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Question: Discuss about the role of Project Management in Today's Business World. Answer: Before understanding the importance of Project Management in the industry, there is a need to know about the meaning of Project Management. Project Management is a widely used term, which includes several methods, techniques, strategies and processes and the major aim of these processes is same, i.e. to minimize the chances of failure or loss of any project. It is an art of managing a project and its outcomes in order to produce finished goods and services. There are different ways in which a project can be accessed and the manner in which it is implemented is the project management. The process of project management includes many activities, like; identification of requirements, development of obvious and attainable goals, matching the demands of different stakeholders and making sure that cohesion of objective is attained (Kerzner, 2013). In todays world, Project Management is an important factor that determines the success of an organization. In an organization, project management provides a valuable and highly effective process that assists to recognize and focus on the priorities, track and evaluate the performance and overcome the issues and challenges (Larson and Gray, 2013). It is important because one of its major objectives is to compress and to make short the product life cycle. For example, there is a retailer organization, which is using project management in its operations, i.e. Sheng Siong. There are several reasons, why project management is important in todays business world. These reasons are given below; Managing Risks Each and every project of organization has many risks, as the nature of a business is taking different risks. The business strategy of each business has a risk, so there is a need of managing the risks. So, the process of project management in organization recognizes, assesses, controls the risks. Sheng Siong is using project management in risk assessment and management (Majeed, 2012). Managing quality Quality is an important aspect for any organization, especially; a retailer like; Sheng Siong. This quality defines the value of products of company. Sheng Siong has to maintain the quality and value of its products to increase its customer base. In this process, the project management plays an important role in identifying, managing and controlling the quality of products. N an organization, quality management is the responsibility of project manager (Mir and Pinnington, 2014). The project manager considers three important concepts, like; continuous improvement, customer satisfaction and prevention on inspection. Thus, the project management plays a vital role in total quality management. Managing Integration In an organization, there is a need of managing the integration. The business projects do not run in a vacuum. They required being integrated with the processes and systems of businesses. For example, at Sheng Siong, they cannot build a sales system which does not incorporate with the sales process. It would not create and add the value. So, the project management assesses and manages the integration. Resolving issues There are so many issues of business, which an organization faces in its life cycle. These are the problems, which should be managed and controlled to attain the predetermined organizational objectives. Project management may play a critical role in clearing these business issues, like; technical issues, business process issues, resource issues and issues related to third party, like; suppliers, vendors and other outside party (Majeed, 2012). This can help the organization in tracking the issues and assign right person to resolve these problems. Change Management In addition to these benefits, the project management also deals with the change management. It also assists an organization in managing the changes related to business, customers and environment. It can help the people in enhancing the management skills according to new tasks and responsibilities. Using and retaining the knowledge Moreover, this is also an area, where project management is important. Projects in the organizations produce the knowledge. Knowledge shows a critical asset for most of the businesses (Mar, 2012). Implementing the process of project management makes sure that knowledge is taken and managed. The above-mentioned points can help in understanding the role of project management in todays business world. Thus, project management is important in the organizations of all sizes. As the businessmen and company managers deal with the daily tasks and responsibilities for managing a company, it is significant to assign skillful and dedicated project managers to look at the projects from beginning to completion. References Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Larson, E.W. and Gray, C., 2013.Project Management: The Managerial Process with MS Project. McGraw-Hill. Majeed, M, 2012, Why is Project Management Important in Business Industry?, Retrieved from https://project-management.com/why-is-project-management-important-in-business-industry/.Mar, A, 2012, Why Project Management Important, retrieved from https://management.simplicable.com/management/new/why-project-management-is-important.Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success.International journal of project management,32(2), pp.202-217