What Is Project Management?

What is project management? Project management can be defined as the initiation, planning, execution, control, and completion of a temporally activity that has a predefined beginning and end. Projects are usually impermanent undertakings that are aimed at achieving particular results. In the context of business organizations, project management may entail a product improvement process, defining ways to enhance good customer relations, devising ways to improve employees’ morale, streamlining business administration and upgrading an IT infrastructure in a company.

Other projects may encompass handling a legal case set against a business organization or mitigating business risk occurrence and severity. For instance, a management step to add value to a product or increase employees wages and salaries are typical cases of project management. Similarly, integrating a resource planning software product in a company may be viewed as an IT project management.  A project management process may be pegged on different stages, which include the initiation stage, planning process, execution part, assessment and evaluation as well as project completion.

Project initiation is the first stage in project management. However, depending on the type of project, this may be preceded by a feasibility study. In the initiation stage, the project scope, range and outputs are defined. The beneficiaries, required personnel and project goals are established. If required, the IT software to be used is also identified as part of the IT project management.

The project planning process establishes how resources are to be utilized to achieve the set targets. Project team is identified and the financial allocations are done. In the planning process, the time schedules are drafted. Budgeting is also carried out based on the financial needs. Perceived project risks are assessed and mitigation measures planned for in advance. In essence, proper planning is called for in order to accomplish the project’s results as desired.

Project execution part entails the actual mobilization, coordination, and directing of the project team to utilize the available resources to achieve the set targets. The project manager must win the support of the team. Workers should realize that the success of the project lies on their hands. The manager should identify the personnel weakness and strengths and model out a project team that is result oriented.  Efficiency and effectiveness are core aspects that must be instilled in this stage.

Assessment and evaluation are critical measurement aspects in any project endeavor. The actual results need to be measured and compared with the projected results. Project control ascertains that the plan is executed as earlier intended. The assessment and evaluation is the trouble shooting stage where any stumbling blocks to achieving the desired results are established and corrective measures put in place. A feedback is carried through to the stakeholders and workers. The stakeholders are updated on how the project is fairing. Workers on the other hand are informed of their achievements.

Project completion is the last part of the management process before handing over the results to the respective interested parties. During this stage, the workers are appreciated of their good performance.  A report is prepared and presented to the stakeholders.