Adoption of Project Management Strategies and Minimization of Time and Cost in Project Execution
Keywords:
Project Management, Project Management Strategies, Cost, Time and Project ExecutionAbstract
This paper emphasized on the fundamental role of effective project management in achieving successful project outcomes while minimizing time and cost. The study explored project management methodologies such as waterfall, agile, scrum, and kanban, highlighting their contributions to project navigation. It focused on the strategic use of time and resources and the importance of cost minimization in project management. The research explored the complex relationship between project management strategies, time management, and cost minimization, scrutinizing methodologies' impact on timelines, resource allocation, risk mitigation, and stakeholder communication. It underscored the significance of efficient project management techniques in planning, scheduling, risk management, and stakeholder communication for overall project success. From the findings the study concluded that the interplay between project management strategies, time management, and cost minimization is deemed indispensable as organizations and individuals embrace these strategies to position themselves to achieve predetermined objectives within specified constraints, demonstrating the indispensable role of strategic project management in optimizing outcomes while minimizing both time and cost. One of the recommendations of the study was that it is crucial for project managers and all personnel concerned with project execution to continuously evaluate and optimize resource utilization to prevent bottlenecks and unnecessary expenses.
Downloads
References
Association of Project Management (2024). What is Project Management? Available at: https://www.apm.org.uk/resources/what-is-project-management/
Badgujar, V. (2022). Time Management in Project Management (top strategies, tools). Available at: https://www.timedoctor.com/blog/time-management-in-project-management/
Bennet, F. (2005). The Complete Idiot's Guide to Project Management. Alpha Books.
Cleland, D. I., and Ireland, L. R. (2007). Project Management: Strategic Design and Implementation. McGraw-Hill Professional.
COURSERA (2023). Types of Project Management: Methodologies, Industries, and More. Available at: https://www.coursera.org/articles/types-of-project-management
Edem. O. P. (2010). Resource smoothing: A Cost Minimization Approach. Production, Management and Control: The Management Operations, 11(8); 775-780
Educate360 (2022). Introduction to Project Management Basics. Available at: https://projectmanagementacademy.net/resources/blog/project-management-basics/
Gray, C. F., and Larson, E. W. (2018). Project Management: The Managerial Process. McGraw-Hill Education.
Heagney, J. (2016). Fundamentals of Project Management. American Management Association.
Heerkens, G. R. (2016). Project Management. McGraw-Hill Education.
Hexagon. (2024). What is the Project Execution Phase? Available at: https://www.ecosys.net /knowledge/project-execution-phase.
Highsmith, J. (2009). Agile Project Management: Creating Innovative Products. Addison-Wesley.
Hillson, D., and Murray-Webster, R. (2017). Understanding and Managing Risk Attitude. Gower Publishing, Ltd.
Indeed Editorial Team (2023). Project Time Management: Definition, Strategies and Tips. Available at: https://uk.indeed.com/career-advice/career-development/project-time-management
International Modern Studies (2023). Project Time Management. Available at: https://aims.education/study-online/what-is-project-time-management/
Investopedia Team (2023). Project Management: What It Is, 3 Types, and Examples. Available at: https://www.investopedia.com/terms/p/project-management.asp
Kate, E. (2021). Expert Guide to Project Execution. Available at: https://www.smartsheet.com /content/project-execution.
Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
Kerzner, H. (2019). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
Kevin, D. D. (2024). What is Project Execution? Steps, Tools, Tips and Templates. Available at: https://www.knowledgehut.com/blog/project-management/what-is-project-execution.
Kissflow (2023). Project Time Management – How to Get Projects Done on Time. Available at: https://kissflow.com/project/project-time-management/
Kissflow (2024). The Basics of Project Management. Available at: https://kissflow.com/project /project-management-basics/
Kloppenborg, T. J. (2015). Contemporary Project Management. Cengage Learning.
Kloppenborg, T. J. (2019). Contemporary Project Management: Organize, Plan, Perform. Cengage Learning.
KnowledgeHut (2024). Project Management Tutorial. Available at: https://www. knowledgehut.com/tutorials/project-management
Martin, R., and Osterling, D. (2013). The Lean Startup: How Today's Entrepreneurs use Continuous Innovation to Create Radically Successful Businesses. Currency.
Miljkovic, A. (2022). What Is Project Time Management? Available at: https://plaky.com/blog/project-time-management/
Nchumbeni, Y. (2023). What is Project Execution? A Comprehensive Guide.Available at: https://www.sprintzeal.com/blog/what-is-project-execution.
Pinto, J. K., and Kharbanda, O. P. (2019). Project Management: Achieving Competitive Advantage. Pearson.
Pinto, J. K., and Slevin, D. P. (2018). Critical Success Factors in Effective Project Implementation. Project Management Journal, 49(1), 97–112.
Pratt, M. (2024). Project Management. Available at: https://www.techtarget.com/searchcio /definition/project-management
Pro work flow. (2021). What is project execution and what is it purpose? Available at: https://proworkflow.com/blog/2021/11/what-is-project-execution.
Project Management Institute (PMI) (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition.
Project Manager (2024). Project Management: What Is Project Management? Available at: Project Management: What Is Project Management?
Proprofs (2023). Project Time Management: Process and Strategies to Improve Time Management. Available at: https://www.proprofsproject.com/blog/project-time-management/
Schwalbe, K. (2018). Information Technology Project Management. Cengage Learning.
Schwalbe, K. (2020). Information Technology Project Management. Cengage Learning.
Sienna, R. (2023). What is Project Execution? A Comprehensive Overview. Available at: theknowledgeacademy.com/blog/project-execution.
Smith, N. J. (2018). Agile Project Management: A Comprehensive Guide. Springer.
Study Smarter (2024). Cost Minimization. Available at: https://www.studysmarter.co.uk /explanations/microeconomics/production-cost/cost-minimization/
Vittal, S. A. (2020). Project Management Concepts. Operations Management - Emerging Trend in the Digital Era. DOI: 10.5772/intechopen.93766
Weinstein, S. (2023). Project Management Concepts, Principles and Practices. Available at: https://study.com/academy/lesson/basic-project-management-concepts-skills-tools.html
Whiting, B. (2023). Project Time Management: Definition, Process and Techniques. Available at: https://study.com/academy/lesson/project-time-management-definition-process-techniques.html
Wikipedia (2024). Project Management. Available at: https://en.wikipedia.org /wiki/Project_management
William, M. (2023). What Is Project Execution? Templates, Tools & Best Practices. Available at: https://www.projectmanager.com/blog/project-execution.
Wrike (2024). What is Time Management in Project Management? Available at: https://www.wrike.com/project-management-guide/faq/what-is-time-management-in-project-management/.
