What is Project Management

Project management involves channeling the efforts of a team of professionals towards achieving a goal within a specified deadline and as per quality standards required. It involves applying a specific set of skills to coordinate the work of a group of individuals and the effective employment of a company’s resources to ensure that a task gets finished on time.

Project management is an important aspect of various industries such as information technology (IT), engineering and construction, healthcare and many more, where a company’s employees need to work in perfect harmony to meet their target. It is a practice that includes efficient management of human resources, technology, monetary resources, and intellectual property.

Steps Involved in Project Management

Five Steps

  1. Project Initiation – In order to determine whether the project is beneficial for the company, the first step of project management involves two processes:
    i. Business Case Document – This document details the importance of the project for the company in terms of potential benefits.
    ii. Feasibility Study – This document outlines the resources that may be required in the process of carrying out the project.
  2. Project Planning – One of the most important project management steps, this stage involves a thorough evaluation of the work that needs to be done, allocation of funds and resources, outlining the scope of the project and scheduling a deadline.
  3. Project Execution – This step marks the beginning of the creative phase, where the responsibilities are divided among team members, resources are gathered and individual assignments are executed.
  4. Project Monitoring – This step involves a thorough assessment of the adherence to deadlines, the resources employed and the targets achieved while keeping the stakeholders informed about the day-to-day progress of the project.
  5. Project Closure – The final project management steps involve a final evaluation of the success of the project, and the lessons learned through the process.

Objectives of Project Management

Methods of Project Management

There are 8 Common Methods

    1. Agile – One of the most flexible project management methods, this allows the goals to be continuously updated on receiving feedback.
    2. Kanban – This relies on visual cues to guide a team towards the goal of continuous delivery.
    3. Extreme Programming (XP) – This focuses on improvement of the quality of products and client satisfaction.
    4. Waterfall – One of the traditional project management methods, this takes a linear approach towards completion.
    5. Scrum – It spends less time on designing, and prevents delays in the launching of a product.
    6. Adaptive Project Framework – It caters to the continuously evolving needs of a project in case the requirements are not clear in the beginning.
    7. PERT – This works best for projects that run on tight schedules and limited budget.
    8. PRINCE2 – This assigns clearly demarcated responsibilities and provides well-justified outputs.
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