What is Project Management?

Project management refers to a process of initiating a project, planning, executing, and managing the project until it is fully completed. It entails applying specific methods, skills, procedures, and knowledge to the execution of a task. 

Project management entails the application of knowledge, skills, tools, and techniques applied to project activities in order to meet the project requirements.  More specifically, it is a process that includes planning, putting the project plan into action, and measuring progress and performance.

 In its simplest form, here are the essential things to know about project management:

• Project management refers to the application of certain skills, methods, procedures, knowledge, and expertise to achieve a particular task.
• Project management has five processes which are: 
  • the initiation, 
  • planning,
  •  execution,  
  • monitoring, and 
  • closing.
• Project management can be used for all kinds of projects but it is mostly used in building/construction, engineering, manufacturing, and IT firms.

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What are the Duties of the Project Manager?

The primary duties of a Project Manager include: 

• Define and create the Project Infrastructure
• Align stakeholder goals
• Refine the Scope of Work
• Develop and Schedule
• Develop a Budget
• Build a Team
• Develop a Project Profile
• Develop a Comprehensive Plan of execution (Procurement, Implementation, Tools, Quality Assurance, Communication/Reporting, etc.)
• Develop a Customer Satisfaction and Review Process 

What are the Types of Project Management?

There are four major project management techniques or methodologies, they are;

• Traditional Project Management

This is the project management technique that has been universally practiced, it entails following the established processes and procedures of project management which are; initiation, planning, execution, monitoring, and closing. Traditional project management follows these in the established sequence, giving no room for any addition or expansion.

• Waterfall Project Management

This methodology is a little different from the traditional technique because it emphasizes the completion of a task before the commencement of the other. Hence, the sequence adopted in this methodology is a linear sequence like that of a waterfall.

• Lean Project Management

This methodology advocates for frugal planning and spending in relation to the time and resources needed to complete a task or project. The lean project management technique aims to achieve more results with little resources. It avoids wastage of time and resources.

• Agile Project Management

This project management methodology focuses on how deliverables will be made better through continuous monitoring and improvements. The agile technique does not use the stage by stage approach of project management, rather, different stages of a project are executed by different members of the team and pitched in parallel positions to one another.

What is a Project Management Organization?

Not all organizations are organized to efficiently carry out projects. Remember, a project is generally understood to be an undertaking with a finite time period that is outside of the ordinary operations of the business. 

Often, an organization will develop a project management offices (PMOs). These subsidiary units have emerged to manage projects within the organization. Other functions include:

• Record Center for all activities related to projects
• Portfolio Management Center for overseeing project managers and project performance. 
• Function support for specific projects. 

What are the Core Skills or Abilities Necessary for Project Management? 

• Industry Knowledge  - These include the mandatory Standards and Regulations that must be followed as part of the project (such as licensing and reporting). 
• Project Environment Knowledge - This is the social, cultural, political, legal, economic, and technological environment in which the project takes place. 
• Management Skills and Ability - These are the had a skills of project management (such as knowledge or processes and procedures to plan and execute a project - broken into technical skills and administrative skills).
• Interpersonal and Communication Skills - This is the ability to communicate information well to stakeholders, influence those involved in the project, act as a leader, motivate others, negotiate disputes or perceived differences, and generally relate to stakeholders

What is Outsourcing Project Management?

Many companies seek to leverage expertise and save money by outsourcing project management. There are various roles in a project. It is possible for the company to outsource any of these roles. Many companies will outsource management of a project while allocating specific responsibilities to existing units or departments. 

What is Operations Management versus Project Management?

Operations in an organization tend to be on-going. They relate directly to core value offering of the organization or firm. 

A project is a specific undertaking, for a finite period, that is generally outside the scope of the core value proposition provided by the business or firm. 

As such, operations managers focus on the quality, effectiveness, and efficiency of  work processes that constitutes firm operations.  They tend to be process-focused and goal-oriented. There is a view toward continuous improvement (e.g., total quality management, continuous process improvement, lean manufacturing, and other aspects of the quality movement) and process standardization. They focus on establishing an organizational culture.

Project managers are goal-oriented or milestone-oriented, rather than process-driven, based upon the requirements of the project. By its very nature, this tends to be finite in nature with a target closure or end date for the project. The team is built less on long-term cultural fit and more on the ability to meet the requirements of the project.