From thousands of years ago, man has integrated the rough thought of Project Management in the building of memorials and several other architectures. It’s a matter of fact that the standard utilization of Project Management was started in 1950’s as a major subject in the corporate companies. Project Management is considered as the keystone in the areas of defense, civil engineering, infrastructure development and aerospace engineering. In current time, Project Management has become an essential constituent that finds out the success of a firm.
Project Management is a scientific method of managing all the activities necessary to complete to achieve predefined objective or goal. A project is any specific thing you want to complete. It can be a picnic, an examination or a product launch for a company. To complete a project, we need to complete small small activities and thus management of these activities becomes essential to get the best result with minimum efforts. This is where project management and its techniques come into picture.
In order to understand what Project Management is, we’ll first have to understand what a project is. A Project is a temporary endeavour taken up to create a unique product, service or result. Because it is unique, we know that it’s not a routine activity. And because of a project’s pre-planned nature, its potential is not endless. It has a limited potential, involves limited resource and time. Project Management then will simple mean, a planned endeavour taken up by an individual (or a group of individuals) to accomplish a particular task. There is a little difference between project management and operation management. It comprises of certain steps though which the project’s management team moves to its accomplishment. The steps are:
Initiation: The initiation phase kicks off the project determining the nature and the scope of project. This is the phase where the demands of the customers are analysed and are kept in comparison to the current services/products available, thus enabling for the project managers to observe the gap in what is being offered and what actually is needed. Stakeholder analysis and budgeting is also a task for this phase.
Planning and Design: Planning is the next step in the successful execution of a project after the initiation stage. Planning is done to a significant level of detail to provide for every necessity which may be required while executing the plan, ensuring timely completion of the project. Planning is also important to minimize risk by accessing most of the details.
Execution: After initiating and planning the project, comes the time to put everything onto work and execute the plan. Execution involves coordinating the resource as well as putting everything according to the project management plan.
Monitoring and Controlling: monitoring and controlling involves those processes which observe and analyse the project execution so that potential problems can be detected and catered for.
Several good universities around the globe and in the USA offer major degrees in Project management catering to the needs of project managers in the growing business.
In business or personal life, there are certain activities which are routine or regular and there are certain activities which are specific or non-routine. This activities are known as projects. To successfully complete these non-routine activities, we need to plan and implement. Project management tools and techniques helps in successfully managing project activities and achieve the highest possible outcome with minimum effort. Over the time, the importance of Project Management has increased to survive and succed in this competitive and complex world.
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- Project Planning
- Project Scheduling
- Project Control
- Project Costing & Budgeting
- Network Diagram & CPM
- Gantt Chart
- Resource Scheduling and Management
- Priority Matrix
- Risk Assessment and Management
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