Institute of Chartered Financial Analysts of India (ICFAI) University 2008 Certification Certified Financial Planner Portfolio management - Question Paper

change management is the implementation of the major modifications in technology, business processes and job assignments to
minimize risks and costs and to optimize the benefits. It also focuses on the problems of managing the resistance and discomfort
experienced by the employees in a project with the introduction of newer technology. change management encompasses
planning, governance, testing and successfully implementing a system pursuant to the project change.
But the key part depends upon how the project managers cope with the inevitable stream of modifications that confront them on day-today
basis, while attempting to maintain organizational excellence. For the change to be fruitful, the project manager needs to
embed the sustainability of the change process. Lasting change can only be achieved by careful planning, successful
communication, and actual leadership and by developing an effective approach that will drive and uphold the true change. Hence,
the project manager performs a key role in handling the project change.
Leading and managing change is a major challenge for an innovative and pioneering project manager. Efficient project managers
obtain it difficult to avoid a requirement for change and for them, change is an inevitable consequence of their roles and
responsibilities. Working practices and processes need to be reviewed when there is alteration of circumstances. The project
managers, who feel change as a necessity, plan for winning modifications by involving stakeholders, by defining the roles and
responsibilities, etc. Here, the decision-making skills of a project manager assist the project team in making decisions that usually
have much greater impact than the team members taking decisions on their own. The project manager responsible for the change
project should concentrate on the strategic perspective by integrating the change project with management objectives. Success is
found when the change is in line with the strategic goals of the project. change requires to be an ongoing and dynamic process
and managers must act as the leaders of change.
Before implementing change management strategies in a project, more emphasis should be laid on the structural and
technological aspects. It is also important to structure the plan in such a way that demonstrates how the benefits will be delivered.
Simultaneously, an assessment of the readiness of the project team members to adopt the needed modifications will enable a realistic
implementation plan to be developed. Having opted the important change strategy, the project leader looks forward to

Earning:   Approval pending.