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Broadly in the online assignment arena, Project Management, as the name depicts; is a perfect blend of two words `project’ and `management’. A clear understanding of the field requires a clear comprehension of the two terms, project and management.
What is a Project?
A project is a task or activity undertaken to achieve or help in achieving a goal/ aim. It is carried out by individuals or groups or indivi
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Broadly in the online assignment arena, Project Management, as the name depicts; is a perfect blend of two words `project’ and `management’. A clear understanding of the field requires a clear comprehension of the two terms, project and management.
What is a Project?
A project is a task or activity undertaken to achieve or help in achieving a goal/ aim. It is carried out by individuals or groups or individuals, all aligned together for the successful completion of the project and achievement of the project's goal.
What is Management?
Management is the process of administering a project's life cycle appropriately to achieve the project goal. Management involves the application of fourteen principles of management by Henri Fayol to achieve the goals of the organization.
Intertwining the two concepts of Project and Management, the fields/ study of Project Management is carried out.
What is Project Management?
Project Management involves the application of management theories, principles, and techniques to fulfill the requirements of the project to achieve a goal/ aim.
Project Management is carried out by project managers, who are assigned the responsibility of managing the project's life cycle throughout the process by applying useful techniques and methods.
Managing a project is a continuous process, i.e. it is carried out throughout the project's life cycle, which involves five stages. Explication of Stages of Project Management
As described by Project Management Institution, managing a project effectively and with complete efficiency involves full completion of the five stages of the project's life cycle. These stages/ processes are initiations, planning, execution, control, and closure.
Initiation Process:
This is the beginning stage of a project. It analyzes whether the project is feasible or not and can be undertaken or not. The stage involves discussion with stakeholders on the same and finalizing the undertaking of the project and analyzing its feasibility.
After the agreement of involved stakeholders, a Project Initiation The document is created by a project manager enlisting all the requirements for the project and its goal/ purpose.
Stage of Planning:
This stage plays a crucial role in the execution and application of practical project management skills. The planning process is a stage of the project's life that focuses on establishing a road map for the project, roles, and responsibilities of the project team/ involved individuals, and setting goals of the project.
S. M.A.R.T. Goals and C.L.E.A.R. Goals are the two most widely chosen methods for setting up the goals of the project.
S.M.A.R.T. goals- Specific, Measurable, Attainable, Realistic and Timely C. L.E.A.R. goals- Collaborative, Limited, Emotional, Appreciable and Refinable.
Execution Process:
A significant section of the project's work occurs during this stage as is practically performing the activities assigned to be completed for the completion of a project. This stage of the project's life cycle involves various tasks that are to be carried out. These include:
Establishing a team
Assigning the available resources
Execution of activities enlisted in the Project Management Plan
Direction and Execution of Project by the Project Manager
V) Review Meetings for the project and status overview
Modification of project management plan if required during the process
Process of Monitoring Project:
The stage involves reviewing the project's activities to ensure the alignment with the Project Management Plan and Project goals through analyzing Key Performance Indicators.
KPI is used as a measuring/ analyzing tool to depict the growth or performance of an organization or tasks undertaken by an organization. A project manager makes use of Key Performance Indicators such as project objectives, deliverables, project performance, cost-effectiveness, and others; to depict the growth and performance of a project.
Closing Process:
This stage of the project symbolizes the project's completion. The stage analyzes the successes and failures of the project. The evaluation process helps in understanding the lessons learned during the journey and holds a significant role in future project decisions.
During this stage, a final budget and final report of the project are established and verified, and all these documents are stored among other project files.
Restrictions in Project Management
During the project's life cycle, a project manager and his team are faced with some fundamental constraints that include:
Time Constraints: The project is to be completed within the given period, and all tasks are to be completed within the deadline.
Scope Constraints: Projects are carried out as per the set goals, expected deliverable, and its features and functions along with the assigned tasks. Cost Constraints: The task is planned to be executed under or equal to the project budget.
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