Overview of Project Management Process and Importance of Project Management
A project is a brief assignment in that it has a definite beginning and end as far as the time frame is concerned. It has defined scope and resources. Normally, a project is not a routine operation for an organization, but a specific set of actions, with the help of specific sets of resources, designed to accomplish a particular goal. So, a project team is normally composed of professionals and staffs don’t usually work together. In many instances, people from different departments and organizations are included in the project team.
It is obvious that these projects have certain Restrictions -
• Projects are meant to be completed within a deadline. • Projects have restricted budget. • Project needs to be accomplished successfully as per pre-designed plan.
A Project Management processes passes through the following steps – •
Initiating - Considering the feasibility of a project, i.e. whether the project is viable in the present context or not.
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Planning - Designing the project and planning its different aspects. Planning of a project includes required resources, budget, restrictions and deadline. Sometimes, if the project is a large one, planning is segregated into relevant parts. Resources and budget are allocated for each part separately.
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Executing - This is the implementation of a plan with the help of resources.
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Monitoring - Once implemented, the operations are monitored closely to understand whether the project is taking place as per the plan or not. The deviations are marked and relevant measures are adopted. • Closing - When everything is going as per the plan, it is the time to close the project and use the outcome or product of the project as per the
Importance and Best Points of project management
• Organizing a new project - Project of any form is always chaotic. It involves lots of people from different departments, organizations and professions. These people need to sit together for a common purpose, i.e. the project. Even when they are not together, they need to be involved in the project and may be called for assistance. A project can’t run forever, because the purpose for which it is started is important for the organization or the group. Thus, project . management is all about organizing, planning and controlling a project. • Managing risk - Project Management is about managing risk. A project manager assesses risk, and manages that risk as much as possible. • Maximizing value - Project Management adds value to the outcome of a project. A project management identifies, manages and controls the quality of the outcomes, thus they preserve the value or enhance the value of the project outcome.
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