1. it lead me to believe that
1. Find outthe most suitable project management methodology in financial industry Research Goal.
2. A Hypothesis Despiteof 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. 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. For a Layman, an organization is at its peak levelif its turnover and profit levels are high.
Bu 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 methodologies which the manager mightapply help the organization.
The data is as follows: AgileSoftware development: This methodology outshines various characteristics suchas short-termed delivery cycles, dynamic team culture, agile requirements, andemphasis on prompt communication as well as few restrictions on the projectcontrol. Crystalmethod: This methodology solemnly focuses on how the project lays more emphasison team communication. The processes of the project are given less priority andmore attention to team communication to ensure all are on the same page. Adaptiveproject framework: Every methodology focuses on the importance of time.
Thismethodology does the same. It’s based on time and cost being constant for thewhole project.Comingto a conclusion according to my research the data guides me to believe that agilemethodology remains the best methodologies to apply within the financialservices industry. Agile methodology thrives to be a system that enhancesquality and helps organizations improve their business value and brand. Itfocuses on involvement of client in the respective project there by forming atotal transparency in the organization. Natureof Financial service industry:Thisindustry despite having pressure from the external environment thrivessuccessfully. Hence to run this onerequires management which will initiate change across different departments ofthe organization.
It is upon the various organizations to operate within theguidelines provided by the government. Government’s major policies andregulations are promulgated to make the organization achieve transparency. Thisin turn helps ensure that the organizations release accurate and auditedfinancial information that can be used to gauge their financial health. Henceit results in boost in investor confidence as well as encourages growth andinvestment within the industry. Applicationof the agile methodology on financial services industry: Accordingto the data, since the financial crisis of 2007, the financial industry hasbeen having various regulatory changes all aimed at ensuring such a crisis doesnot happen again in future. For instance, in banking sector, customers are ableto access their money 24 hours a day without any limitations. Such has beenmade possible through online banking and mobile banking services that allow thecustomer to access banking services anywhere anytime. Over the course of my researchI have come across the data that says agile methods have proven to be among thebest to test the conventional methodologies to software development in mostorganizations.
However, few suggest that agile methods are not always the bestfor every project in a financial organization. Therefore each project requiresits own methodology to enable it to bring the desired benefits that arerequired by the management. To implement the agile method, there is the need tocarry out training for the individuals involved in management of the project. Thesuccess of the agile methodology relies heavily on the ability of those taskedwith employing it in the project management. These individuals need to possessthorough knowledge about the system as well as all other requirements. Themanager need not exercise governance control as there is an enhanced speed ofchange in this methodology and hence requires flexibility approach. However,there is need to adjust project processes and controls to enable them to meetparticular needs of a project.
Inconclusion I would like to stress on the fact that every organization mightthrive differently but agile has proven to be effective on multiple occasions.Thus, the manager needs to apply its knowledge regarding the field of financeas well as must know how to amalgamate it with the methodology which in turnwould help the organization attain its success in respective projects. I hopethe above elaborate dissertation have outshined the major aspects of projectmanagement as well as its role in collaboration with the field of finance.