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. 

 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 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.