What is Project Management – Brief Introduction
Project management is the process of planning, executing, monitoring, and completing tasks to achieve specific goals within a set timeframe and budget.
According to the Project Management Institute (PMI), project management is the application of knowledge, skills, tools, and procedures to project operations to meet the needs of projects. Although originally conducted on a non-formal basis, the necessity for doing project management grew as it started becoming apparent as a profession somewhere in the mid-20th century and contains five steps. These are initiating, planning, executing, monitoring and controlling, and closing. For the project to be accomplished successfully, the project manager can come across several economic and financial issues in the project management process.
The integration of effective management practices is viewed by project managers as one way of preventing project failure from occurring. As early as project inception, good project management practitioners endeavor to keep their business goal clear in mind, and they focus on maintaining that clarity until the end of the project.
Key Elements of Project Management
Project management involves a number of essential components that ensure the successful planning, execution, and delivery of a project. Each component is important in handling tasks, resources, and possible risks to attain the intended results effectively.
1. Initiation
The initiation phase marks the beginning of the project. It entails the identification of the project’s objectives, scope, and feasibility. The project managers identify the major stakeholders, evaluate risks, and decide if the project supports business objectives. A project charter is usually developed to define purpose, deliverables, and a high-level plan. Having clear objectives during this stage paves the way for a successful project.
2. Planning
Planning is perhaps the most essential phase in project management, as it establishes the blueprint for execution. This involves project task identification, resource assignment, timeframe setting, and cost estimation. Project managers create refined schedules, including Gantt charts, and set milestones to monitor progress. A refined plan ensures teams remain on track and that project objectives are accomplished within the allocated time and budget.
3. Execution
The execution stage is when the project plan is actually carried out. Assigned tasks are undertaken by teams, and project managers manage workflows, facilitate smooth interactions, and sort out any complications that may develop. Communication during this stage is important, with team members, stakeholders, and clients needing to be kept informed of progress. Good leadership and teamwork ensure that the project progresses on schedule.
4. Monitoring & Controlling
During the project, ongoing monitoring and controlling are necessary to maintain quality and efficiency. Project managers monitor performance against key performance indicators (KPIs), evaluate risks, and make adjustments as needed to keep the project on track. Performance reports, risk assessments, and quality control measures are some of the tools used to identify bottlenecks and avoid possible delays.
5. Closure
The last process of project management is closure, where the project is finished and handed over to stakeholders. Finalization of all tasks, completion of objectives, and approvals are done. A review of the project is done in order to measure success and challenges, and learning from the same is documented to be used on future projects. Closure properly allows all the obligations to be met, resources to be released, and the success of the project to be acknowledged.
All these factors are critical in project management to ensure that projects are delivered effectively, on time, and to the satisfaction of stakeholders. Following a systematic process ensures that organisations have better success rates and provide quality results.
What is Project Risk?
Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective. The project management team has a professional responsibility to its stakeholders, including customers, the performing organisation, and the public.
A project risk management methodology is used to establish a plan to control, monitor, and measure those risks to ensure they do not exceed a predetermined level or cause unplanned expenses that will have a negative effect on the project outcome.”
Project Risk Management may be defined as a methodology used to systematically identify, evaluate, reduce, and communicate risks associated with a project. However, there are other definitions and uses of the term project risk. In the Project Management Body of Knowledge (PMBOK), project risk is defined as “the risk of not meeting defined scope, schedule, quality, or cost goal and the related loss to project success.
Also Read: How to Manage Uncertainty in Projects?
Conclusion
Project management is basically the application of different approaches, information, processes, experience, and abilities to achieve specific project goals and objectives based on project criteria and within predetermined boundaries. Consequently, the project management’s ultimate outputs are limited to a certain budget and timeline.
