Key Components of Project Management

 Project management essentials are the most important components of any project that determine in which direction a project journey proceeds. They give the outline of planning, implementing, tracking, and transitioning a project in a successful manner. These are the major elements that are essential in building a project that is well-managed:

                                                                           

1. Project Scope Management

Definition: Scope management is describes what is in the project and what is not in the project. It establishes clear lines and objectives for the end products.

 Key Activities:

•  Scope Planning: Clarify organizational goals, deliverables and scope of the project.
•  Scope Definition: Decompose a big picture scope into smaller parts which are manageable.
•  Scope Verification: See to it that the stakeholders have to agree on the extent of the project and it is clearly written down.
•  Scope Control: Keep track of the changes of the scope and deal with the variations from the initially planned scope (also termed as the scope creep).

2. Time Management

• Definition: The task of time management makes sure that a project is being finished within the stipulated time by setting deadlines, the duration of each task, and controlling the schedule.

• Key Activities:

•  Activity Definition: Discover all activities that are essential to complete it.
•  Sequence Activities: Organise activities in the sequence in which activities are meant to be done.
•  Estimate Activity Duration: Estimate the duration of a time to complete each task.
•  Schedule Development: construct a Gantt chart or project time line.
• Schedule Control: Track through progress and make the necessary adjustment in order to keep the project in schedule.

3. Cost Management

 Definition: Cost management implies that the project finishes on the approved budget and the financial resources are being controlled.

Key Activities:

•  Cost Estimation: Estimate the costs associated with each project task or activity.
• Budgeting: create a project budget by assigning costs against every task or resource.
•  cost control: Monitor the expenses incurred during the project and be able to adjust so as not to exceed the budget.

4. Quality Management

Definition: Quality management will help to make sure that project corresponds to the necessary standards of quality and accomplishes the wishes of the stakeholders.

 Key Activities:

•   Quality Assurance: Frequently conduct check of processes to determine whether quality standards are being adhered.
•  Quality Control: Keep a track and measure project output to the level of attaining the standard of quality required and make a change wherever necessary.

5. Human Resource Management

 Definition: Human resource management is devoted to proper allocation of the right persons with the proper skills to the project and ensuring the effectiveness in working that goes on.

• Key Activities:

• Resource Planning: Establish the amount of human resource required in the project and the skills required.
•  Staff Acquisition: Get or delegate team members who are able to perform it.
• Team Building: Create teamwork and train or assist when necessary.
•  Performance Management of Teams: Manage team members performance, conflicts and team motivation.

6. Communication Management

 Definition: Communication management lies in the scope of ensuring that the concerned information reaches the stakeholders in an efficient and timely manner.

• Key Activities:

•  Communication Planning: Clarify on the manner and time of communicating information regarding project to stakeholders.
•  Information Distribution: Distribute project updates, status reports and other important information to the stakeholders.
•  Performance Reporting: Make frequent reports of project performance, risks, issues, and alterations.
•  Stakeholder Management: Involve the stakeholders and maintain contact so that they are satisfied with the expectations.

7. Risk Management

Definition Risk management is the process of discovery, evaluation and taking action on project risks in order to reduce the effect the risk will have on project goals.

 Key Activities:

•  Risk Identification: List possible risks that would affect the project.
•  Risk Analysis: the estimate the probable risks and their effects.
•  Risk Monitoring and Control: monitor risks on an ongoing state and modify reactions as needed across the project.

8. Procurement Management

Definition: Procurement management implies the acquisition of products, services or resources in an external supplier or vendor to satisfy the project demands.

Important Activities:

•  Procurement Planning: Determine what has to be purchased and what criteria has to be used when choosing the suppliers.
•  Vendor Selection: Carry out the vendor selection, contractors, or suppliers in the form of a bid or a negotiation.
•  Contract Management: Deal with contracts and agreements to make sure that the terms are fulfilled.
•  Control Procurements: Review performance of procurements, and make sure that goods and services are delivered at the right time.

9. Stakeholder Management

Definition Stakeholder management aims to identify and handle the interests, expectations and needs of all parties involved or interested in the project.

Important Activities:

•  Stakeholder identification: Identify all the people, groups or companies who might be affected by the project.
• Plan Stakeholder Engagement: Create a framework of communicating and engaging stakeholders.
• Control Stakeholders expectations: Make sure that stakeholders are communicated to, engaged and happy with the project development.
•  Track stakeholder interest: Keep a constant count of how stakeholders are reacting to the project and decide to alter engagement tactics when needed.

10. Integration Management

• Definition: Integration management is the process that facilitates the fact that all these elements of the projects are well synchronized and aligned to the overall objectives. It entails coordination of various aspects of the project so that they can work harmoniously.

Key Activities:

• To develop Project Charter: This is a formal way of establishing the existence of the project and its main objectives.
•  Develop Project Management Plan: This is a document that involves the formulation of a detailed plan that explains how the project will be tackled in terms of management, execution and control mechanisms.
•  Direct and Manage Project Work: Person is in charge of managing the day-to-day work taking place on the project to make sure that everything is going according to plan.
•  Monitor and Control Project Work: This is to keep track on how the project is performing and to correct the situations where the performance falls out of line with the project plan.
•  Implement Integrated Change Control: Exert control on alterations in the project scope, schedule and resources in order to prevent disruption of the project.

Summary:

The major elements of a project management, which include scope, time, cost, quality, human resources, communication, risk, procurement, stakeholder management and integration are used in integrating a project into a successful project. Each of them is a very important element in controlling various segments of the project, as well as the initial planning to the final delivery and should be monitored at all times and must be changed to guarantee adaptability of the project being made. Project management becomes effective when the given components are balanced to achieve project objectives whilst going through challenges and changes.