is a fundamental component of strategic planning that is significant in achieving distinction in any organization. By incorporating strategic planning in the project management maturity model, organizations are in a position to shorten the time frames of the entire project management. Strategic planning in project management is quite dissimilar from other variants of strategic planning. This is because it is an activity that is performed at the middle-level of management as opposed to the executive management. The executive management only comes into play in a supportive role and also in the provision of funds. The executive management ensures that all the recommendations made by middle level management do no result in unnecessary changes to the corporate culture (Kerzner 928). Many organizations are inclined in performing strategic planning on new services and products by laying out a well thought plan before execution. In project management, strategic