Project management involves planning and organizing a project and its resources. The process involves identifying and managing the project lifecycle, incorporating it into the user-centered design process, organizing the project team, and ensuring that it is successful throughout all of the phases of the project.
The process of planning, managing, and organizing projects is a task full of responsibilities, and project management involves the execution of all these essential tasks of an organization. Project management involves team members and managers who set predefined goals and objectives and take the responsibility of managing these teams and delivering work on time.
Every project team works under a project manager who sets goals, communicates with team members and manages and plans project deliverables, making project management the process of planning tasks and turning them into successful projects.
As per the Project Management Institute (PMI), project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. The processes of project management are divided into five groups, namely:
- Initiating
- Planning
- Executing
- Monitoring and controlling
- Closing
Why Is Project Management Important?
Project management is essential for all organizations because it plays an integral role in an organization's day-to-day operations and overall growth. The project management process involves planning tasks, leading project teams, and delivering successful projects on time. Project managers study the project life cycle, assign tasks to team members, deal with project risks, support the ongoing process, and perform every other responsibility that results in a project’s success.
Importance of Project Management
Project management is extremely important for every organization. From planning a project to executing and delivering it timely, project management helps organizations fulfill their goals and deliver high-quality work to their clients. Project management involves planning, decision-making, problem-solving, time management, risk management, and many more crucial actions that contribute toward the success of projects.
Project management ensures that there is better organization, planning, collaboration, coordination, and communication. It also involves strategies that help in achieving consistent results. Thus, an organization cannot meet its goals without proper project management methodologies and a skilled professional who has mastered project management skills and is well aware of the project management framework.
What Are the Areas of Project Management?
Scope Management: Helps in identifying the scope of the project and accelerates long-term management.
Schedule Management: This is where the tasks are organized, the deadlines or the duration of the projects are monitored. Schedule management ensures the timely delivery of projects.
Cost Management: This refers to the evaluation of budget, the estimation of the cost of the project, and implementation strategies to reduce expenses of the organization.
Quality Management: Ensuring the quality of projects delivered is up to the mark and meets the requirements of clients. Quality management is an essential part of project management and a project manager implements strategies to improve quality or maintain a consistent quality.
Resource Management: The practice of allocating people, scheduling and planning resources, and allocating resources for a project.
Communication Management: Communication is the key to organize, control, and deliver projects. Communication is also a powerful tool to interact with the teams working on projects and the clients.
Risk Management: Every project has some risk factors involved thus, risk management is the process of identifying these risk factors and managing or resolving them.
Procurement Management: This is the strategic approach for optimizing and managing the quality of goods, services, and products.
Stakeholder Management: This management method approach is implemented for monitoring and organizing relationships with stakeholders, identifying their needs, and implementing plans accordingly.
Integration Management: This approach concerns the coordination of all the elements involved in a project.
