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What is Project Management?

Updated on 09 September 2022
Divyanshi Sharma
15 min read 16 views
Updated on 09 September 2022

The planning and coordination of a company's resources to advance the completion of a certain work, event, or duty is known as project management. The resources managed include people, money, technology, and intellectual property, and it may involve a one-time project or continuing work.

Project management is frequently connected to industries like engineering, building, and, more recently, healthcare and information technology (IT), which frequently require the completion of a complicated set of components and their precise assembly to produce a finished product.

Regardless of the industry, the project manager's duties typically consist of determining when and by whom the various project components are to be completed as well as helping to establish the project's goals and objectives. Additionally, they develop quality control checks to guarantee finished components adhere to a set standard.

Knowledge of project management

Planning, initiation, execution, monitoring, and closing are the general stages of the project management process.

Every project requires a comprehensive strategy that details how things will begin, develop, and come to a successful conclusion. For instance, the design begins with an idea in architecture and develops through sketches, blueprint drafting, and other stages as thousands of tiny components come together at each stage. The architect is merely one person who contributes one puzzle piece. The project manager assembles everything.

Every project typically has a spending limit and a deadline. Everything stays on schedule, within budget, and moving smoothly thanks to project management. This means that when the project's timeline approaches, the project manager may continue to work with the entire team to complete it on time.

Project Management Category

To address the unique requirements of particular sectors or project types, a wide variety of project management models have been developed. These are a few of them:

1. Project Management Waterfall

Similar to standard project management, but with the restriction that each task must be finished before the subsequent one begins. Progress is linear and flowing in one direction, much like a waterfall. This makes paying close attention to work sequences and deadlines crucial in this kind of project management. The team size working on the project will frequently increase as smaller activities are finished and larger tasks start.

2. Project Management using Agile

One of the first industries to employ this concept was the computer software sector. Agile project management is an iterative approach with a focus on continual monitoring and improvement of deliverables. Its foundation is found in the 12 basic principles of the Agile Manifesto. Delivering value to customers, interacting with teams, and adjusting to the demands of the business are the fundamental drivers of high-quality output.

Agile project management does not employ a step-by-step sequential process. Instead, different team members inside an organization work together to complete the project's phases concurrently. This method allows for error detection and correction without the need to redo the entire process.

3. Management of Lean Projects

The whole point of this practice is to prevent wastage of time and resources. This methodology's guiding ideas were taken from Japanese manufacturing procedures. They are primarily motivated by the desire to increase customer value while using fewer resources.

There are many more project management approaches and types than those listed here, but these are some of the most popular. The project manager or the organization whose project is being managed will determine the type based on their preferences.

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