What is Project Management?
Project Management is defined as the processes, procedures, people, and technology that clearly is responsible for the successful implementation of a project in a timely and cost-effective way.
PMP Project Management is a process driven framework of continuous delivery of solutions and services. Project Delivery and execution requires standards and best practices. Project Managers to ensure timely closure of projects. The closure of projects need to also be in a cost-effective,quality driven and as per customer specifications. PMP project management is defined as the principles, tools, and methods to provide quality project delivery. Project Management PMP is a recognized and internationally accepted accredited degree validating your expertise in business project management. A variety of different project management tools drive results. Project management tools relate to both the technical aspect and the human aspect of project delivery. Also, Project Management fundamentals and Project Management framework defines the best practices and execution methodologies to close projects in a timely and cost-effective environment.
Project Management revolves around a particular project. A project is a unique attempt to achieve a particular and signed off objective or objectives. The objectives can take the shape and form of any outcome or output. Project outcomes are governed by the requirements of the organization.
A key difference between a generic management activity and project project is that the outcome of a project management life cycle is a definitive, finite result. This is not the case of a generic management activity.
Core Components of Any Project Management
The following are the core components of Project Management:
- Defining the reason to implement the project
- Capturing of all the pre-requisites and mandatory requirements
- Estimating cost, human resources and time of project delivery
- Securing funding and management approval
- Developing a project management plan
- Leading and motivating the project delivery team
- Monitoring the progress of the project
- Monitoring and mitigating risks and hurdles
- Clearly communicating the milestones to stakeholders
- Handling Service Agreements
- Closing the Project
When Do you Use Project Management?
Project Management scope and delivery is kick-started when an organization requires a particular outcome. An example, is when a company wants to roll out a particular item for a particular event. That product is a unique item that needs to be made in a certain amount of time. People, cost and time will be required to get that item manufactured and shipped.
Other project examples:
- Reducing cost of a particular service offering
- Constructing a new building
- Software development
Project Management Life Cycle
Any project follows a particular life cycle. The following are the main groups that constitute the life-cycle:
- Monitoring and Controlling
Project Management Knowledge Areas
The following are the main project management knowledge areas:
- Human resources
- Risk management
- Stakeholder management