Project management is important globally, whether it is to secure the best project manager jobs or get the highest salary but do you know what is project management? It is the technique and practice of efficiently planning, executing and controlling projects. It includes managing resources, establishing clear goals, and ensuring that all aspects of the project are on plan.
Therefore, we have brought you this blog that will explore what is project management, key components, phases & benefits! READ ON.
Make sure to check: Project Manager Salary: How Much Project Managers Earns?
What is Project Management?
What is project management: Project management is the use of particular knowledge, skills, tools, and processes in order to deliver something valuable for people.
In order to advance a particular work, event, or duty toward completion, it includes the planning and coordination of a company’s resources. Managed resources include people, money, technology, and intellectual property, and they can be used for one-time projects or ongoing operations.
Project Management Key Components
Key components include:
- Time: The duration of the work
- Cost: The budget/expenses established for the work
- Scope: What innovations or improvements will be delivered by the project or what is expected from the project
- Quality: The desired features of the project’s conclusion
5 Phases of Project Management
A project management life cycle is divided into five separate phases, according to the PMBOK Guide issued by the PMI.
The 5 basic phases of project management are as follows:
1. Initiation
2. Planning
3. Execution
4. Monitoring & Control
5. Closure
Here is a short overview of Project Management Phases.
1. Initiation:
The first step is the initiation phase which turns an idea into an achievable goal in the project. You must create a business plan as well as provide an overview of the project at this point. You have to first determine the project’s need and establish a mission statement in order to do that.
2. Planning:
The project planning phase requires careful planning because it sets out the project’s direction. The primary tasks of this phase include establishing objectives and deliverables, identifying technical needs, building a solid project schedule, and planning communication.
S.M.A.R.T. and C.L.E.A.R. are the most popular methods for defining project goals.
| S.M.A.R.T. Goals | C.L.E.A.R. Goals |
| The ‘SMART’ norms ensure that the goals you establish for your project are carefully examined. It is an effective method that helps project managers to set specific and achievable targets. | The ‘CLEAR’ technique of goal-setting is designed to meet the evolving nature of today’s workplace. Hence, today’s dynamic enterprises want flexibility and instant results, which CLEAR can provide. |
| SMART stands for- S- Specific M- Measurable A- Attainable R- Realistic T- Timely | CLEAR stands for- C- Collaborative L- Limited E- Emotional A- Appreciable R- Refinable |
3. Execution:
The project execution phase is where your team really achieves their goals. Hence, your duty as a project manager is to create effective workflows and carefully monitor your team’s progress.
4. Monitoring & Control:
Project monitoring & control is essential for project success. Hence, The project monitoring and controlling phase runs along with project execution in order to ensure that project goals are met.
5. Closure:
This is the last stage of the project process. The project closing phase defines the completion of the project.
These may include the submission of a final product, the fulfillment of contractual tasks, and the release of project resources.
Benefits of Project Management
After understanding “what is project management”, you should be aware of its benefits of it.
List of some benefits of project management for your business include:
- Increases your chances of getting the desired outcome
- Acquire new insight into your project and how it relates to your corporate strategy in order to achieve success
- Place resources in order of importance and make sure they are used effectively
- Set the scope, plan, and funds correctly from the beginning
- Maintain timeliness while keeping expenses and resources under budget
- Increase productivity as well as work quality
- Support regular communication among employees, suppliers, and clients
- Meet the various demands of the project’s stakeholders
- Reduce the chances of a project failing
- Enhance client satisfaction
- Obtain a competitive advantage and increase your profit
Is there any demand for Project Management?
The demand for Project Management is increasing as the world’s economy shifts toward a project-oriented structure and the practice of project management grows in industries that were earlier less project-oriented.
According to the PMI, there is a growing gap between the demand from businesses for qualified PMPs and the number of skilled workers who are able to fill those positions.
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Frequently Asked Questions
ANS: It deals with achieving specific goals within a specific timeframe, whereas general management is concerned with an organization’s overall operations.
ANS: Yes, it may be used for personal initiatives such as renovation, event organizing, or pursuing a passion.
ANS: The primary function of Stakeholders is that they have an ownership stake in the success of the project and frequently contribute comments, funds, or permissions at various phases of the project.
ANS: Software used are Microsoft, Trello, Asana, and Jira. Hence, the software depends on the project’s complexity and the preferences of the team.
