Distinguishing Features of Venture Management inside the twenty first Century

The aim of the post will be to investigate the present warm topics of job administration. During the ?free project management tools twenty first century, there is a apparent swift from tough units approach of project management to tender aspects, a demand for strategic considering in challenge management (Buttrick, 2000), new good results things (Atkinson, 1999) and venture uncertainty management (Ward & Chapman, 2003). Broader job management theory and more intense research efforts are also a trend while in the field (Winter & Smith, 2005).

Human beings have been executing projects from ancient times (Kwak, 2003). From relocating a tribe to constructing enormous buildings such as the pyramids, projects were a dominant element of history. Not long ago, those involved in projects understood that they needed methods and processes to help them manage these projects more efficiently. To meet this need, scientists and practitioners worked together to form a new concept which was called «project management». According to the PMBOK's definition "project management is the application of knowledge, skills, tools and techniques to undertaking activities to meet task requirements". (A Guide to Undertaking Administration Body of Knowledge, 2004). There are many different views inside the literature concerning the birth of project management. Maylor (2005) mentions that "project administration while in the way that we would understand it today did not exist until the 1950s" and Wideman (2001) tracks the first use of task management during the UK's Institution of Civil Engineers report on UK post war national development first published in 1944.

Since then, there have been a lot of changes. "The really hard systems strategy, which treated the project as a mechanical activity, has been shown to be flawed" (Maylor, 2005). The smooth skills of venture administration are getting more attention because it is now very clear that "the ability to apply these skills effectively throughout the life cycle of a venture will enhance the success of a task exponentially" (Belzer). In spite of the perfect understanding of planning, scheduling and controlling, projects have still a high rate of failure. Belzer points out that "more often they fail because of a undertaking manager's inability to communicate effectively, work within the organization's culture, motivate the job team, manage stakeholder expectations, understand the business objectives, solve problems effectively, and make clear and knowledgeable decisions". To address these problems in the twenty first century, a challenge team needs to develop a series of gentle skills such as "communication, team building, flexibility and creativity, leadership and the ability to manage stress and conflict". (Sukhoo et. al, 2005).

In addition, task management requires a stronger strategy orientation. "More than 80 per cent of all problems at the project level are caused by failures at a board level in firms to provide clear policy and priorities" (Maylor, 2001). The strategy that Maylor suggests is very different from the traditional link between strategy and projects, as he proposes a "coherent, co-ordinated, focused, strategic competence in project management which eventually provides source of competitive advantage". This two-way methodology that relates organisational and venture strategy is illustrated in figure 1. To better understand the project's strategy, there may be also a need to analyse "the experiences from past activities, politics during the pre-project phases, parallel courses of events happening during task execution and ideas about the post-project future" (Mats Engwall, 2002).