What is Project Management ?
Project management or PM is the application of procedures, techniques, skills, knowledge, and experience to certain goals. This is done to achieve those goals within particular parameters that are acceptable. Project management’s main concern is with deliverables that must have a specific timeframe and budget. Project management is different from just management. It’s different because it has a final outcome and a fixed timeframe. As a result, a project manager must possess a wide range of skills, including technical knowledge. So if you want to know what is project management, why it is important and many other questions, keep reading this article.
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Why is project management important ?
PM that is done well ensures the objectives of projects align with the goals of the organization. Good PM may provide extra guarantee and transmit the proper message. Also, you can ensure that you finish your task on time and under budget if you prepare ahead of time.
When working across teams, more effective PM practices may minimize the complexity of cooperation. They can also promote transparency, and assure accountability. You’ll get a clearer view of how your money is being used. You can also see what you need to prioritize and when, and whether you’re on the verge of straying off track. Additionally, with clearer records of how your project is moving, you can make better decisions. PM enables you to expand high performance. I can also allow you to capitalize on your team’s best practices.
What is project management and what are the main objectives of it ?
PM goals include the successful development of a project’s 5 important phases. These include: initiation, planning, execution, regulation, and closure procedures. It also includes the direction of the project team’s operations toward achieving all agreed-upon goals. Furthermore, this is all done within the scope, time, quality, and budget constraints. Projects are short-term and, in some respects, one-of-a-kind ventures. They’re temporary since they only happen once and for a limited time. Also, they’re unique because they’re not regular businesses, but rather a series of procedures that deliver a single result.
The main objectives of PM are:
- Successful creation and implementation of all project processes is essential for success.
- Guide the team through the project in a productive manner. You can do this by using effective communication and supervision techniques.
- Attainment of the project’s primary purpose within the limits of the project.
- There is always room for improvement in terms of optimizing the allotted essential inputs. You can also improve the way you apply them to accomplish the project’s pre-defined objectives.
- Production of a full project that is tailored to the specific requirements and objectives of the customer.
What is project management with example
The NHL project was to increase visibility, and they handled it by developing a roadmap and sprint planning.
NHL developers have handled hundreds of requests for new apps since putting NHL game information onto the web over 25 years ago. The burden is currently shared between in-house developers and a team in Belarus. The monday.com platform has increased openness throughout the development process. Everyone on the team can now see who is working on what and when at any given time. The business can quickly see which units have commissioned the most development cycles over the course of the year by using the bar graph view. The Calendar and Chart app is also used by the team to schedule and track fan interaction activities. While originally focusing on enhancing sprint planning, the NHL has begun to take advantage of the monday.com Work OS’s other features. Also, using the platform to create workflow apps has cut development time by 4+ weeks every cycle.
What are the 5 stages of project management
The five phases of PM are:
- Conception and initiation – The purpose of project commencement is to define the project in broad terms. A business case or project charter is generally the first step in this procedure.
- Planning – The planning phase is critical to effective PM because it focuses on creating a roadmap for the team to follow. Project managers should organize their teams properly. They should also set up collaborative resources, and define targets during the planning phase.
- Execution – The team produces and completes deliverables throughout the project execution phase. This phase begins with a kick-off meeting and the commencement of status reports and updates. Afterward, it moves into performance and monitoring.
- Performance/monitoring – The performance and monitoring of a project guarantees that the project’s outcomes are in line with the management plan. Using key performance indicators, project managers assess if the project is on track.
- Project close – The team must formally conclude a project after it is completed. A “post-mortem” meeting takes place to assess the accomplishments and shortcomings. The completion of a project allows a team to assess what went well and what needs to be improved.
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Characteristics of good project management
The top 10 characteristics of good PM are the following:
- Good communication skills
- Leadership skills
- Decision-making capability
- Technical expertise
- Visionary person
- Team-building expertise
- Able to work under pressure
- Negotiation skills
- Empathy
- Competence
Types of project management
There are 4 different types of project management:
- The technical project management
- The adventurous project management
- The expert project management
- The supportive project management
What is project management cycle
The PM life cycle outlines the activities involved in completing a project.
Effective PM may save money and resources. And more than half of unsuccessful initiatives fail due to a lack of communication. You develop a project concept, define its goals, plan its implementation, and see it through to completion. So, the project management life cycle has the following:
- Initiation phase
- Planning phase
- Execution phase
- Closure phase
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Project Management FAQ
What is a project plan in project management
The project plan specifies the cost, scope, and timetable for the project. It specifies what activities and tasks will be required. It also lays out the resources required, including staff, equipment, and money, as well as where they might be obtained.
What is WBS in project management
In PM, a work-breakdown structure is a breakdown of a project into smaller components. A work breakdown structure is an important project deliverable that breaks the team’s work into digestible portions.
What is scope in project management
The established properties and functions of a product are referred to as its scope. It can also refer to the scope of work required to complete a project in PM. The term scope refers to the collection of information required to launch a project. Including the characteristics a product must have to suit the needs of its stakeholders.
What is a milestone in project management
To begin with, milestones are PM tools that people often use. Usually, they use them as certain milestones along a project’s timetable. These points may indicate anchors, such as the start and conclusion dates of a project. They can also mark the requirement for external evaluation or input, as well as budget checks.
What are project management tools
PM tools are a collection of software. This software tools are also there to assist project teams in planning, tracking, and managing projects. Therefore, by using them, they can meet established project goals on time. It also enables team members to work together more efficiently and to complete tasks faster in order to fulfil the deadlines.
What is a PID in project management
A Project Initiation Document (PID) is a top-level project planning document. It is also used to gather all the information you’ll need to get your project off the ground and convey it to the project’s stakeholders. To learn more about what PID means in project management, please click to see our blog piece here.
What is a deliverable in project management
All the tangible and intangible results that are submitted within the scope of a project are referred to as project deliverables. The name may conjure up images of the final project deliverables. However, it refers to any project-related deliverable submitted throughout any of the phases.
What is a project management plan
According to the Project Management Body of Knowledge, a project plan is a formal, authorized document that guides project execution and control.
What is scrum in project management
Scrum is an Agile project management technique characterized by a small team led by a Scrum master. The primary responsibility is to eliminate any barriers that may interrupt work. Also, the team meets daily to review current tasks and any bottlenecks that need to be cleared. This way work is done in short cycles termed sprints.
What does RAID stand for in project management
- Risks
- Assumptions
- Issues
- Dependencies
What is waterfall project management
The waterfall technique is a PM strategy that emphasizes a project’s linear flow from start to finish. Additionally engineers frequently employ this style. It is a front-load and relies on meticulous planning, extensive documentation, and consistent execution.