Appreciation of project management by planning under uncertainties in a high-tech company

Abstract

In the current era of cut-throat competition, companies carry out projects to support its business. However, studies show that these projects fail to provide the expected results. This is due to the fast-changing environment where the project is set-in. The planning of the projects is influenced by the presence of these uncertainties and hence, they need to be managed for successful project completion. In this research, a model is proposed for project planning under uncertainties. The study was conducted in a high-tech company, which designs and manufactures state-of-the-art machines. In order to develop the model, an extensive literature review was conducted on project planning and also on the impact of project uncertainties on project planning. Following this, interviews were conducted within the company to understand the current practice of project planning within the organization. A total of five major issues with planning were identified. These were: scope changes, project delays, lack of governance, complexity and project escalations. A model was developed to tackle these issues with project planning. Schedule risk analysis was proposed into the way of working of the organization in order to minimize/ mitigate the occurrence of project uncertainties while planning.