What is project management?

Published on 29-Jun-2022

A project is a collection of actions performed within a given period to achieve a specific goal. This is a unique exercise that will lead to the completion of the project goal.

 Project Management The process of starting, planning, executing, controlling, and closing a project to achieve a pre-determined goal. 

The Institute of Project Management (PMI) defines project management as "applying a wide range of knowledge, skills, tools, and strategies to meet the needs of a particular project."

 Stages in the project system

 Project concept and initiation

 The purpose of the project is discussed where this project needs to be implemented. The results of a project must be achievable, measurable, and result-oriented.

 Project defined and planned

At this stage, the project work must be written down with the action to be performed. Hiring a project manager in the planning stage is one of the most important steps. After selecting the project manager, the project team is selected and resources and responsibilities will be allocated.

 Project launch or execution

Projects are usually carried out in phases where the project team will move on to the next stage after multiple phases are completed. The project manager must ensure that the project will run smoothly and if any problems occur, any problems should be resolved.

 Project executive monitoring and control

 The project manager will compare the project status and progress to the actual plan, as it completes the scheduled tasks. At this stage, the project manager needs to adjust the schedule if it is necessary to keep the project on track.

 Project closed

Once project work is completed and results are provided, an evaluation is needed to assess project success and ensure learning for future projects. This exercise is referred to as 'post-completion audit'

 Project projects and project management are seen in many industries, including research, business management, medicine, and engineering. The project manager is an integral person in a project and must be equipped with good communication skills, analytical skills, change management skills, and negotiation skills to meet the objectives of the project.

 Project management is one of the most important components of a successful business. It affects revenue and liability, and it ultimately interacts with customer or client satisfaction and retention. Your organization is about the only one working on a project at a given moment, whereas some large companies and organizations may be juggling several tasks at the same time.


By their nature, projects are temporary. The project is one way towards a goal, and the goal will eventually be reached. A successful project manager must manage four basic elements of a project simultaneously: opportunity, resources, time, and money.

These components will be interrelated and managed together if the project and project manager are to be successful.

 Opportunities: This involves the size, goals, and requirements of the project.

 Resources: You will need people, tools, and materials in place.

 Time: This project does not address exactly how long it will take overall. It must be divided into task deadlines, dependencies, and critical paths.

 Money: There is a strong sense of cost, contingency, and profitability.

The most important element:

 Opportunity: Project Opportunity is the definition of how the project can be accomplished and the budget of time and money that has been created to achieve these goals. Any change in the project must have a combined change in budget, time, resources, or all three.

 Project Opportunity If a building is constructed for three widgets on a budget of $ 100,000, the project manager is expected to do so. If the opportunity changes for the four widgets, the project manager will need to make an appropriate change between time, money, and resources.


 Resources: There are three aspects to understanding and managing resources: people, equipment, and materials. A successful project manager must manage the resources associated with the project, including the product team, vendor staff, and subcontractors. He must ensure the skills and equipment of his staff they need to complete the work, and he must constantly monitor whether there are enough people in place to complete the project on time. His work ensures that everyone understands the tasks and timelines of the project.

 When the project manager supervises the team directly, almost every group's leading officer reports to him, but employees can even have a line manager who provides strategic advice. Labor sub-manager management usually means team leadership management for subcontract workers who rearrange those workers. A project manager must be able to better collect tools and materials and manage their use so that the team can effectively become proficient. He is responsible for keeping the right place and the right equipment at the right time.

 Time: The three components of successful time management are action, schedule, and critical path. Schedule projects by list, so that, all the work that must be done. Some should be completed in order, while others may overlap or be completed simultaneously. Each task is assigned a specific time. Allocation of necessary resources. Determining the precedent - what other work should be done - and the heirs, the work that cannot be started until each other's work is finished. This aspect of project management is sometimes called waterfall management because one task acts more or less sequentially. Project management software can make project scheduling and management easier.


 Some actions have little flexibility between their required start and end dates. It’s called “flat”. There is no flexibility in other work. They have zero floats. A line of all works with zero floating is called a critical path. If the project is completed within the timeframe of all works on this path - and maybe multiple, parallel paths - it must be completed. The key time management task of the project manager is to monitor the critical path.

 Money: The three considerations of money management are cost, feasibility, and profit. Each job has a cost, whether it is the purchase hours of a computer programmer's labor hours or the purchase price of a cube of concrete. Each of these costs is approximate and total during the preparation of the project budget. Some assumptions will be more accurate than others. The project budget must provide regional allowance money set aside in the budget means “just in case” the actual cost of an item differs from the estimated. The company wants money from the profit task. It is kept above cost

So a project budget is made up of estimated costs, as well as contingency, plus no profit The job of the project manager is to keep the estimated cost or actual value below and to make a profit on the project company.


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