Project management is defined as process of initiating, planning, executing and delivery of a product with a group of a team to achieve a goal on time. In project management the main things to consider are start and end date of a project. For every project there will be a risk factor which should be taken care. Any project needs following four factors: Time, Budget, Quality and Feedback from the stakeholders. Also, project management is an important and significant contribution in delivering the business benefits through projects.
It also has been seen that organizations these days are following a strategic way to achieve the goals of the project. Project management also plays a vital role in preparing a strategic plan to get the project from the customers and justify the requirements or funding but unlike any projects in a realistic way the goal of the project to achieve and be prepared with their professionalism to prove the efficiency. Projects will also have budget, plan, initiation, execution, date and deadline. There will be a risk factor for every project, but prepared to be ready in accepting the risk and moving on to the next levels of project management. The project management means having the ability to plan and prove the efficiency in delivering the project on time.
The project management will follow the specific principles like Rules, Knowledges, Methods, Techniques, Tools and plan accordingly. Budget is also the next priority role that project management must plan carefully and assign the resources accordingly. Project management practices are critical in ability to plan, and success during the economic times. Also, it is important that providing the evidence of the importance on project management principles during the delivery of the project on time. Project Management usually also follow up or plan the performance of the project and maintain a careful track on delivering the projects on time.
Time, Cost, Quality plays a vital role in following a strategic goal for a successful project. The few challenges that project management follow assigning the ownership of the project, available resources, product delivery, monitoring the performance if any defects, developing the key documents, good communication skills, identifying the levels of different projects and providing the inputs to the project management methodologies. However, the methodologies or the principles of project management might change to organizations significantly with respect to their structures, objects, and strategic plans of the business models.
The different factors involved in the purpose of defining the project are given below;
- Cost. Budget the next level plays a vital role in getting the approval of the actual cost of the project. The budget might also get approval once after the planning and prepared a design for a demo.
- Scope. The projects that were planned to complete on time and the scope of planning the project on establishing the owner of the project and following a strategic plan accordingly.
- Average. The average might also involve the cost of the time or actual work is done depends on the scope of the project.
- Schedule. The project schedule might also play a vital role in scheduling the time and effort toward the project, which needs to be completed on time.
It is important that by following all the above factors will then lead to successful project management. It is most imperative that this kind of proposed framework or by following all guidelines on managing the strategic way in preparing the plans for a successful project.
Below are the most important phases of project management:
- Initiation. The idea of the project is then carefully reviewed or discussed in this phase if the benefits and the profits could reach the organizations management levels. Since it’s a beginning of the project, in this phase we are mainly depending on identifying the stakeholders.
- Planning. Planning will be the next phase where the initial planning of the project is developed which then involves the scope, estimation, roles and responsibilities and approval process. Planning of the resources, time scheduled for the project and budget is then discussed in this phase. Identifying the most important goals and measure the time and effort towards the project with the available resources for a successful project.
- Execution. In the execution phase the development of the project is then started with the available assigned team members. During this phase there will be lot of things going to happen such as status reports, meeting, development status and performance of the project. Develop the team and assign resources then execute the project management plans, document the relevant development process attend the daily status meetings, update the project schedule these all kind of tasks happen during the execution phase. Risk assessment and budget also plays a vital role in execution phase.
- Monitoring. Monitoring is the next phase where after the execution of the project is done then the project is monitored on weekly basis where it is mainly to track the issue and then fixed by the development team. Budget, timelines, project goals, quality of deliveries also plays a vital role in project management for monitoring phase.
- Closure. Once the project is then completed, the project management then usually creates an event and includes all the team members who were then included. After the project completed the project management schedule a meeting and evaluates the tasks and discuss the failures. The project management then creates a final report and hand off the final product to the team. Team will then prepare a closure document, which involves an information on stakeholders, deadlines, goals of the project, team members involved, date of initiation, project budget.
The above factors may not be limited to the individual projects but extend to include project dependencies to develop and ensure a successful project. Also, the other few factors of the project are planning, engineering, design and quality following these factors might also help to design and deliver a successful project. The performance of the project is also the next level of the management where monitoring the track of the project if any issues are then reported.