Project Management
What is Project Management?
Project Management is getting things done while setting realistic objectives for the project such as: what has to be achieved, how to achieve it, how long it will take to be achieved, and the exact budget needed to accomplish the project. People involved in every step of execution should be fully aware of all details related to the project and do their best to achieve the already defined goals effectively.
In other words, Project management is using the right combination of skills and methods in order to deliver value to the market. It is about guiding the whole team’s work to accomplish the goals already defined for the project within certain parameters.
Why is project management important?
The statistics below show some interesting statistics about Project Management:
Source of Data: Kissflow
Project lifecycle:
- Initiation stage:
- Identification of the problem
- defining the goals
- Identification of deliverables
- Identification of the project stakeholders
- Development of a business case
- Planning stage:
- Identification of the project timeline
- Creation of workflow documents
- Identification of the scope
- Estimation of budgets
- Gathering resources
- Risk anticipation
- Execution stage:
- Creating tasks and organizing workflow
- Explaining tasks to team members
- Communicating with team members
- Managing budget
- Controlling stage:
- Monitoring
- Track effort and cost
- Evaluation of the team’s performance
- Making sure that all aspects of the project are completed
- Closure stage:
- Comparing results to the defined goals
- Providing reports to key stakeholders
- Conducting a final analysis of the project
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