1. Research Goal
out the most suitable project management methodology in financial industry.
of government’s 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
If we focus on the topic, 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 optimum 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.
The field of financial services field is driven 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
Project manager is provided with various opportunities
where he can shine his way by applying different methodologies which might
attain success for the organization. One must know it’s the performance of the
managers has a major input in leading the organization to its optimum level. The
data as to the said topic is as follows:
Software development: It 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. 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 outshines the
major aspects of project management as well as its role in collaboration with
the field of finance.