Introduction to Project Management: Key Concepts

Project management dates back to the early 1950s in its contemporary form, although its roots date back to the latter years of the 19th century. A defined method of project management emerged as companies realized the advantages of organizing job around projects-recognizing the critical need to communicate and coordinate work across departments and professions.

Project management relies mainly on planning, handling and arranging the funds accessible. Some of the components of project management are to direct the project team effectively through all stages and effectively implement the project. Other operations include the identification and efficient management of the life cycle of the project and its implementation in the user-centric development method.

Definition of Project Management

Project Management Institute (PMI) defined Project Management as "the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of a particular project."

An easy project management definition involves a few main premises: 

1. project management is no small challenge.
2. The management of the project has a definite start and end. It's not an ongoing method.
3. Project management utilizes different instruments to evaluate performance and monitor project tasks. These include structures for work breakdown, charts for Gantt and charts for PERT.
4. Projects often need resources that are ad-hoc rather than committed, prevalent full-time positions in organizations.
5. Project management lowers risk and improves opportunities for achievement.

Often, a triangle is used to summarize project management, frequently referred to as the "triple constraint." Time, price and range are the three most significant variables. These shape the vertices as the main feature of value.

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Generally, there are four key elements in the “triple constraint”: 

1. projects must be cost-effective.
2. Projects need to be delivered on time.
3. There must be scope for projects.
4. Projects must satisfy the demands of client quality.

Phases of Project Management

A project runs through six stages during its lifecycle: 

1. Project Definition: Defining the objectives, priorities and critical success factors for the project
2. Project Initiation: Everything needed to build up the project before the job can begin 
3. Project Planning: Detailed instructions on how the project will be carried out, including moment, price and resource estimates 
4. Project Execution: Working to deliver the product, service or desired outcome 
5. Project Monitoring & Control: Ensuring that a project remains on track and taking corrective action to ensure completion of the project: 
6. Project Closure: Formal acceptance of the deliverables and disbandment of all the elements required to run the project

Role of a Project Manager

Accountability of the entire project is the role of the project manager. The task of the project manager is to guide, monitor and regulate the project from start to finish. Project managers should not perform the tasks within the project - it is sufficient to manage the project. Here are some of the operations undertaken by a project manager:

1. The project manager has to identify the project, decrease it to a collection of manageable activities, get adequate funds and create a squad to do the job.
2. The project manager has to set the project's ultimate objective and motivate the project squad to finish the project on time.
3. The project manager must regularly report advancement to all stakeholders.
4. The project manager must evaluate and monitor and mitigate the hazards to the project.
5. No project will ever go as scheduled. Project managers need to know how to adapt and handle the transition.

Project Manager's Skill Set

A project manager must have a range of competencies:

1. Leadership
2. People management 
3. Effective communication 
4. Influencing
5. Negotiation
6. Conflict management
7. Planning
8. Contract management
9. Estimating
10. Problem-solving
11. Creative thinking
12. Time management

Projects and project management procedures differ with each project due to their size and complexity. Project managers should gather a thorough knowledge of project demands and implement all stages of project management to perform the project efficiently.

Project management is all about establishing an atmosphere and circumstances for achieving a specific goal or objective with a group of individuals in a monitored way.

If you are acquainted with what project management entails, from the phase to mitigating everything that might (and often does) go right, you will influence the end outcome-whether you are first involved in a project methodology or a trained professional.

Are you a project manager and want to join Exceeders' ever growing team? 

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