1. Research GoalTo findout the most suitable project management methodology in financial industry. 2.
HypothesisDespiteof government imposing rules and regulation through regulators, projectManagement methodologies are still required to storm through volatile and riskynature of the industry for organizations to succeed in delivering financialproduct and services to its customer effectively. 3. Justificationof the subjectWhen it comes to project management methodology, Ifind myself eager to explore in the respective field and its connection withthe financial industry. In my early days I have invested my time in projectmanagement which became the base for me as it lead me to believe that I couldperform best if acquired the right knowledge in finance. Hence, here I ampursuing the path of finance. I believed that through finance I could trulyfind the importance and role of project management. Therefore I tried toamalgamate both the fields. 4.
ResearchFor a Layman, an organization is at its peak levelif its turnover and profit levels are high. But only an expert would know thatany organizations progress lies in how effectively and efficiently it achievesits goals. For the above goal to takeplace, manager plays a vital role by applying various methodologies for thesuccess of the organization. Here methodology acts as a means to effectivelyachieve the numerous goals or objectives put forward by the organization.The field of financial services thrives to succeedat numerous projects with the help of due diligence practices. Scrutiny of eachand every project is mandatory for the investors have vested high stakes into therespective projects. There are various instances where a project managercan shine his way though applying different methodologies which might attainsuccess for the organization. One must know it’s the performance of themanagers that leads the organization to its optimum level.
For this there is asupporting data which proves how various project management methodologies whichthe manager might apply help the organization. The data is as follows: AgileSoftware development: This methodology outshines various characteristicssuch as short-termed delivery cycles, dynamic team culture, agile requirements,and emphasis on prompt communication as well as few restrictions on the projectcontrol. Crystalmethod: This methodology solemnly focuses on how theproject lays more emphasis on team communication.
The processes of the projectare given less priority and more attention to team communication to ensure allare on the same page. Adaptiveproject framework: Every methodology focuses on the importance oftime. This methodology does the same. It’s based on time and cost beingconstant for the whole project.Coming to a conclusion according to my research thedata guides me to believe that agile methodology remains the best methodologiesto apply within the financial services industry. Agile methodology thrives tobe a system that enhances quality and helps organizations improve theirbusiness value and brand.
It focuses on involvement of client in the respectiveproject there by forming a total transparency in the organization. Financialservices industry despite having pressure from the externalenvironment thrives successfully. Henceto run this one requires management which will initiate change across differentdepartments of the organization. It is upon the various organizations tooperate within the guidelines provided by the government. Government’s majorpolicies and regulations are promulgated to make the organization achievetransparency. This in turn helps ensure that the organizations release accurateand audited financial information that can be used to gauge their financialhealth.
Hence it results in boost in investor confidence as well as encouragesgrowth and investment within the industry. Agilemethodology in financial services industry: According to the data, since the financial crisisof 2007, the financial industry has been having various regulatory changes allaimed 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 daywithout any limitations.
Such has been made possible through online banking andmobile banking services that allow the customer to access banking services anywhereanytime. Over the course of my research I have come across the data that says agilemethods have proven to be among the best to test the conventional methodologiesto software development in most organizations. However, few suggest that agilemethods are not always the best for every project in a financial organization.Therefore each project requires its own methodology to enable it to bring thedesired benefits that are required by the management.
To implement the agilemethod, there is the need to carry out training for the individuals involved inmanagement of the project. The success of the agile methodology relies heavilyon the ability of those tasked with employing it in the project management.These individuals need to possess thorough knowledge about the system as wellas all other requirements.
The manager need not exercise governance control asthere is an enhanced speed of change in this methodology and hence requiresflexibility approach. However, there is need to adjust project processes andcontrols to enable them to meet particular needs of a project.In conclusion I would like to stress on the factthat every organization might thrive differently but agile has proven to beeffective on multiple occasions.
Thus, the manager needs to apply its knowledgeregarding the field of finance as well as must know how to amalgamate it withthe methodology which in turn would help the organization attain its success inrespective projects. I hope the above elaborate dissertation have outshined themajor aspects of project management as well as its role in collaboration withthe field of finance.