What is Project Management?
Project management is the science (and art) of organizing the
components of a project, whether the
project is development of a new
product, the launch of a new service, a marketing campaign, or a wedding. A project isn’t something that’s part of
normal business operations. It’s typically created once, it’s temporary, and
it’s specific. As one expert notes, “It has a beginning and an end.” A project consumes resources (whether
people, cash, materials, or time), and it has funding limits.
Project Management Basics
No
matter what the type of project, project
management typically follows the same pattern:
Definition
Planning
Execution
Control
Closure
Defining the Project
In
this stage the project manager
defines what the project is and what
the users hope to achieve by undertaking the project. This phase also includes
a list of project deliverables, the
outcome of a specific set of activities. The project manager works with the business sponsor or manager who
wants to have the project implemented and other stakeholders — those who have a
vested interest in the outcome of the project.
Planning the Project
Define
all project activities. In this
stage, the project manager lists all
activities or tasks, how the tasks are related, how long each task will take,
and how each tasks is tied to a specific deadline. This phase also allows the project manager to define relationships
between tasks, so that, for example, if one task is x number of days late, the project tasks related to it will also
reflect a comparable delay. Likewise, the project
manager can set milestones, dates by which important aspects of the project
need to be met.
Define
requirements for completing the project.
In this stage, the project manager
identifies how many people (often referred to as “resources”) and how much
expense (“cost”) is involved in the project,
as well as any other requirements that are necessary for completing the project. The project manager will also need to manage assumptions and risks
related to the project. The project manager will also want to
identify project constraints.
Constraints typically relate to schedule, resources, budget, and scope. A
change in one constraint will typically affect the other constraints. For
example, a budget constraint may affect the number of people who can work on
the project, thereby imposing a
resource constraint. Likewise, if additional features are added as part of
project scope, that could affect scheduling, resources, and budget.
Executing the Project
Build
the project team. In this phase, the
project manager knows how many
resources and how much budget, he or she has to work with for the project. The project manager then assigns those resources and allocates budget
to various tasks in the project. Now
the work of the project begins.
Controlling the Project
The
project manager is in charge of
updating the project plans to
reflect actual time elapsed for each task. By keeping up with the details of
progress, the project manager is
able to understand how well the project is progressing overall. A product such
as Microsoft Project facilitates the administrative aspects of project management.
Closure of the Project
In
this stage, the project manager and
business owner pull together the project
team and those who have an interest in the outcome of the project
(stakeholders) to analyze the final outcome of the project.
Time, Money, Scope
Frequently,
people refer to project management
as having three components: time, money, and scope. Reducing
or increasing any one of the three will probably have an impact on the other
two. If a company reduces the amount of time it can spend on a project, that will affect the scope
(what can be included in the project) as well as the cost (since additional
people or resources may be required to meet the abbreviated schedule).
Project Portfolio Management
Recent
trends in project management include
project portfolio management (PPM). PPM is a move by organizations to get
control over numerous projects by evaluating how well each project aligns with
strategic goals and quantifying its value. An organization will typically be
working on multiple projects, each resulting in potentially differing amounts
of return or value. The company or agency may decide to eliminate those
projects with a lower return in order to dedicate greater resources to the
remaining projects or in order to preserve the projects with the highest return
or value.
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