PROJECT MANAGEMENT – AN WAY TO OVERCOME THE FAILURE OF PROJECT IN IT INDUSTRY
Information Technology (IT) plays an imperative role in almost every aspect of our lives. The world today has become one global village due to the widespread use of Information Technology. The government and business have become so reliant on IT that it is hard to imagine how they would function without it. It has become an ever-increasing resource with which organizations have created and sustained their competitive advantages. The IT sector basically consists of software and services, Information Technology Enabled Services (ITES) and the hardware segments which is called as projects. All these three have jointly contributed expansively towards the development and growth of all the countries in the world. Out of these, the software projects and services industry itself is a trillion dollar industry contributing tremendously towards the growth of the world economy. It has not only helped in generating large scale employment in number of countries but has also helped a number of developing nations to take a step forward towards developed nations.
Projects make a vital contribution to industrialization and hence the growth of a nation's economy. Projects are said to be important, its implementation can be an uphill task. Project management has become increasingly important in the development of any nation. Failure or Success in projects is a multi-dimensional issue and may be influenced by so many factors. Usually, projects are designed to meet stakeholder's objective. These objectives define the criteria for success of that project, and projects not satisfying these objectives are deem to fail. Effective communication and clarity in the stakeholder's objective is vital to the project manager. Various researchers have discussed project management as a technique to help prevent against failure in projects. Others have established checklists to help prevent failure. All projects are constrained by inherent risks; knowledge of these risks will play an important role in achieving success and avoiding failure. Usually projects consist of three stages consisting of the approval, execution and evaluation stages. If any of these stages is not managed properly it may result tothe failure of the entire project. Thus in various organization project management techniques has become bridging the gap between failure and success in implementation of projects
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