What is project management?

Project management is the application of various skills, techniques, and tools to complete a specific project. It involves the management of the overall project, various stakeholders, and budget. The project manager is responsible for outlining the objectives of the project and the various milestones that need to be achieved to meet the overall objective.

Project management always involves developing and executing a project plan. This is why project management is so important, as without a project plan in place you’re leaving many aspects of the project to chance. Project Management ensures that the project plan is in place and that the right managerial and interpersonal skills are applied to navigate the project through to completion.

The project management process involves five key phases:

1. Planning:

outline the milestones and deliverables of the project.

2. Initiation:

Ensure stakeholders are aware of their role and the timeframes for individual tasks.

3. Execution:

Implementing the plan outlined in phases 1 and 2.

4. Monitoring:

Monitor stakeholders and completed milestones to ensure a smooth final phase to completion.

5. Closing:

Ensure all individual milestones are complete and the overall objective has been achieved.

Closing

Depending on the industry you work in, there are different approaches to project management that one can take:

1. Waterfall Project Management:

each task needs to be completed before moving on to the next one.

2. Agile Project Management:

focuses on continuous monitoring and improvement of project milestones and deliverables.

3. Lean Project Management:

avoiding waste by creating more value from fewer resources.
It may seem complicated. However, odds are you’ve already been engaged in a similar process with projects at work. Next time you’re involved with a project, remember to put your project management hat on and think through the five key phases and type of methodology that can be applied.

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