1. Research Goal
out the most suitable project management methodology in financial industry.
of government imposing rules and regulation through regulators, project
Management methodologies are still required to storm through volatile and risky
nature of the industry for organizations to succeed in delivering financial
product and services to its customer effectively.
of the subject
When it comes to project management methodology, I
find myself eager to explore in the respective field and its connection with
the financial industry. In my early days I have invested my time in project
management which became the base for me as it lead me to believe that I could
perform best if acquired the right knowledge in finance. Hence, here I am
pursuing the path of finance. I believed that through finance I could truly
find the importance and role of project management. Therefore I tried to
amalgamate both the fields.
For a Layman, an organization is at its peak level
if its turnover and profit levels are high. But only an expert would know that
any organizations progress lies in how effectively and efficiently it achieves
its goals. For the above goal to take
place, manager plays a vital role by applying various methodologies for the
success of the organization. Here methodology acts as a means to effectively
achieve the numerous goals or objectives put forward by the organization.
The field of financial services thrives to succeed
at numerous projects with the help of due diligence practices. Scrutiny of each
and every project is mandatory for the investors have vested high stakes into
the respective projects.
There are various instances where a project manager
can shine his way though applying different methodologies which might attain
success for the organization. One must know it’s the performance of the
managers that leads the organization to its optimum level. For this there is a
supporting data which proves how various project management methodologies which
the manager might apply help the organization. The data is as follows:
Software development: This methodology outshines various characteristics
such as short-termed delivery cycles, dynamic team culture, agile requirements,
and emphasis on prompt communication as well as few restrictions on the project
method: This methodology solemnly focuses on how the
project lays more emphasis on team communication. The processes of the project
are given less priority and more attention to team communication to ensure all
are on the same page.
project framework: Every methodology focuses on the importance of
time. This methodology does the same. It’s based on time and cost being
constant for the whole project.
Coming to a conclusion according to my research the
data guides me to believe that agile methodology remains the best methodologies
to apply within the financial services industry. Agile methodology thrives to
be a system that enhances quality and helps organizations improve their
business value and brand. It focuses on involvement of client in the respective
project there by forming a total transparency in the organization.
services industry despite having pressure from the external
environment thrives successfully. Hence
to run this one requires management which will initiate change across different
departments of the organization. It is upon the various organizations to
operate within the guidelines provided by the government. Government’s major
policies and regulations are promulgated to make the organization achieve
transparency. This in turn helps ensure that the organizations release accurate
and audited financial information that can be used to gauge their financial
health. Hence it results in boost in investor confidence as well as encourages
growth and investment within the industry.
methodology in financial services industry:
According to the data, since the financial crisis
of 2007, the financial industry has been having various regulatory changes all
aimed at ensuring such a crisis does not happen again in future. For instance,
in banking sector, customers are able to access their money 24 hours a day
without any limitations. Such has been made possible through online banking and
mobile banking services that allow the customer to access banking services
anywhere anytime. Over the course of my research I have come across the data
that says agile methods have proven to be among the best to test the
conventional methodologies to software development in most organizations.
However, few suggest that agile methods are not always the best for every
project in a financial organization. Therefore each project requires its own
methodology to enable it to bring the desired benefits that are required by the
management. To implement the agile method, there is the need to carry out
training for the individuals involved in management of the project. The success
of the agile methodology relies heavily on the ability of those tasked with
employing it in the project management. These individuals need to possess
thorough knowledge about the system as well as all other requirements. The
manager need not exercise governance control as there is an enhanced speed of
change in this methodology and hence requires flexibility approach. However,
there is need to adjust project processes and controls to enable them to meet
particular needs of a project.
In conclusion I would like to stress on the fact
that every organization might thrive differently but agile has proven to be
effective on multiple occasions. Thus, the manager needs to apply its knowledge
regarding the field of finance as well as must know how to amalgamate it with
the methodology which in turn would help the organization attain its success in
respective projects. I hope the above elaborate dissertation have outshined the
major aspects of project management as well as its role in collaboration with
the field of finance.