Risks, Gaps, and Global Issues of Project Management

Project management is the discipline of defining and achieving targets while optimizing (or just allocating) the use of resources, that is, time, money, people, materials, energy, space, and so forth, over the course of a project (a set of activities of finite duration). In contrast to ongoing, functional work, a project is a temporary endeavor undertaken to achieve or create a unique product or service(s). The project management knowledge and practices are best described as component processes of initiating, planning, executing, controlling, and closing. We have taken a closer look at project management by reviewing the types of methodologies and tools that exist in business today. We observed the major existing risk factors facing project management practices. We also evaluated the unique issues in delivering projects brought about by globalization. As we were extracting the information, it became apparent that there should be measures taken related to the project management process that could alleviate some of the major risk factors in some way. Our article illustrates a solution idea for the project management process, which may close the issue gap with regard to many globalization issues and other identified risks. The idea is to include a sub process for project management as it applies to the project life cycle that would benefit an organization internally for a parent organization, and also externally for their clients’ benefit.