Project management is the art of planning, organizing, managing, directing, and controlling all the aspects of the project from inception to closure so as to achieve specific goals and objectives using a scientific and structured methodology.
The main objective of project management:
To minimize project completion time and its cost.
Characteristics of Project Management
- Planning and Control
- Achieves results within the constraints of time, cost, and quality.
- Functional coordination
- Single responsibility center
- Identify and manage risks
The performance of a project is measured by the degree to which three parameters
(scope, time, and cost) are achieved. In management literature, these parameters are also referred to as the “Equilateral Triangle” or the “Quality triangle” of the project.
Any change in any one of the dimensions would affect the other. For example, if the scope is enlarged, the project would require more time for completion and the cost would also go up. If time is reduced the scope and cost would also be required to be reduced. Similarly, any change in the cost would be reflected in scope and time.
These parameters are known as the major elements of project management. However, more dimensions are added in recent years. According to PMBOK, Project Management is described under the following ten knowledge areas elements;
1. Project integration management
It includes making choices about resource allocation. balancing competing demands, examining any alternative approach, and tailoring the processes to meet project objectives.
The project integration management processes are:
- Develop project charter
- Develop a project management plan
- direct and manage project work
- manage project knowledge
- Monitor and control project work
- perform integrated change control
- Close project or phase
2. Project scope management
It includes the processes required to ensure that the project includes all the work required to complete the project successfully.
The project scope management processes are:
- Plan scope management
- Collect requirements
- Define scope
- Create a Work breakdown structure
- Validate scope
- Control scope
3. Project schedule management
It includes processes required for the timely completion of projects.
The project schedule management processes are:
- Plan schedule management
- Define activities
- Sequence activities
- Estimating activity durations
- Developing schedule
- Control schedule
4. Project cost management
It includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs, so that the project can be completed within the approved budget.
The project cost management processes are:
- Plan cost management
- Estimate costs
- Determine budget
- Control costs
5. Project quality management
It includes processes for incorporating the organization’s quality, and policy regarding planning, managing and controlling project and product quality requirements in order to meet stakeholders’ expectations.
The project quality management processes are:
- Plan quality management
- Manage quality
- Control quality
6. Project resource management
It includes processes to identify, acquire and manage the resources needed for the successful completion of the project.
The project resource management processes are:
- Plan resource management
- Estimate activity resources
- Acquire resources
- Develop team
- Manage team
- Control resources
7. Project communication management
It includes processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, and retrieval of project information.
The project communication management processes are:
- Plan communication
- Manage communication
- monitor communication
8. Project risk management
It includes processes for conducting risk management.
The project risk management processes are:
- Plan risk management
- Identify risks
- Perform qualitative risk analysis
- Perform quantitative risk analysis
- Plan risk responses
- Implement risk responses
- monitor risks
9. Project procurement management
It includes processes necessary to purchase or acquire products, services, or results needed from outside the project team.
The project procurement management processes are:
- Plan procurement management
- Conduct procurements
- Control procurements
10. Project stakeholder management
It includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project. It analyses stakeholders’ expectations and their impact on the project. And finally helps to develop appropriate strategies for effectively engaging stakeholders in project decisions and execution.
The project stakeholder management processes are:
- Identify stakeholders
- Plan stakeholder engagement
- Manage stakeholder engagement
- monitor stakeholder engagement