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PRINCE2 Practitioner management in finance


 Everyone that is interested in accounting or finance must have heard of project management.  But for those that are not, it’s possible that you have never heard of it before.  If so, then it’s likely that you have been rushing off to get a grip on this important subject.  That’s why it is best to begin by defining exactly what project management is, as outlined on a PRINCE2 Practitioner training course.

The following are some defining statements that are commonly used in business to describe project management.  Most people will recognize a few of them if they have ever seen them used in a commercial setting.

Project Management is a discipline and/or methodology that deals with planning, organizing, directing, and controlling the activities within an organization to meet a pre-determined goal or schedule.  (literal “schedule”)  That is what project management is!

So, what does this apply to exactly?  Most project managers are involved in a limited number of activities that make them more effectively able to achieve their goals.  Over time, project managers often develop techniques that help them achieve these goals.  In some cases, they may hold themselves responsible for maintaining focus on their goals, but others may be the “general manager of the organization.”  Regardless of what labeling someone with a project management position entails, project managers will still be responsible for their activities, having a clear vision of what they were hired to accomplish and how to go about doing so.  Understanding this is the first step toward project success.

Ultimately, project management centers around the successful completion of a company’s goals within a specific time period.  What differentiates successful project managers from the rest of the group is that they are capable of defining their goals, finding the best results possible in bringing those goals to life, and clarifying the question, “how?”  They will also be responsible for continually incorporating improvement upon their efforts to ensure that every member of the organization is tenacious and confident (but not overly anxious) in their quest for superior results.  Starting off by mastering the basics, the following will help clarify exactly how project management fits into an organization:

  • To manage the goals and activities that help to bring special attention to a well-defined goal
  • To coordinate and obtain support from the organizational structure for its activities
  • To implement improvements within the organization that will bring about improved customers, and / or production as a whole,
  • To help achieve organizational goals that are appropriate for the policy, administration, and/or funding authority and outlined in the organization’s mission statement.
  • To coordinate the efforts of individuals within the organization to produce a more effective performance product or service to the that department or functional area
  • To react effectively to unforeseen actions, events, and situations that may alter the organization’s working goals and objectives
  • To implement appropriate level of control over tasks, events, and activities within the designated areas
  • To use end-user reviews to avoid unnecessary assessment of actions
  • To make necessary corrections to the time-lines, assignments, and reporting process
  • Every so often to check the you’re on this page indicators with the generally prepared functional and departmental head

The last part of the above list covers the “how” that project management involves completion.  In order to succeed, projects must be planned, staffed, coordinated, and directed to the best advantage.  Together, they must also require determination as to the appropriate means for the achievement of organizational goals and objectives.  Therefore, the in addition to planning and reporting, the work of the project manager may consist primarily of directing the outcomes of the project.

It is enough to say that project management has changed and in many different ways, for better or for worse.  It seems highly probable that this new definition is more accurate than anything previously mentioned.  However, as mentioned, it is imperative to comprehend the concepts of project management before delving into the realm of organization and planning.  If you have a doctorate in business just below doctorate, you may find yourself very much at home in project management.  It may even give you a taste for work, if you’re interested in applying a little project management guidance to your operations.