What is Project Management?
Project management is the practice of planning, organizing, executing, controlling, and closing projects to achieve specific goals and meet specific success criteria. It is a systematic approach to managing projects, which includes defining project objectives, identifying project requirements, developing a project plan, managing project resources, and delivering the project on time, within budget, and to the satisfaction of stakeholders.
Project management involves balancing competing demands such as scope, time, cost, quality, and risk, and requires effective communication and leadership skills. Project managers use a range of tools and techniques, including project management software, to plan, track, and manage project activities.
Successful project management requires a deep understanding of project lifecycles, project management methodologies, and best practices, as well as the ability to adapt to changing circumstances and stakeholder requirements throughout the project lifecycle
Project life cycle
Project life cycle refers to the series of stages that a project goes through from initiation to closure. The project life cycle provides a framework for managing a project and enables the project team to plan, execute, and control the project effectively. While there are different models for project life cycles, the following five stages are commonly recognized:
- Initiation: In this stage, the project is identified, and its feasibility is assessed. The project sponsor or stakeholders define the project scope, objectives, and deliverables. A project charter is created to formally authorize the project and to provide guidance to the project team.
- Planning: In this stage, the project plan is developed, outlining the approach, resources, and schedules necessary to achieve the project objectives. The project team develops a work breakdown structure (WBS) and a schedule, as well as identifying risks and mitigation strategies. The project plan is the primary document for guiding the project team’s activities.
- Execution: In this stage, the project plan is put into action. The project team performs the work defined in the project plan and begins to produce deliverables. The project manager monitors the progress of the project against the plan and makes adjustments as necessary.
- Monitoring and Controlling: In this stage, the project manager tracks project progress against the plan, identifies any deviations from the plan, and takes corrective action as necessary. Project performance is measured against the planned objectives, and changes are made to the plan as needed.
- Closure: In this stage, the project is completed and closed out. The project team documents the results, conducts a lessons learned review, and prepares a final report. The project manager obtains formal acceptance of the project deliverables from the project sponsor or stakeholders and releases the project team. The final step is to conduct a post-implementation review to assess the project’s success and to identify areas for improvement in future projects.
It is important to note that the project life cycle is iterative, meaning that the project team may need to return to earlier stages to revise the plan based on new information or changing circumstances. By following a structured project life cycle, the project team can ensure that the project is completed successfully and meets the needs of stakeholders.
Common project management approaches and how to select one
There are several common project management approaches that organizations use to manage projects. Each approach has its own set of advantages and disadvantages, and the selection of the approach depends on various factors, such as project scope, complexity, team size, resources, and organizational culture. Here are some of the most popular project management approaches:
- Waterfall Approach: The waterfall approach is a sequential and linear project management methodology. It follows a step-by-step approach, and each phase of the project must be completed before moving on to the next. The waterfall approach is best suited for projects with a defined scope, clear objectives, and stable requirements.
- Agile Approach: The Agile approach is an iterative and flexible project management methodology. It emphasizes collaboration, rapid prototyping, and continuous improvement. Agile is best suited for projects with changing requirements, dynamic environments, and uncertain outcomes.
- Scrum Approach: The Scrum approach is a subset of the Agile approach that focuses on small, cross-functional teams that work in short sprints to complete deliverables. Scrum is best suited for complex projects that require high levels of collaboration and adaptability.
- Kanban Approach: The Kanban approach is a visual project management methodology that emphasizes workflow optimization and continuous improvement. It is best suited for projects that require a high level of transparency and real-time monitoring.
- Lean Approach: The Lean approach is a project management methodology that focuses on maximizing value while minimizing waste. It emphasizes continuous improvement, eliminating non-value-adding activities, and creating a culture of efficiency.
To select the most appropriate project management approach, you should consider several factors, such as project complexity, team size, resources, organizational culture, and project objectives. Some questions to ask when selecting a project management approach include:
- What is the scope of the project, and how well-defined are the requirements?
- How much flexibility is required during the project?
- What are the team’s capabilities, and how many team members are there?
- What is the timeline for the project, and how much risk is involved?
- What is the organizational culture, and what project management methodologies have been successful in the past?
Once you have answered these questions, you can select the project management approach that best suits your project’s needs. It’s also important to note that project management approaches are not mutually exclusive, and many organizations use a hybrid approach that combines elements of different methodologies to achieve their project objectives.