What is Project Management?

To understand the meaning of project management, you have to break it down a bit. Let’s start with what is a project?

A project is a brief endeavor started to create a new product, offer a specific service or get a certain result.

Each project is temporary so it has an exact start and ending time, and therefor has an exact outlook and meaning.

Each project is unique and has its own set of operations set out to achieve one single goal. A project team can include people working in different areas and sometime even different companies across various areas.

Each part of the project must be expertly managed so that the work will be done on time and the project budget not overspent.

So, project management is the process of using certain knowledge, skills, tools and techniques to create a certain thing or get a certain result.

Each project management process can be placed into five groups:

  • Initiating
  • Planning
  • Executing
  • Monitoring and Controlling
  • Closing

Project management knowledge appeals on ten areas, namely:

  • Integration
  • Cost
  • Human Resources
  • Stakeholder management
  • Scope
  • Quality
  • Communications
  • Time
  • Procurement
  • Risk Management

What Is Project Management?
All management fields are concerned with these areas but project management brings a distinctive focus created by the end results, resources and schedules of each individual project.

Why do we use Project Management?

Spending money on effectual project management will not only give great benefit to the host company but also the people involved in the project itself. A successful project will:

  • Give a greater opportunity to achieve the desired result,
  • Confirm proficient and best value use of the resources,
  • Satisfy the needs of all the different project investors.

The value of good Project Management

Good project management practice adds great value to a company, the project and the project manager. Successful project management results in:

  • Completing projects on time and more cost effectively.
  • Work estimation will be precise.
  • Saving energy and cost with proactive project management.
  • Better, quicker solutions to problems that might arise during the process of the project.
  • Solving problems faster.
  • Solving potential future project hazards before it happens.
  • More effective communication between the investors, customers and team members.
  • Building a higher quality product first time round.
  • Improved financial management.
  • Identifying and stopping bad projects faster.
  • Better focus on metrics and fact-based decision making.
  • Improved working environment.

Why everyone doesn’t practice good project management

  • It requires upfront investment of time and energy.
  • The company is not committed.
  • You do not have the right or enough skills for the job.
  • Senior managers couldn’t care less about the ‘tool’ (project management).
  • You may have experienced bad circumstances in the past.
  • Team members fear being controlled.
  • Management fears losing control over the project and team.

Options for gaining good project management systems

Build a good project management system yourself – You can build one that specifically fits the philosophy and best practices of your company.

Buy one – Many companies choose the easy way out and buy a pre-existing project management system. These pre-existing programs usually have everything accompany needs to be successful.

Top 10 Web Applications to assist you successfully managing your projects:

Become a Project Manager