PROJECT MANAGEMENT–AN WAY TO OVERCOME THE FAILURE OFPROJECT IN IT INDUSTRY

Abstract

Information Technology (IT) plays an imperative role in almost every aspect of our lives. The world today has becomeone global village due to the widespread use of Information Technology. The government and business have become soreliant on IT that it ishard to imagine how they would function without it. It has become an ever-increasing resourcewith which organizations have created and sustained their competitive advantages. The IT sector basically consists ofsoftware and services, Information Technology Enabled Services (ITES) and the hardware segments which is called asprojects. All these three have jointly contributed expansively towards the development and growth of all the countries inthe world. Out of these, the software projects and services industry itself is a trillion dollar industry contributingtremendously towards the growth of the world economy. It has not only helped in generating large scale employment innumber of countries but has also helped a number of developing nations to take a step forward towards developed nations.Projects make a vital contribution to industrialization and hence the growth of a nation's economy. Projects are said tobe important, its implementation can be an uphill task. Project management has become increasingly important in thedevelopment of any nation. Failure or Success in projects is a multi-dimensional issue and may be influenced by so manyfactors. Usually, projects are designed to meet stakeholder's objective. These objectives define the criteria for success ofthat project, and projects not satisfying these objectives are deem to fail. Effective communication and clarity in thestakeholder's objective is vital to the project manager. Various researchers have discussed project management as atechniqueto help prevent against failure in projects. Others have established checklists to help prevent failure. Allprojects are constrained by inherent risks; knowledge of these risks will play an important role in achieving success andavoiding failure. Usuallyprojects consist of three stages consisting of the approval, execution and evaluation stages. Ifany of these stages is not managed properly it may result to the failure of the entire project. Thus in various organizationproject management techniques hasbecome bridging the gap between failure and success in implementation of projects.