What is Project Management? All You Need to Know

Project Management involves managing, organising, and Planning resources to achieve specific goals within a set timeframe. It requires handling tasks in an organised way, ensuring that objectives are met efficiently. From managing team size and roles to implementing Effective Communication strategies, Project Management adapts to the needs of each project.

Are you ready to lead teams and drive projects to success, meeting business goals on time? A Career in Project Management might be the perfect fit for you. If you're new to this exciting field, don't worry. We're here to guide you step by step through the basics of Project Management. You'll learn What is Project Management and why it can be a great and rewarding career choice.

Curious to learn more? Read this blog to explore how Project Management can enhance your career and help you lead projects successfully.

Table of Contents

1) What is Project Management?

2) What is a Project?

3) Why do we use Project Management?

4) Understanding Project Management

5) What Tools Are Used in Project Management?

6) Example of Project Management 

7) Conclusion

What is Project Management?

Project Management involves applying processes, methods, skills, knowledge, and experience to achieve specific project objectives within set parameters. It has final deliverables with a finite timescale and budget.

What sets Project Management apart from general management is its focus on a final deliverable and a defined timespan, unlike ongoing management. Therefore, a Project Manager needs a variety of skills, including technical skills, people management, and business awareness.

What is a Project?

A project is a unique and temporary effort to achieve planned goals, which can be defined in terms of outputs, outcomes, or benefits. A project is considered successful if it meets its objectives within the agreed timescale and budget. Every project relies on three main elements:

a) Time: Scheduling Techniques are used to develop and present when work will be performed.

b) Cost: How necessary funds are acquired and finances managed.

c) Quality: How is the fitness for the purpose of deliverables and management processes ensured?

Why do we use Project Management?

We use Project Management to create an end product that brings positive change to an organisation. It involves initiating, planning, and controlling various tasks to achieve this goal. Projects that need formal management typically:

a) Produce something new or modified, whether tangible or intangible.

b) Have a clear start and end date.

c) Are complex in terms of tasks or teams involved.

d) Require managing changes.

e) Require managing risks.

Investing in effective Project Management offers several benefits:

a) Increases the chances of achieving the desired outcome.

b) Ensures efficient and optimal use of resources.

c) Meets the diverse needs of the project’s stakeholders.

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Understanding Project Management

Project management generally involves five stages: planning, initiation, execution, monitoring, and closing. Although it's commonly associated with fields like engineering, construction, healthcare, and IT, project management is crucial in many industries to complete and assemble complex components into a functioning product.

Regardless of the industry, project managers have similar roles: defining goals and objectives, assigning tasks, and ensuring quality control. They work within a budget and timeframe, using a triage process to keep projects on track. This means keeping all team members focused to finish on schedule when deadlines approach.

There are several project management approaches designed for industry-specific needs. Let’s explore some of them below.

Project Management Approaches

Project Management Methods offer structured approaches to handling and completing project activities efficiently. These methods help organise work, reduce complexities, save costs, and minimise risks. Below are some of the most common Project Management approaches:

Predictive Project Management

Predictive Project Management is also known as the Waterfall methodology. This approach is a linear and sequential process where each phase must be completed before moving on to the next. It's ideal for projects with clearly defined goals and stable requirements. Examples of this approach include the Critical Path Method (CPM) and PRINCE2.

Adaptive Project Management

This is a flexible, iterative process that breaks projects into short "sprints,". It incorporates frequent feedback and allows for changes throughout the project. This approach is suited for projects that may evolve, like product development. Examples include Scrum, Kanban, and Extreme Programming (XP).

Hybrid Project Management

The hybrid approach combines predictive and adaptive methodologies. It lets teams use the best aspects of both based on project needs. It can be customised for specific organisational requirements. A prime example is Scrumban, which blends Scrum and Kanban elements.

Six Sigma Project Management

Six Sigma is focused on improving quality by reducing errors and defects. It uses statistical tools to identify and eliminate causes of variation. Often used in large organisations, it aims to improve processes and eliminate waste, employing methodologies like DMAIC (Define, Measure, Analyse, Improve, Control).

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Types of Project Management 

Over the years, numerous project management methodologies have been created to meet the diverse needs of various industries. Certain methodologies are more effective for projects of specific sizes and complexity levels. Here is a list of the key project management methodologies you must know about.

Waterfall Project Management

This linear, sequential approach requires each task to be completed before the next starts, focusing heavily on task sequences and timelines. Teams often grow as smaller tasks are completed and larger ones begin.

Agile Project Management

An iterative process used initially in software development, Agile focuses on continuous monitoring and improvement. It completes project phases in parallel, allowing for quick error identification and correction without restarting the entire process.

Lean Project Management

Lean aims to avoid waste of time and resources, focusing on creating more value for customers with fewer resources. Only resources directly contributing to project completion are used, similar to lean enterprise principles.

Kanban Project Management

Kanban is a widely used project management approach that uses visual boards and cards to manage work. It optimises workflows, particularly in lean and agile environments, and is often used by agile and scrum teams.

Scrum Project Management

Scrum is a popular agile framework, which is used in product and software development. It facilitates collaboration, flexibility, and iterative progress in projects.

Different Stages of Project Management 

In Project Management, phases help improve project quality by reducing risks. Breaking the process into tasks based on time and complexity ensures timely delivery and higher quality. There are mainly five phases in Project Management: 

Initiation:

The project begins with defining its vision, objectives, and feasibility.

Planning:

A project plan is created, tasks are sequenced, resources are allocated, and risks are identified.

Execution:

The project plan is implemented, tasks are completed, and quality standards are maintained.

Monitoring:

Project performance is tracked, deviations are corrected, and changes are managed.

Closing:

Final deliverables are handed over, administrative tasks are completed, and lessons are reviewed.

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What Tools Are Used in Project Management? 

There is a variety of project management tools available both online and on mobile to help manage projects effectively. Here are some essential tools for project managers:

Project Dashboard

A project dashboard is a tool for tracking costs, tasks, and progress. It's invaluable during project execution as it helps managers quickly assess if projects are on track.

Gantt Charts

A Gantt chart visually represents a project timeline, displaying all tasks in a single graph. It's used for planning, scheduling, task management, and resource management, particularly in waterfall projects. Gantt charts help schedule tasks, manage dependencies, and avoid bottlenecks by linking tasks and marking milestones with diamond symbols.

Kanban Boards

Kanban boards are task management tools that allow project managers and team members to visualise tasks. Commonly used by agile and scrum teams, they facilitate iterative sprints, are easy to use, and enhance team collaboration.

Example of Project Management

A manager leads a team to build new software apps. They start by specifying the project’s size. Then, they classify team jobs and list developers, engineers, technical writers, and quality assurance specialists. The manager prepares a schedule and assigns deadlines to tasks.

Project Managers often use diagrams like Gantt or PERT charts to show progress. These tools help determine which tasks each office will complete. They also define a budget that is more than enough to handle unforeseen events.

The manager ensures the team has the resources to build, test, and deploy the software. They unify team members from different backgrounds and explain the project’s overall purpose. While managers may be technically skilled, their main role is to turn high-level visions into real, budgeted, and time-bound results.

Conclusion

Project Management is the process of applying specific skills, knowledge, and tools to effectively plan, execute, and oversee tasks to meet project goals. It ensures projects are delivered on time, within budget, and to the desired quality. Understanding What is Project Management is essential for efficiently managing resources and achieving successful outcomes in any industry.

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