Industrial project management: Key challenges and recommendation

Abstract

Indian economy is growing at encouraging rates than ever before. Every sector has evolved in a very short period of time to support the growth story. With billions of investments pouring in infrastructure, finance, energy etc. project management started evolving as a separate business that is worth investing upon. The importance of project management has been realized with firms started to specialize in project management and started applying PM tools in their daily activities. Shortened time, increased risk, demanding customers and tightened budget have made project management more challenging. Given this scenario improving the process followed especially the planning in project management needs increased attention and continuous improvement. Through our project on Industrial Project Management, we aim to understand the real time processes actually followed in a project management company and correlating it to the boundaries of well defined theoretical framework for Project Management. Our aim is to recommend changes to improve the process after interaction with the company's executives involved in first hand execution of the project. We would also propose to cross check our recommendations with a survey among the company employees and provide a basis for the company on which the recommendations can be implemented.