Introduction
To emphasize the importance of project management in business, it is essential first to understand that today’s business climate is highly dynamic. Project deliverables that meet the required specifications, volume, cost and time requirements are a critical element of modern day competition. Project management is an occupation that adapts to new processes, strategies, tools, and methods that enable a professional to complete their projects in the best way possible.
Project management is not limited to drawing up a schedule, delegating tasks, and check whether the work accomplished corresponds to the plan; and establishing a team, maintaining communication, Identifying and Evaluating risk And making decision . In this all-in-some guide, you will learn about the fundamentals of Project management and how you can establish a baseline for project management to increase your chances of getting positive results in your Project.
1. Defining Project Management
Project management could be described as the systematic application of knowledge, skills, tools and demonstrated techniques in controlling the project activities with the intention of meeting the project requirements. This comprise the process of planning, organizing, directing and controlling of organisational resources for the purpose of achieving specific aims and targets in relation to the project goals.The planning process in the operation of the company.
Project management has many approaches, but there are the most common ones, including Waterfall, Agile, and Scrum PM methodologies. As it derives from the work of Zarate, the decision about what methodology to use depends on the specificity of the project, the structure of the team and the business needs.
2. Parts of Project Management
A. Project Scope
The scope states the limits, what the project entitles and excludes in terms of the final product of the project. Project scope statement can be defined as a statement that describes the characteristics of a project and key factors that must be understood in order to manage it. It acts against scope drift, which often leads to extension of time and increased cost.
B. Project Schedule
A project schedule defines activities’ sequence, intermediate results, and time needed to carry out the project within the planned period. It should be developed out of a project requirement and resource and dependency analysis of the project. The use of project calendar and project timeline can be easily resolved by using Gantt charts and Critical Path Method (CPM).
C. Project Budget
Project budget is another planning document which gives an estimated cost in terms of resources, material and people needed to accomplish the project. In order to be prepared, they should be done in conjunction of the project stakeholders and cost estimates selected should be sensible and feasible. Best practices in cost control such as Earned Value Management (EVM) can be used to keep and/or bring cost within a specific project.
D. Project Team
The team of a project is composed of people who are delegated the task of providing the deliverables of the project. Developing a great team is important for project success because everyone who is involved in a project works hand in hand, shares information and brainstorm ideas. Based on the work description and scope, the project manager needs to identify qualified people who share the company’s desired goal and have the expertise to deliver on the project goals.
E. Project Communication
All feedback and communication are necessary in project management. The project manager should set up communication and define the information dissemination process, record the project information and regularly report it to stakeholders. These are effective communication including: listening, factors that facilitate or hinder communication and positive attitude that involves understanding the needs of the project team and stakeholders.
3. Select tools and techniques being used in the management of project
Project Management Software
If we talk about project management software it has radically changed the way of working and definitely the way of planning, scheduling, controlling and executing a project. Popular project management software include; Microsoft Project, Asana, Trello and Jira. Some of these tools assist in managing projects so that work procedures get done in less time, some tools perform repetitive tasks, and some of those tools ensure that the members of the project are synched well.
B. Risk Management
Risk management transforms into a critical process of identifying those threats that might exist in a given project and suggesting ways in which the outcomes of such threats may be reduced. It means that the project manager should assess the risks, establish responses to these risks, and update the risk register and risk control processes in order to maintain the project’s proper progress.
C. Quality Management
It involves activities that will see that end products of the project provided are of the necessary standards and quality as needed. In project management, quality assurance framework should be set up by the project manager, services should be inspected and corrective actions taken when necessary to improve service quality involved.
4. Lessons Learned
Project closure is getting done all activities, putting out the deliverables of the project and the final acceptance of the project by the stakeholders. In this case, the project manager should set a lessons learned session where students outline successes, issues and even opportunities that could have been useful in other projects forward.
Conclusion
Project management is the competency of properly handling the multifaceted aspects of projects such as the scope, schedule, cost/ budget, people andghanizational/ team, communication and risk. And if the good practices are employed and PM and PMB are managed and controlled by employing the tools and techniques of Project Management, success of projects, can help programme in achieving its goals.
With technology growing and fast developing there is always evolving strategies of project management and thus the project managers must always ensure to be updated in the modern market. As a means to handle the challenge from the change in the market by engaging oneself in the continuous learning processes, career development and Networking with other project managers.
On the whole one can say that good project management is the competence of organizational success. This guide will help project managers enhance the efficacy of their projects as well as be a significant asset to their organization’s overall development.
