What is Project Management?

 Project Management is an attempt to plan, organize, lead and control resources to arrive at certain goals and objectives in a specific time frame and budget. It entails the utilization of knowledge, skills, tools and techniques to address the needs of the project. The main aim of project management is to come up with a successful project in terms of it being done on time, within budget, within scope.

                                                                    

what_is_project_management

Some of the Project Management Key Components:

1. Project Scope: Project Scope specifies what is to be included in the project and what not. It defines the scope of project and what is required to be provided.

2. Time Management: This is whereby a schedule of the project, major milestones and deadlines are worked out and projects are delivered at the right times.

3. Cost Management: This leads to planning and control of the budget, so that the project would be safely arrived at the end of the available financial resources.

4. Quality Management: Provides that the deliverables provided by the project are qualified according to the necessary requirements of quality and fulfilling the assumptions of the other individuals involved.

5. Risk Management: Evaluates risks and devises methods to curb, track and tackle the risks during project stage.

6. Human Resources Management: It makes sure that the team has the right set of people and they are well coordinated, motivated and aligned to meet the project goals.

7. Communication Management: The provision assures information is effectively exchanged with all stake holders in the project including the team members, sponsors, and clients.

8. Procurement Management: It entails the use of external procurements of services or products needed to run a project.

9. Stakeholder Management: It entails the process of discovery and handling the interests of everyone and the expectations of all parties with a vested interest in the outcome of the project.


Stages of Project Management:

1. Initiation: Characterizing the project, purpose, objectives, scope, as well as identifying stakeholders.

2. Planning: preparing a detailed project plan that will indicate how the project should be achieved, monitored and closed.

3. Execution: Making the project plan and putting it into operation, organizing people and resources, and doing the job necessary.

4. Monitoring and Controlling: Overseeing the proper progress of the project and comparing how it is being performed to the plan laid out and rectifying changes where necessary.

5. Closing: Finishing the project, providing the last product, and closing down the entire project-related activity.
                                                                               
                                                                                   
Agile Project Management

Project Management Methodologies:

Project management has a number of methods deployed based on the nature of the project and the requirement of the organization. Examples of some of the common methodologies are:

• Waterfall: this is linear and squared method mostly applied in construction or software projects.

• Agile: A flexible process that is easy to maintain and builds on value in increments to achieve a final product, which is applied to software development and product development.

• Scrum: a framework within Agile involving definite roles, occasions and artifacts to run short-schedule projects in short bursts known as sprints.

• Lean: Emphasis is put on the removal of waste and increases efficiency, commonly used in the manufacturing industry and process-related ventures.

The importance of Project Management:

• Efficiency: Assists in the optimization of resources and cost savings, as well as management of time.

• Risk Mitigation: It enables the identification and management of risks in a better way, minimizing chances of failure of the project.

• Stakeholder Satisfaction: Helps to make sure that the needs and expectation of the stakeholders are fulfilled.

• Quality Control: Makes sure that outcomes of the projects are of certain quality.

Project management plays a critical role in any other industry in which projects are undertaken- construction industry, software development industry, healthcare industry and marketing industry. Effective project management assists companies to pursue strategic goals and produce value in the process.

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