What is Project Management?

Project management is an approach for managing projects. This involves planning, organizing, supervising and concluding projects. Anyone interested in project management must have the skills, tools and techniques to initiate and complete a project. Project management is concluded in five steps including initiation, planning, execution, supervision and successful completion of the project. 

 

What is Project Management?

Project management is like guiding a ship from the start of its journey to its destination. It's about planning what needs to be done, getting the work started, ensuring everything is going smoothly, checking if things are on track, and finally, ensuring the job is finished properly. Simply put, it's a way to ensure a task (or project) is done right, on time, and without wasting money or resources. It helps teams know what they should do when they should do it, and how to handle any problems.

Step-by-Step Project Management Process

A startup company that deals in handmade products has a growing demand for unique, handmade crafts in the market. Recognizing the potential, the founders decided to launch an e-commerce website to sell products sourced from local artisans. To ensure the project's success, they hire an experienced project manager to oversee the entire project life cycle from its inception to launch. Following are the different phases of the project that must be followed:

1. Initiation

1. Project Definition: The project manager meets with the founders to understand the vision. The goal is to establish an e-commerce platform for "Crafty Creations" to reach a broader audience and provide local artisans a platform to showcase their products.
2. Stakeholder Identification: He identifies the key stakeholders: the founders, investors, craft suppliers, web developers, marketing team, and potential customers.
3. Feasibility Study: The project manager conducts a study to assess the project's technical, financial, and time feasibility.
4. Project Charter: He drafts a project charter outlining the scope, objectives, stakeholders, and initial requirements. The founders review and approve it.

2. Planning

1. Scope Definition: The project manager defines the features the website should have, such as user profiles, product listings, a shopping cart, and payment gateways.
2. Work Breakdown Structure (WBS): The project is broken down into tasks like website design, backend development, product photography, and marketing campaigns.
3. Schedule Development: The project manager uses a Gantt chart to plot the timeline for each task.
4. Budgeting: After getting estimates from the development and marketing teams, he finalizes the project budget.
5. Resource Allocation: The project manager identifies the need for a web developer, a designer, a photographer, and a marketing specialist.
6. Risk Management Plan: Potential risks, like website downtime or supply chain disruptions, are identified, and mitigation strategies are planned.

3. Execution

1. Team Mobilization: The project manager assembles the project team, conducts kickoff meetings, and ensures everyone understands their roles.
2. Task Execution: The web developer starts building the site, the designer works on the layout, and the photographer begins product shoots.
3. Quality Assurance: The project manager regularly checks the website's progress, ensuring it aligns with the defined quality standards.
4. Stakeholder Engagement: He keeps the founders updated with weekly progress reports.

4. Monitoring and Controlling

1. Performance Monitoring: The project manager uses tools to track progress against the planned timeline and budget.
2. Change Management: When the marketing team suggests adding a blog feature, the project manager assesses the impact on scope, time, and cost and makes necessary adjustments.
3. Risk Monitoring: He monitors potential risks and addresses them proactively.

5. Completion

1. Project Evaluation: Once the website is ready, the project manager and the founders review its performance against the initial objectives.
2. Stakeholder Acceptance: The founders test the website, ensuring it meets their expectations.
3. Project Documentation: The project manager compiles and stores all project documents for future reference.
4. Release Resources: After the successful launch, he releases the external resources and thanks the team for their efforts.
5. Project Sign-off: The founders formally approve the project's completion and the project manager hands over the website's management to the in-house team.

6. Post-Completion

1. Benefits Realization: A few months after the launch, the project manager checks in with the founders to ensure the website is generating the expected traffic and sales.
2. Continuous Feedback: He gathers feedback from the founders and website users to recommend future improvements.

Principles of Project Management

Project management is based on the following principles:

Vision and Mission

• Every project should have a clearly defined purpose, specifying the vision and mission. This ensures everyone involved understands the project's direction and desired outcome.
• When launching a new product, the vision might be to introduce an innovative solution to a market gap, and the mission could be to achieve a certain number of sales within the first year.

Goals and Objectives

• After establishing the vision and mission, specific objectives and goals should be documented. These act as a checklist for what should be included in the project's outcomes.
• For a software development project, the objective might be to develop a user-friendly application with goals like achieving a specific load time, user retention rate, or bug threshold.

Deliverables

• Clearly define what tangible outcomes or products will be delivered upon the project's completion.
• In a website redesign project, deliverables might include a fully functional website, a user manual, and training sessions for the client.

Strategizing

• This involves planning how the project will progress from its starting point (the objectives) to its end (the deliverables).
• For an event management project, strategizing would involve selecting the venue, planning the event's flow, deciding on speakers or entertainers, etc.

Budgeting

• Develop a budget that outlines the project's expected costs, ensuring it provides value and remains within the client's financial constraints.
• In a construction project, budgeting would involve estimating costs for materials, labor, permits, and other expenses and then comparing these estimates to the client's budget.

Triple Constraint (Scope, Time, Cost)

• Often referred to as the "Iron Triangle" or "Project Management Triangle", this principle emphasizes the interrelationship between a project's scope, time, and cost. Balancing these three constraints is crucial for project success.
• Expanding the scope (e.g., adding more features) might require more time and increase costs when developing a new software application. Conversely, reducing the timeline might mean reducing features (scope) or increasing resources (cost).

Quality Management

• This principle ensures that the project's deliverables meet established quality standards. It involves setting benchmarks, continuous testing, and quality assurance.
• In manufacturing, quality management might involve regular product inspections, adherence to industry standards, and feedback loops to correct defects.

Resource Management

• Efficient allocation and management of resources (both human and material) are required for successful project completion. It ensures that right resources are available at the right time.
• Resource management would involve scheduling when and where actors, crew, and equipment are needed in film production, ensuring no overlaps or idle time.

Risk Management

• This involves identifying, assessing, and preparing for potential risks or unforeseen events that could impact the project. Effective risk management ensures projects navigate challenges effectively.
• For a company planning an outdoor event, risk management might involve preparing for potential bad weather by having backup indoor venues or tents, or ensuring there's a plan in place if a key speaker falls ill.

Types of Project Management Framework

Following are the project management methodologies that are used in the recent times:

Framework	Use in Project Management
PRINCE2	Provides a systematic approach to delivering projects on time and within budget. Emphasizes clear roles, stage-by-stage progression, and regular reviews to ensure alignment with business objectives.
PMBOK	A comprehensive guide covering best practices and processes. Used as a reference tool to ensure industry-standard practices are followed, dividing project management into knowledge areas and processes.
Agile Project Management	Used for projects requiring adaptability and stakeholder involvement. Allows teams to deliver work in small, incremental phases, promoting collaboration, regular feedback, and iterative progress.
Scrum	An Agile framework organizing work into "sprints" or short cycles. Teams hold daily meetings to discuss progress and address obstacles. Ideal for projects where rapid feedback and frequent revisions are necessary.
Lean Project Management	Focuses on delivering value while minimizing waste. Used to streamline processes, improve efficiency, and ensure every aspect of the project adds value.
Kanban	A visual tool helping teams manage workflow. Tasks are represented on a board, optimizing the flow of tasks and ensuring team members aren't overloaded.
Six Sigma	A data-driven approach focused on eliminating defects and improving processes. Used in projects aiming for high-quality outputs, identifying inefficiencies, and implementing improvements.
Waterfall	A linear and sequential approach with distinct phases. Each phase begins only after the previous one is completed. Used for projects with well-defined requirements and minimal changes.
Critical Path Method (CPM)	Used for scheduling project activities. Identifies the longest path of planned activities to the end of the project, helping managers prioritize tasks and allocate resources effectively.
Critical Chain Project Management	Focuses on resource availability and the use of buffers to account for uncertainties. Used in complex projects to ensure optimal resource allocation and address potential bottlenecks.

Project Management Techniques

Various techniques are employed in the process of project management:

Framework	Technique	Use Case in Project Management
PRINCE2	Product Breakdown Structure (PBS)	Used to decompose the project's outputs into its constituent products. Helps in understanding the project's scope and deliverables.
PMBOK	Work Breakdown Structure (WBS)	Decomposes the project into smaller, manageable components. Assists in task assignment, budgeting, and scheduling.
Agile Project Management	User Stories	Represents requirements from an end-user perspective. Helps in prioritizing features and ensuring the product meets user needs.
Scrum	Daily Stand-ups	Short meetings where the team discusses what they did the previous day, what they plan to do today, and any obstacles. Promotes transparency and quick problem-solving.
Lean Project Management	Value Stream Mapping	Visualizes the flow of materials and information. Identifies waste and areas for improvement.
Kanban	Pull System	Tasks are "pulled" when there's capacity rather than being "pushed" onto the team. Ensures smooth workflow and prevents overloading.
Six Sigma	DMAIC (Define, Measure, Analyze, Improve, Control)	A structured approach to process improvement. Helps in identifying defects, understanding their cause, and implementing solutions.
Waterfall	Gantt Chart	Visual representation of the project schedule. Shows task durations and dependencies, aiding in planning and tracking.
Critical Path Method (CPM)	Activity Network Diagram	Shows project activities and their dependencies. Helps in identifying the critical path and optimizing the schedule.
Critical Chain Project Management	Buffer Management	Allocates buffers to protect the project schedule from uncertainties. Ensures timely completion despite unforeseen delays.

Project Management Tools

The following tools are used in project management:

Tool Name	Application in Project Management
Trello	Trello offers a visual platform for teams to categorize tasks and projects on boards. Within project management, it facilitates the creation, assignment, and monitoring of tasks through cards, each containing specifics, checklists, files, and discussions.
Asana	Asana provides a platform for task and project oversight, assisting teams in organizing and executing their tasks. It's utilized by project managers to segment large-scale projects into manageable tasks, allocate them, and oversee their completion.
Monday.com	Monday.com serves as a work OS, empowering teams to manage projects and processes confidently. It centralizes work activities, allowing teams to devise custom workflows, automate repetitive tasks, and monitor project evolution in real-time.
ClickUp	ClickUp is an all-encompassing project management tool with features like task oversight, time logging, goal establishment, and document archiving. It aids project managers in drafting detailed project strategies, prioritizing tasks, and evaluating team output.
Wrike	Wrike offers a platform for collaborative work management equipped with tools for project design, monitoring, and analysis. With functionalities like Gantt charts, workload perspectives, and tailored dashboards, it streamlines project planning, implementation, and evaluation.
Notion	Notion is a versatile workspace tool that merges note compilation, task oversight, and team collaboration. Project management is employed to craft project documentation, manage tasks, and facilitate real-time team collaboration.
Basecamp	Basecamp is a software designed for project management and team collaboration, offering tools for task oversight, file storage, and team discussions. It ensures team organization by centralizing all pertinent project data7

Job Opportunities for Project Management Professionals

Project management professionals can scale up in their career at the following designations based on their experience.

Experience Level	Job Designation	Description
Entry-Level	Project Coordinator	An individual who assists project managers and teams by coordinating resources, equipment, meetings, and information.
	Project Analyst	An individual is responsible for gathering and analyzing project data to enhance efficiency and effectiveness.
Mid-Level	Project Manager (PM)	A professional who plans, executes, and closes projects, managing aspects like scope, resources, and budget.
	Scrum Master	A key figure in Agile environments, ensuring teams adhere to Agile practices and principles, facilitating meetings, and addressing obstacles.
	Project Engineer	Typically found in industries like engineering and construction, this role focuses on the engineering aspects of a project.
	Risk Manager	A specialist who identifies assesses and prioritizes risks in a project to minimize potential issues.
	Change Manager	An expert who addresses the human side of change in projects that involve significant organizational shifts.
	Resource Manager	A professional who ensures the efficient and effective allocation and use of resources across projects.
	Quality Manager	An individual who ensures a project's deliverables meet the required standards and quality criteria.
Senior-Level	Program Manager	A seasoned professional who oversees a portfolio of projects, ensuring they are coordinated and aligned with organizational objectives.
	Portfolio Manager	A strategic role, managing programs and projects to achieve overarching business objectives.
	Product Manager	A leader who guides the development of a product and directs cross-functional teams.
	Consultant in Project Management	An expert who provides advice to organizations on improving their project management processes.
Executive-Level	PMO Manager/Director	The individual at the helm of the Project Management Office, setting and maintaining PM standards within the organization.
	Project Management Trainer	A seasoned professional who imparts knowledge and trains others in project management within organizations or in academic settings.

Conclusion

Project management is a structured approach to efficiently planning, executing, and completing projects. It encompasses defined steps, principles, techniques, and tools to ensure projects meet objectives within scope, time, and budget constraints. Professionals can navigate challenges, optimise resources, and deliver quality outcomes by applying methodologies like Agile, Waterfall, or Six Sigma and utilizing tools such as Trello or Asana. This discipline offers diverse career opportunities, from entry-level roles to executive positions.