Services: Project Management
A sound business strategy is essential to success. Without disciplined execution, the same strategy renders little value. Strategic Business Consultants, Inc. is a project management consulting firm that helps you succeed where companies often fail – in implementation and execution. We advise on, and execute, your most complex initiatives so that you realize your desired results.
Given the high rate of project failures, it is more important than ever to ensure that effective project management processes and techniques are utilized so that projects can be completed faster, cheaper, and better. To this end, Strategic Business Consultants, Inc. adheres to industry Best Practices and strives to go above and beyond expectations.
The question of: is project management an art or science, entirely depends on the type of organization you are working in. Some Project Management Office's (PMO) helps in pushing the framework, some micromanage people and some give you the opportunity to interpret the actual deliverable. In case your PMO is doing the governance part only the project management is used as more of art than Science in the ratio around 60:40.
Since project management does not bear absolute truth, it cannot be a science completely. It is a technique based on years of experiences that showed us the best practices and the most promising approach.
When you don’t have any experience or knowledge, you can only consider it as an art. Learning from all the others allows us to derive best practices to reach the objectives of the project at a minimal cost As using the project management technique gives no guarantee of the success of the projects, it seems to be an art. So it is a bit of both art and science.
Project Management is a Science
As per project management rules there are series of tools and techniques used for budgeting, scheduling, resource planning, estimating, and some of these are based upon sound mathematical principles and formula. For calculating estimated time and budget, the project managers uses the concept of “Earned Value Management”, which contains mathematical calculations. Also to calculate the probability and impact of risk some formulas are applied. The Quality team also uses mathematical formula to calculate standard deviation and range for expected activity duration. Different types of contract uses different mathematical formula to calculate the total amount required to be paid to vendor in the end. Formula are used even in the starting while selecting the project. Project managers calculate the value of ROI (Return On Investment), IRR (Internal Rate of Interest), NPV (Net present Value), Cost benefit ratio, etc.at the time of selection of project.
Project Management is an Art
The art side of project management is that it requires specific skills to be used depending on the situation. If a project required the project manager effort focused on communication and resource management in the major portion of working time, the ‘ART’ would get weightage. Risks, Issues, Assumptions, Dependencies, day to day scheduling, requirements analysis, design, escalation processes, implementation planning, resource fluctuations, are very difficult to manage under any predefined algorithm or scientific method. They are driven by experience of the Project Manager and associated stakeholders.
Project management is not purely science as the purpose of science is to build a model of reality. From all the specific observations, build a generic model representing as precisely as precisely all these observations. Whereas project management is about building a specific representation based on a model of an ideal project. It translates from the generic to the specific.
Project management is a systematized body of knowledge and universal application , it is a mixture of knowledge and skills to lead the project to success, so it is very difficult to conclude whether it is an art or a science and in case of both which has more weightage.