Introduction to Project Management - ENGINEERING MANAGEMENT

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Introduction: Many organizations today have a new or renewed interest in project management  Computer hardware, software, network...

Introduction to Project Management


Introduction:
  • Many organizations today have a new or renewed interest in project management 
  • Computer hardware, software, networks, and the use of interdisciplinary and global work teams have radically changed the work environment 
  • The U.S. spends $2.3 trillion on projects every year, or one-quarter of its gross domestic product and the world as a whole spends nearly $10 trillion of its $40.7 gross product on projects of all kinds
Project Management Statistics:
  • Worldwide IT spending totaled more than $1.8 trillion in 2005, a 6 percent increase from 2004, and spending is projected to grow 8 percent in 2006 and 4 percent in 2007 
  • In 2005, the total compensation for the average senior project manager was $99,183 per year in the United States, $94,646 in Australia, and $106,374 in the United Kingdom 
  • The number of people earning their Project Management Professional (PMP) certification increased by more than 70 percent from 2004 to 2005, with more than 200,000 PMPs worldwide by the end of August, 2006
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Advantages of Using Formal Project Management:
  • Better control of financial, physical, and human resources 
  • Improved customer relations 
  • Shorter development times 
  • Lower costs 
  • Higher quality and increased reliability 
  • Higher profit margins 
  • Improved productivity 
  • Better internal coordination
  • Higher worker morale (less stress)
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