What is Project Management?

The process of providing something of value to others by deploying specialised skills, tools, and processes is known as project management. Some of the projects include the development of software to improve company processes, the construction of a building, the relief effort after a natural disaster, and the expansion of sales into a new geographical area.

Simply put, project management is the process of directing a team to achieve specific objectives or deliverables within a specified timeline. The purpose of project management is to successfully complete work within time, scope, and budget constraints. It involves project documentation, planning, tracking, and communication.

Because of the changing nature of work as a result of technology advancements, globalisation, and other factors, work is increasingly organised around projects, with teams formed depending on the talents required for certain tasks. Leaders of these initiatives are project professionals, those who are tasked with ensuring that a project team accomplishes its goals, either intentionally or as a result of circumstances. Managing projects requires the use of several tools, techniques, and approaches.

Importance of Project Management

Project management is vital because it provides the leadership, motivation, and impediment elimination that enable teams to launch new goods or services, increase revenue, and achieve other organisational objectives.

When done correctly, project management improves the efficiency of every aspect of the firm. As a result, your team will be free to focus on the job that matters rather than be distracted by off-course projects or soaring budgets. This enables them to produce results that directly affect the bottom line of the organization. It also allows your staff to recognise how their efforts contribute to the company's long-term objectives.

Who is a Project Manager?

A project manager is a person who organises, plans, and executes projects while adhering to budget and scheduling constraints. Project managers are responsible for directing teams, creating goals, interacting with stakeholders, and overseeing the completion of projects. A project manager is responsible for the project's success or failure, whether it's executing a marketing campaign, building a building, designing a computer system, or introducing a new product.

A project manager is responsible for:

• Determining the project's scope
• Estimating the cost of project and sticking to the budget
• Project resource management
• Keeping track of the project's progress
• Interaction with stakeholders
• Identifying risks
• Exceptional quality control

5 Phases of Project Management

• Initiation: The project initiation phase kicks off a project by defining high-level expectations such as why the project is needed, whether it is viable, and what is necessary to accomplish it.
• Planning: Project managers define the project's scope, timeline, and risks during the planning phase. The most important aspects of a successful project plan are completeness and consistency.
• Execution: The project team members are coordinated and steered through proper project communication during the project execution phase to complete the work as specified in the approved project management plan.
• Monitoring: During the project monitoring and controlling phase, the project's time, cost, and performance are compared at each stage, and adjustments to the project's activities, resources, and plan are made as needed to keep things on track.
• Closure: The project closing phase of the project management life cycle is the process of finishing the project, assessing the project deliverables, and handing them over to the business leaders.