Project management involves the monitoring and organization of resources to reach the goals. Projects have an end date and sometimes have one or more goals. A project manager is a person who helps with project management. The project manager is responsible for managing the project planning, closing, monitoring, controlling, and executing. To successfully complete a project, connect with Project Management Professionals, and learn the global language of Project Management with the PMP Training Course.
What is Project Management?
The benefits of project management are that you can achieve pre-determined goals more easily. It is possible to analyze the importance of a project and use your business resources accordingly. Project management is the ability to accurately set the scope, budget, process, and cost of a project.
Project Characteristics
These are the key characteristics of a successful project:
- A project usually has a clear objective and an end time.
- Each project is unique, and each goal is achieved only once. The project ends when the goal has been achieved.
- Projects can also cross-organizational/firm boundaries.
- Uncertainty is a part of a project because a new process may be introduced to / in an organization via the project.
- Project failure can result in the loss of assets and resources that you have invested.
Project Nature and Properties
A project’s nature is optimistic. It has a goal that will improve a company/individual. The properties of a project are that it has a finite life span and must end with the goal. These are the key characteristics of a project, as well as the properties of a particular project.
Project Life Cycle
The project life cycle is a series of five major processes that are divided into project phases. After completing all of these phases, a project reaches its end when it has achieved its goal. These are the phases of a project’s life cycle:
Initiation
It involves the creation of a project, including its name, purpose, and description. It is the process of identifying the value of a project and initiating it.
Plan
This process analyzes the project risks and costs. The project is given a roadmap and a deadline. This is the only way resources are allocated to projects. You might be asking yourself questions like: “What is a project’s cost?” What is a project? What is a project type? are raised, and their answers are found by project managers/stakeholders in this stage.
Execution
Before the process begins, tools and communication methods are identified. Once this is complete, the project plan can be executed. Planning and execution are two essential steps in achieving project goals.
Monitoring and Controlling
To ensure the project moves in the right direction, monitoring and controlling are performed.
Closing
When a project reaches its goal, a project closing occurs. All project data is kept for future reference. In a closing meeting, teams meet together to discuss the project’s events and the profits. What is project evaluation? This is where a project’s evaluation takes place.
We have now understood the life cycle of a project through the article “What is a Project?” Let’s now look at the types in more detail.
Different Types Of Project Management Methods
There are several main types of project management methods:
Waterfall Project Management
This method implements the project in waves and each step is dependent upon its predecessor.
Agile Project Management
This involves working on smaller projects and project pivoting. Learn more.
Scrum Project Management
This is an efficient process that can be done quickly and is very advantageous for small businesses. This is a quick way to get results. Click here to know more about scrum project management.
Kanban Project Management
It is a variant of Agile Project Management and is best for large organizations. To reduce the number of tasks, the tasks are simulated.
Lean Project Management
Learn Project Management works the same as Kanban Project Management plus it focuses on customers too. It ensures that the project is executed in a timely manner so that customers can receive the services/goods they ordered.
Here Are Some Examples Of Successful Projects
Here are some examples of successful projects:
- In 2016, the UIDAI (Unique Identification Authority of India), was created. The UIDAI (Unique Identification Authority of India) was established in 2016.
- American Airlines had to deal with technology overlap when they merged their operations with US Airways. They created a project to adjust to these changes and to capitalize on the employees of the company to improve the business. They were able to expand their business with this project.
