Project Management - In a Nut Shell

Introduction

Project Management is the buzzword in today's world. It started as a series of best practices to manage any project but has slowly evolved into a branch of management that specialises in the various aspects of handling a project. This article aims to explain project management in a nutshell; giving a bird's eye view from the perspective of a widely accepted framework published by the Project Management Institute [PMI] (r). This framework is published in the Project Management Body of Knowledge [PMBOK](r).

Project

Project Management is a branch of study which is focussed on managing a project.

Hence it is important to understand what we mean by a project. A project is an individual or collaborative enterprise which creates a unique product or a result and is temporary in nature. To achieve the strategic goals, any organization identified the core objectives and creates a set of projects. The delivery of business outcomes is realized through the success of projects, and in essence that is the way that project management strategies drive organizational success.

Since a project is a collective activity, it needs to be carefully planned and managed in order to attain the desired results. The rest of this article will go through the key aspects of a project and the various areas critical to the implementation of any project.

Process Groups

A Project has to undergo certain important phases though its life cycle.

These can be grouped together in the following process groups:

* Initiating: The initiating group is involved in the authorization of the project within an organization

* Planning: During the planning phase, all the work to be done is planned

* Executing: This is the real deal where all the work planned gets done

* Monitoring and controlling: This ensures that the work is executed exactly as planned and any changes are controlled.

* Closing: The closing phase helps to document the important lessons learned for future reference.

Knowledge areas

Every project contains these key areas which need to be carefully managed so that the desired goals are achieved.

* Scope

* Time

* Cost

* Quality

* Human Resources

* Communication

* Risk

* Procurement

* Stakeholder

Conclusion

The study of project management helps a project manager to identify the key planning areas and ensure that the work is performed as planned. A successful implementation of project management practices guarantee that the organization's goals are met. In today's world of great competition, project management methodology has become more of a necessity than a luxury.

For more details of Project management, visit the website : PMI Website