The project management is an organized and planned effort to accomplish the specific objective of one-time, for example, implementing a main new computer system and constructing a building. The project management includes developing a plan for the project, which consists of confirming and defining the objectives and goals of the project, identifying the tasks and how the goals are achieved, quantify the needed resources and determining the timelines and budgets for completion. It also includes managing the implementation of the project plan, along with operating the regular controls to ensure that there is objective and accurate information on the performance similar to the plan, and the mechanism to implement the actions of recovery where necessary. The projects usually follow the major stages and phases that include the definition, project planning, support/maintenance, feasibility, evaluation and implementation (Robert, 1997).
Project management is organizing the project components in doubt with the project which is the new product development, a marketing campaign, the invention of new wedding or service. The project is not a part of the normal operations of the business. It was created once in a temporary manner. The project consumes the resources for fund limits.
Basics of Project Management
The basics of project management are:
- Defines the Project:
In this stage the manager of the project defines what the project is and what the people hopes to achieve to undertake the project. This stage includes a number of deliverables of the project, the output of particular activities. The manager of the project works with the sponsor of the business or the manager who has the implemented project and also with the other stakeholders who has interest in the output of the project.
- Plan the Project:
In this phase it defines all the activities of the project. The manager of the project list all the tasks and activities and describes how each task is tied to a specific deadline, how long the task takes and how the tasks are related. This stage also allows the manager of the project to define the relationships between the tasks. The manager of the project can also set the dates and milestones by which the necessary aspect of the needs of the project was met.
It also defines the requirements for finishing the project. In this stage, the manager of the project identifies how much cost is the project, how many people are involved and the other requirements which are important for finishing the project. The manager of the project also needs to manage the risks and assumptions related to the project.
- Execute the Project:
In this stage they will build the team of the project. In this stage, the manager of project knows how much budget and how many resources are required for the project. Then the manager of the project assigns the resources and allocates the budget for the different task in the project.
- Control the Project:
The manager of the project will update the plans of the project to reflect the actual elapsed time for the task. By keeping the detail of progress, the manager of the project will understand how the project is progressing well overall.
- Closing the Project:
In this phase the business owner and project manager are pulled together with the team of the project and who has interest in the output of the project.
- Robert J, Creating an Environment for Successful Projects: The Quest to Manage Project Management, 1997.
Latest posts by Priya Chetty (see all)
- Steps to conduct the capital asset pricing model (CAPM) - April 15, 2019
- Different methods ofconducting momentum analysis - April 11, 2019
- An introduction to momentum analysis - April 10, 2019