What is Project Management?

Definition

Project management is the application of processes, methods, knowledge, skills and experience to achieve the project objectives.

General

A project is a unique, transient endeavour, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it achieves the objectives according to their acceptance criteria, within an agreed timescale and budget.

The core components of project management are:

• defining the reason why a project is necessary;
• capturing project requirements, specifying quality of the deliverables, estimating resources and timescales;
• preparing a business case to justify the investment;
• securing corporate agreement and funding;
• developing and implementing a management plan for the project;
• leading and motivating the project delivery team;
• managing the risks, issues and changes on the project;
• monitoring progress against plan;
• managing the project budget;
• maintaining communications with stakeholders and the project organisation;
• provider management;
• closing the project in a controlled fashion when appropriate.

Project management is no small task. It has a definite beginning and end, and is not a continuous process. Project management uses various tools to measure progress and track project tasks. Projects need ad-hoc resources, as opposed to businesses that have dedicated full-time positions.

Project management methodologies consist of four to five process groups, and a control system. Regardless of the methodology or terminology used, project management uses the same basic processes. Process groups typically include:

1. Initiation.
2. Planning and Design.
3. Execution.
4. Monitoring and Controlling.
5. Closing.