Project Management (PM) refers to the planning, initiation, execution, monitoring, and closing of a project. PM is a business function utilised in many sectors and is a vital component for the success of construction, engineering, and IT companies. PM can be applied to a one-off project or an ongoing activity, and resources managed include personnel, finances, technology, and intellectual property. Project Managers plan and organise company resources to move a specific task, event or duty towards completion.
What are the 5 stages of Project Management?
Project Initiation
Conception and initiation is the first step. The objective of this phase is to clearly define the project at a macro level.
Project Planning
In the second phase goals, roles and responsibilities are refined and set. The project manager will create a number of documents including the following:
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Scope Statement - document that defines business need, key objectives, deliverables and milestones.
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Work Breakdown Schedule (WBS) - breakdown of the project into manageable sections.
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Milestones – High level goals are identified and used as indicators for successful project progression.
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Gantt Chart – visual representation of project timeline.
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Communication Plan – Plan of communications to be distributed to stakeholders etc. outlining deliverables and progression of project.
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Risk Management Plan – Risk assessment identifying all foreseeable risks that could potentially negatively impact on the project.
Project Execution
The action phase where project deliverables are developed and executed.
Project Monitoring
This phase measures project progression and performance, monitoring to ensure KPIs (Key Performance Indicators) are met.
Project Closure
At this stage the project has reached completion.
What are the 4 Ps of Project Management?
Effective project management is broken down into four P’s: people, product, process and project.
People
Includes stakeholders, project managers, development teams and end users.
Product
As the name would suggest, this is the deliverable of the project.
Process
The methodology and approach to keep the project efficiently moving forward.
Project
The project encompasses the entire development method - this is where the Project Manager’s role and responsibilities are actioned.
Why is Project Management important?
Project management has seen exponential growth in recent years and helps your advance your career, it is important because it ensures timely execution, outlines deliverables and tracks progression. PM allows companies to clearly define budget estimates and project delivery timelines - thus avoiding over ambitious projections or lethargic outputs. Roles, responsibilities and targets are set and monitored to keep projects moving successfully towards completion and within budget.
Careers in Project Management
Project management provides a diverse range of interesting and rewarding career options. It encompasses a highly versatile and valued skill set that can be applied across all major economic sectors from the Arts, Financial Services, Engineering, ICT, Psychology and Social Sciences to Construction.