Implementing A Model For Project Based Management

In Recent times, there is an increase in interest in project management because most of the complex projects are often late, over budgeted and fail over and over again. Standish report says, there is 24% of projects that are failed or cancelled prior to completion or may be never used. 32% of them are successful which are delivered on time, on budget with required features and functions. And remaining 44% of the projects are challenged projects which are late, over budget or less than the required features and functions. The surveys says the IT project cost overrun on 2015 was 59%. Every organization wanted to be successful in delivering the projects. So it is important to implement models or methodologies to follow, check and verify the†¦show more content†¦It clearly says how efficient and effective the project is? In this paper, we will be defining and analyzing the different features of the improvement models used in project audit by mentioning their advantages and disad vantages. By doing the research, we will rank the improvement models based on their benefits and other success factors. At the last, we will be recommending which model is best suitable for what kind of projects which may be IT, Manufacturing and Construction based sectors. Literature review Fundamentals of the project Project definitions As per PMBOK guide, Project is a temporary effort undertaken to produce a unique product or service. It means, characteristics of the product are elaborated and are different from other products they have definite start and end date. It is not ongoing projects like operations. The projects are set to be completed, when the project goals are achieved or it is no longer viable. Successful projects are the one to meets or exceeds the expectations of the stakeholders involved. The team will be separated once the project is completed. Examples: Building a new innovative tool to handle the big data involved in social websites. Projects expand deals, lessen costs, enhance quality and consumer loyalty, upgrade the workplace, and result in numerous different advantages. Project Management definitions Project management is the application of processes, knowledge, skills, tools, experience and techniques to