Project Management

 

 Definition of a project

 In the context of project management, a project is a temporary endeavor with a unique goal and a budget.

  • The unique goal is generally a product, service or result.
  • Every project has a beginning and an end.
  • When a project achieves its objectives or when it does not achieve its objectives due to lack of time, resources or money, it ends.
  • Though projects are temporary, the results they create are not. In addition, most projects have a social, economic or environmental impact.
  • A project can produce both tangible and intangible results.

 

What is project management?

  • Project management is applying knowledge, skills and tools in order to achieve a project’s objective.
  • It boils down to answering few crucial questions mentioned below.
  • What problem are you solving?
  • How are you going to solve the problem?
  • What is your plan?
  • When work should occur and how things like communication and change management should occur?
  • How will you know when you are done and what is the success criteria?
  • How well did the project go? What worked well? What did not go well? How can we do it better?

 

What skills do project managers need?

Technical skills specific to project management: like how to build a project plan, project schedule and how to measure performance.

Business expertise: Project managers should understand their company’s business. This helps them identify how a project will fit into the company’s strategic and tactical goals.  

Interpersonal skills: Ability to inspire, motivate and hold the team accountable is another important skill a project manager should posses. 

 

Five groups of processes help in guiding the project successfully from beginning to end. These are

Initiating

  • Define project
  • Develop scope
  • Estimate cost
  • Plan resources
  • Identify project stakeholders

Planning:

  • How to complete the project
  • What are we going to do?
  • How are we going to do it?
  • How will we know when we are done?

Executing

  • Launch the project
  • Bring resources onboard
  • Execute the plan through work

Monitoring and controlling

  • Measure metrics
  • Report performance and adjust to get it on track

Closing

  • Get the client to accept the project is complete
  • Document project performance
  • Gather lessons learnt
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