Project Management Essay Example | Topics and Well Written Essays - 1500 words - 18

Project Management - Essay Example Based on the assessment, project improvement plans are designed (P3M3, 2014). In such context, the study will use a case organization to understand the functionality of Project Management Maturity Model in real world business project scenario. The case organization is Construction Company that specializes in handling real estate and facility management projects. For sake of confidentiality, name and operational detail of the Construction Company will not be revealed throughout this paper. AXELOS Limited (2013) reported that P3M3 involves three types of managements such as, 1- Portfolio Management (management control, financial management and benefits management), 2- Programme Management (financial management, risk management and stakeholder engagement) and 3- Project Management (risk management, organizational governance and resource management). These three models are self sufficient and there are no interdependencies between them. Therefore, independently assessing particular management model does not decrease importance of other management models. Interesting fact is that organizational maturity and project management maturity are conceptualized as divergent ideas. Organizational maturity is defined as comparative level of advancement for organizations such as using actively used policies, having established practices and standards. More mature organizations are expected to have well established standards, policies, organizational hierarchy and practices (Demir an d KocabaÅŸ, 2010; Kerzner, 2013 and Cooke-Davies and Arzymanow, 2003). On contrary, Project Management Institute (2007) defined project management maturity as the phase where organizations successfully initiate projects, plan activities, execute planned activities, monitor outcome of activities and control outcome of individual projects. Therefore, it can be assumed that organizations get assurance of continuous improvement during project management maturity