One of the biggest challenges faced by most of the companies/ Entrepreneurs/ Industries that are involved in delivering the qualitative project/product in a definite period are related to the difficulties of development of a proper project schedule and the project management. Such problems are always bounded by incorrect evaluation of the project scope and complexity, the wrong estimation for the project conclusion, or running short of time due to problems raising during the development of the project or even finishing with low quality. All these above elements can be curbed with the application of Project Management Theory which is being studied by institutions such as the Project Management Institute - PMI (PMSURVEY.ORG, 2010) over the years and their main intention is to improve the process of project development. The term project management plays a vital role in solving the complex problems in successful project completion. However the success of the project management also depends on the quality of the project outcome. The successful management of the project depends up on the ability to initiate, plan, schedule, execute, monitoring, controlling and handing over the project. This paper aims to provide the difference between the role of a project and the project management and the elements required to lead the project successfully and also discusses the inference of the circumstances where the project management failed but the project was successful or vice versa.
STATEMENT OF THE PROBLEM
Project and Project management success or failure
A project is as temporary endeavor undertaken to create a unique product, service or result. The temporary nature of projects indicates a specific start and finish dates. Unique means that the product or service is…