What exactly is Project Management?

Project Management is considered to be the sum of activities of the methods, processes, skills, knowledge and experience necessary to achieve the objectives of the project.

A project may said to be a unique and transient endeavor which is undertaken in order to achieve objectives planned earlier. It may be defined in terms of outcomes, benefits or outputs. A project is designated to be a successful one if it succeeds in achieving the objectives according to the pre-determined criteria of acceptance, budget and timescale.

Project Management consists of the following core components:

  • Defining the reasons that are necessary for the project.
  • Making assessments of the requirements of the project, the specified quality of the various deliverables, the estimated resources as well as the timescales.
  • Developing a business case in order to justify the investment.
  • To secure corporate funding and agreement.
  • Preparing and seeing to it that a project management plan is implemented.
  • Provide leadership to the delivery team of the project and motivating it.
  • Manage the issues, risks and changes in the project.
  • Monitoring the actual progress and comparing it with the estimates of the plan.
  • Manage the budget of the project.
  • Maintain communications with the stake holders as well as the project organization.
  • Providing Management.
  • Shut the doors on the project in a controlled manner if required.
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When to Use Project Management?

Projects may be distinguished from the usual business and require people to work as a whole on a temporary basis and focus on specific objectives of the project. As a result of this, effective teamwork is essential to the successful completion of projects.

Project management centrally concerns itself with management of discrete packages of work in order to achieve particular objectives. The management of work is dependent on factors of wide variety like:

  • The significance, scale and complexity are obvious factors that the work is concerned with.
  • The nature of the particular objectives.

The objectives may find expression as the output, outcome, benefits or objectives that further influence the strategy devised by the organization.

Why is Project Management Used?

Investments in project management have a number of associated benefits to both the organization that plays host to the project and the people who are involved in delivering the same. It helps in:

  • Providing a better chance of achieving the result that is to be desired.
  • Make sure that resources are efficiently and optimally used and finally
  • Satisfying the diverse needs of the stakeholders of the project.

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