Reading Time: 6 minutes

Project Management is a very challenging yet interesting field. In this article, you will read about basic concepts of project management and answers to some queries which usually prompt in mind when you are new to project management. Let’s start with a wise saying:

“Management is, above all, a practice where art, science, and craft meet.”

Henry Mintzberg

What is Project Management?

The process of practicing initiatives, plans, executions, controls, and closing for the sake of achieving targeted objectives is called project management.

The biggest hurdle in achieving project management goals is to manage the project under limited constraints.

These constraints may be resources, time and budget. This discipline revolves around management of these.

Project Management Definition by PMI:

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

What Do I Understand About Project Management?

Project management is a discipline which involves all the steps needed for an organized execution and maintenance of a project. It is often standardized with PMI standards but in general, every industry has its own specific standards which also vary with respect to the culture of the region.

Project Management Applications:

Project management principles are applicable to almost all sectors of work life such as the IT industry, construction industry, automotive industry, telecommunications, electrical, medical, etc. This is so because every project needs to be managed and executed well to stay into budget constraints.

What is PMO?

PMO is an abbreviation of project management office. In large size organizations, PMO is basically a department responsible for improving efficiency and standardizing processes.

Role of PMO:

Creation of project documents and best practices is one of the key roles of PMOs.

Also, they have to track metrics and offers training as well. Project progress reporting to stakeholders is also a responsibility of stakeholders. PMO helps in prioritizing the project activities.

Responsibilities of a Project Manager:

A project manager has a bucket of activities for which he is responsible for but to be more precise, a project manager is usually responsible for:

Budgeting. Planning Project Resources. Time Management. Assembling and Leading Project Team. Monitoring progress. Managing issues and risks. Reporting and documentation.

What is PMI?

PMI is the abbreviation of project management institute.

It is famous for awarding various project management certifications like PMP, PMI-ACP, etc.

What is PMBOK?

The project management institute oversees documentation of PMBOK that is project management body of knowledge which is considered as a project management bible containing best practices as standards of project management.

What is Project Management Framework?

The integration of tasks, tools, and processes for project transitioning from beginning to end is called the project management framework. More accurately, it refers to the phases involved in project life cycle which are already discussed above.

What is Agile?

Agile is basically a software development methodology. It refers to the iterative development in a collaborative environment between cross-functional teams.

Skill Set Required for a Project Manager?

Following are the Skills Required for a Project Manager

Leadership. Scheduling. Communication. Planning skills. Risk management. Time management. Subject expertise. Negotiation skills. Critical thinking. Coaching. Quality management. A great sense of humor.

What are Project Management Certifications?

Following are the Certifications of PMI

PMP® Project Management Professional (PMP) …

PgMP® Program Management Professional (PgMP) …

PfMP® Portfolio Management Professional (PfMP) …

CAPM® Certified Associate in Project Management (CAPM) …

PMI-PBA® PMI Professional in Business Analysis (PMI-PBA) …

PMI-ACP® PMI Agile Certified Practitioner (PMI-ACP)

PMI-RMP PMI Risk Management Professional(PMI-RMP)

PMI-SP PMI Scheduling Professional(PMI-SP)

Phases of Project Management:

There are Total 5 Phases of Project Management They are as follows

Phase 1 | Initiation:

It is the very first phase in a project lifecycle. In this phase, feasibility and projects value is measured. To decide, whether a project has to be initiated, usually 2 tools are used:

Feasibility Study:

It is basically the evaluation of timeline, costs and project goals to determine whether a project should be initiated or not.

Business Case Document:

It includes financial advantages as well as justification for the need of the project.

Phase 2 Planning:

Once the project go-ahead from initiation phase in affirmation then it requires a perfect plan for team management to stay within time and budget constraints.

Procurement, finance and resource allocation, these all parameters depends upon the project plan. Project planning is all about setting the right direction for risks handling, managing suppliers and creating acceptance.

A right project plan also demonstrates the scope, timeframe, and cost of the project. In the planning phase, the first goals are set. A popular method for goals setting is as follows:

S.M.A.R.T —> Specific, Measurable, Attainable, Realistic, Timely,

In the planning phase, the scope of the project is well defined and the project management plan is prepared.

A Project Manager Has To Prepare Following Documents During Planning Phase:

Project Scope Statement: A document which defines objectives, deliverables, and key milestones. Work Breakdown Structure (WBS): It’s a visual representation that demonstrates the scope of the project w.r.t manageable actions. Gantt Chart: A visual timeline to plan tasks. Communication Plan. determines how stakeholders will be communicated. Risk Management Plan: determines methodology against possible risk factors.

Phase 3 | Project Execution Phase:

In this phase, a project manager notes deliverables and then present them in front of customers and key stakeholders.

It’s typically the longest phase in a project’s lifecycle.

A project manager will focus on people management, processes and conveying information to team members, sponsors and stakeholders in this phase.

Phase 4| Project Monitoring And Control:

Multiple processes are implemented for monitoring and control phase. These processes are directly associated with cost, quality, time, issues, change and risk. Also, communications with customers and procurement are affected as a result.

Usually, in small size projects, monitoring and control are considered an easy task.

When it comes to large projects, the importance of this phase becomes very dominant as every step requires monitoring and control to avoid project delay and increased cost.

It should be cleared here that by “MONITORING AND CONTROL”, we mean the integration process.

Outcomes of this phase may include project document updates, project management plan update and Changing requests as well.

Phase 5 | Project Closure:

This is typically the last phase in the project management cycle. A project is closed and the overall success level is communicated to sponsors and stakeholders.

Project closure activities include documentation passing to business, handling over deliverables to customers, canceling contracts of suppliers, releasing equipment and staff.

Last Words:

In this very first article under the project management category, I tried to give basic knowledge about project management and its relevant terminologies. If you think that I have missed something, please suggest in the comments section.