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What is Project Management?
More specifically, what is a project? It is a temporary endeavor undertaken to create a special item, service or result.
A project is temporary in that it has a defined start and end in time, and consequently defined resources and scope.
And a project is unique in that it isn't a routine surgery, but a specific set of operations designed to accomplish a singular aim. Therefore a project team regularly includes people who don't usually work together -- from different organizations and across multiple geographies.
The development of applications for a better business process, the construction of a building or bridge, the relief effort after a natural disaster, the growth of sales to a new geographic market -- all are projects.
And all must be managed to deliver the on-time, on-budget effects, learning and integration which associations want.
Project management, then, is the use of knowledge, skills, tools, and techniques to project activities to fit with the project requirements.
It has ever been practiced informally, but started to emerge as a distinct profession from the mid-20th century. PMI's A Guide to the Project Management Body of Knowledge (PMBOK® Guide) identifies its recurring elements:
Project management processes fall into five classes:
Initiating
Planning
Executing
Monitoring and Controlling
Final
Project management knowledge draws on ten areas:
Integration
Scope
Time
Price
Quality
Procurement
Human resources
Communications
Risk management
Stakeholder management
All management is concerned with them, needless to say. But project management brings a special focus driven with the goals, resources and schedule of each project. The worth of that focus is established from the rapid, global growth of project management:
As a recognized and strategic organizational proficiency
As a subject for training and education
As a career route
They are organized, enthusiastic and goal-oriented who know exactly what projects have in common, and their strategic role in how companies succeed, learn and change.
They enjoy the coordinated adrenaline of fresh challenges and also the duty of driving business results.
They work well under stress and are comfortable with change and complexity in dynamic environments. They could shift readily between the"big picture" as well as the small-but-crucial particulars, knowing when to focus on each.
Project managers cultivate the people skills necessary to develop communication and trust among all of a project's stakeholders: its sponsors, people who will use the project's results, those who command the tools needed, and the project group members.
They've a broad and flexible toolkit of methods, solving complicated, interdependent activities into tasks and sub-tasks which are documented, monitored and controlled. They adapt their way to the context and limitations of each project, knowing that no"one dimension" can match all the assortment of projects. And they're always improving their own and their groups' abilities through lessons-learned reviews at project conclusion.
Project managers are located in every kind of business -- as workers, managers, contractors and independent advisers.
And they are in increasing demand globally. For decades, since the speed of economic and technological change has quickened, organizations are directing more and more of the energy into projects rather than regular surgeries.
Today, senior executives and HR managers comprehend project management as a strategic competence that is crucial to business success. They know that skilled and credentialed practitioners are one of their most valuable resources.
Interested in a career in project management?
project management Definition
Project management is the application of procedures, methods, abilities, knowledge and expertise to achieve specific project objectives in line with the project acceptance criteria within agreed parameters. Project management has final deliverables which are constrained to a finite timescale and funding.
A vital factor that differentiates project management from just'management' is that it's this final deliverable plus a finite timespan, unlike management which is a continuous process. Because of this a project professional requires a wide selection of skills; often technical abilities, and certainly people management skills and decent business awareness.
What is a project?
A project is a unique, passing endeavour, undertaken to accomplish planned objectives, which could be defined concerning outputs, outcomes or rewards. A project is usually regarded as a success when it achieves the goals according to their approval criteria, within an agreed timescale and budget. Time, cost and quality are the building blocks of each project.
Time: scheduling is a selection of techniques used to develop and existing programs that show when work will be carried out.
Cost: how are essential funds acquired and finances handled?
Quality: how will fitness for purpose of these deliverables and management processes be ensured?
How to begin in project management
Starting Out in Project Management is the essential guide to the basics of project management.
You are going to learn about the fundamental facets of project management, including ownership of the company case, engaging with stakeholders and realising the all-important advantages of the project, plus much, much more.
Project management is geared toward producing an end product which will effect some change for the sake of the organisation that instigated the project. It's the initiation, planning and control of a selection of tasks required to deliver this conclusion product. Projects that need formal management are those who:
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Project management is aimed at producing an end product which will effect a change for the sake of the organisation which instigated the project. It is the initiation, planning and control of a range of tasks needed to deliver this conclusion merchandise. Projects that need formal management are those that:
Produce something new or altered, abstract or concrete;
Have a finite timespan: a certain beginning and finish;
Are likely to be complex in terms of work or groups involved;
Need the management of all risks.
Investment in successful project management will have a number of benefits, such as:
Providing a greater likelihood of achieving the desired result;
Ensuring effective and best value utilization of resources;
Fulfilling the varied needs of their project's stakeholders.
When do we use project management?
Projects are separate from business-as-usual activities and occur when an organisation wants to deliver a solution to set requirements within an agreed budget and period. Projects need a group of individuals to come together briefly to concentrate on specific project objectives. As a result, effective teamwork is central to successful projects.
Projects require a team of people to come together briefly to concentrate on specific project goals. Consequently, successful teamwork is essential to successful projects. Project management is concerned with handling discrete packages of work to achieve specific objectives. The way the work is managed depends upon a wide variety of factors.
The scale, significance and complexity of the work are obvious factors: Running a little workplace and organising the Olympics discuss many essential principles, but provide quite different managerial challenges.
Results (for example, employees being relocated from several places to the new HQ);
Strategic goals (for instance, decreasing the organisation's share price in 3 years).
Who utilizes project management?
Everyone and anyone manages projects, even when they are not officially known as a'project manager'. Ever organised an event? That's a project you managed with a team of people, and project management is life skill for all. More formally, projects crop up in all industries and business:
Transport and Infrastructure
IT
Product manufacture
Building and Construction
Finance and Law
What Is Project Management?
To define project management, one must define a project. Anything that has a start, a finish and produces a deliverable is a project. Project management, therefore, is the method by which a project is planned, monitored, controlled and reported on--in other words, managed.
That's a lot. In fact, project management is an umbrella term that covers a number of related disciplines, such as planning, scheduling, task management, resource management, risk management and much more.
They create a plan which meets the stakeholders' expectations and builds a project staff. The project manager then controls and monitors the implementation of this project until a superior deliverable is generated. This can be done with the assistance of project management program.
What's Project Management Software?
Good software empowers project teams, so they can manage all the details that go into a successful project.
If you need assistance with your projects, and are looking to have a better way to handle your teams and tasks, have a free trial of ProjectManager.com today. Our award-winning project management software has a complete suite of tools like Gantt charts, kanban boards and dashboards, so projects can be finished on time and below budget.
What's the management procedure?
5 project management phases
Here are five project management phases you can use to deliver a successful project outcome.
Initiation or Definition Phase -- This step contains the formal beginning of the project and the extent explanation. Your Stage 1 documentation includes your concept description announcement that includes the objectives based on the purpose of the project as well as the desired outcome in detail. As soon as you receive approval, you'll draft your proposal such as your hazard calculations, finalizing everything on your project charter.
Planning Period -- The project manager formulates the best strategy for the staff to accomplish the client objective. It may fall on the project manager to choose their staff members, besides requisitioning different sources. Placing the timeline, schedule and communication lines would also take place during this phase.
Execution Period -- The project manager will change focus in this phase. He/she will implement and oversee all activities that create the result as outlined in the project plan. Prepare for this stage to take up the maximum time, energy and resources.
Control Period -- Execution and management occur simultaneously. The project manager monitors the team promising that the projected functionality in the preparation phase becomes a reality.
Closure Phase -- Throughout this last phase, the project manager will facilitate the finalization of any administrative jobs, reporting documentation upgrading and present the resulting deliverable to his/her executive leadership. You can compute your personal managerial along with your project team's success by answering one significant question. Did you fulfill or exceed the customer requirements for the job? Most likely, your client's top priorities include an on-time implementation while your team comes in under budget. The client need orders all else.
Along with the 5 stages, the project management process includes several other regions of understanding with which each project manager must be familiar. In the PMBOK Guide (Project Management Body of Knowledge Fifth Edition) there are 10 Knowledge Places. It's true that every manager should have a fundamental comprehension of those 10 topics. However, as applied to a specific project that includes unique goals, adherence to a strict timeline and subjection to some fixed amount of resources, project managers must pay particular attention.
Integration -- This understanding area includes all 5 project stages. During integration, you may develop the strategy, evaluate risks, and make necessary adjustments along the way to ensure a successful execution.
Scope -- Scope outlines stakeholder expectations. Comprehending the desirable outcome of your project is essential to your success as a project manager.
Time -- They say timing is everything, and keeping your project on course is of utmost importance. Time management expertise will allow you to designate activities and establish appropriate project milestones to meet deadlines and successfully allocate resources.
Price -- Elements of price management happen throughout the project. Properly estimating all areas of project price and overseeing expenses throughout the project process will help you and your team to remain on budget.
Quality -- Ensuring that your PSR (product/service/result) fulfills the client expectations is your goal. Your project falls short in case your deliverable is anything aside from exactly what the customer and/or stakeholders need.
Procurement -- It might be that you'll need services that contribute to your project outcome which are beyond the expertise of your project team. You ought to be aware of how to plan for this contingency, choose an external vendor and create/closeout a contract.
Human Resources -- It might fall into you as the project manager to assemble your team from across your organization's own capital pool, and perhaps to bring in outside contractors too. Irrespective of your project size, you'll need to understand how to organize and lead your team efficiently.
Communications -- Communication is not only about the right details. You also have to know how and when to provide information on the way. Find out how to craft an effective message, how to get that message out and how to control project comprehension.
Risk Management -- Even the best laid plans sometimes don't come off without a hitch. Understand how to identify and evaluate those things that could derail your project, to ensure through ongoing response planning and monitoring, you can mitigate delays and resource over cost.
You should know the way to make engagement and management approaches to add your stakeholders at the project outcome.
Wrap-Up
Implementing change efficiently and effectively is the project manager's job. Each project contains a specific time span during which your staff executes multiple activities. Your intention is to fulfill the customer need, whether external or internal, while hitting milestone targets and remaining under budget. Expertise in planning, monitoring your staff and providing the support they need is the secret to your successful project execution. We also have a fantastic collection of articles, read our Project Management Huts.
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The Project Management Institute (PMI)
The Project Management Institute (PMI) is your largest PM profession's global institution. The PMI provides solutions including the development of standards, research, education, book, networking-opportunities in local chapters, hosting conferences and training seminars, and providing certification in project management.
The PMP Certification
For the next step toward further schooling in the project management field, look into attaining the most accepted accomplishment, PMP Professional Certification. This designation behind your name suggests to firms worldwide that you are prepared and equipped to lead projects as a project manager.