What is Project Management

calendar 19 September 2024

note Veronica Davis

Imagine you’re at the helm of a team tasked with creating a revolutionary app in a fiercely competitive market. How do you ensure every feature is delivered on time and within budget? This is where Project Management comes into play. It encompasses the careful planning, execution, and oversight of projects to achieve specific goals. 

By understanding its principles, you can transform chaotic tasks into streamlined processes, ensuring every detail is accounted for, and every deadline is met. Let’s explore its comprehensive overview and unlock the secrets to successful project execution. 

Table of Contents  

1) What is Project Management?  

2) Importance of Project Management  

3) Different Types of Project Management  

4) The 5 Steps in the Project Management Process  

5) Key Project Management Roles  

6) Tools Commonly Used in Project Management  

7) Project Management Examples   

8) Difference Between Project Management and Program Management  

9) Conclusion  

What is Project Management?  

Project Management (PM) is the art of planning, executing, controlling, and monitoring projects from start to finish. It involves the planning of all essential activities as well as all the resources required to ensure that deadlines are met, and objectives realized. It mostly involves the following: 

a) Defining Objectives  

b) Scheduling Tasks  

c) Leading Teams  

d) Tracking Progress  

e) Engaging With Stakeholders  

It is performed in all scaled organizations, ranging from small-scale businesses to transnational corporations. Regardless you are the Project Manager in the office or managing the teams that are based in different countries, successful Project Management is the most crucial factor in attaining the goals of the organization. It encompasses various endeavors like product and service creation, software development, event management, civil construction, marketing communication, and system implementation. 

Importance of Project Management  

Comprehending the importance of Project Management is crucial for anyone looking to lead successful projects. Let’s delve into the key reasons which make it indispensable:



a) Effective Project Management helps keep projects on schedule and within financial constraints, preventing cost overruns and delays.  

b) By identifying and mitigating risks early, Project Management minimizes the impact of unforeseen problems.  

c) It guarantees that everyone involved is on the same page, reducing misunderstandings and enhancing collaboration.  

d) Proper planning and management optimize the use of resources, ensuring they are used effectively and efficiently.  

e) Structured processes and quality control measures lead to higher-quality outcomes and deliverables.  

f) Project Management ensures that projects align with the broader objectives of the organization, contributing to its overall success.  

Different Types of Project Management  

Project Management isn’t a one-size-fits-all approach; it encompasses various methodologies tailored to different project needs and industries. Let’s explore their diverse types and how they can be applied effectively: 

1) Waterfall Project Management: 

This is akin to traditional Project Management but with a key distinction: each task must be completed before the next one begins. This linear, sequential approach means that progress flows in one direction—like a waterfall. Consequently, meticulous attention to task sequences and timelines is crucial.  

Typically, the project team size increases as smaller tasks are completed and larger tasks commence.  

2) Agile Project Management: 

Originally embraced by the software industry, agile Project Management is based on the 12 agile principles listed in the Agile Manifesto. This is an iterative approach that pays special attention to the feedback, assessment and enhancement of the deliverables. Quality is obtained by focusing on customer value, teaming, and alignment with existing business environment.  

In contrast, in the sequential approach, exercises involved in project implementation are conducted consecutively hence requires an entire process to be redesigned if errors have been noted.  

3) Lean Project Management: 

Lean Project Management emphasizes minimizing the waste of both time and resources. The primary objective is to create more value for customers with fewer resources, mirroring the lean enterprise production principle. In this approach, only resources that directly contribute to the project’s successful completion are utilized.  

4) Kanban Project Management: 

Kanban can be defined as a logical method of managing projects with the focus on effective flow and increased performance. It is based on a Kanban board, which, in fact, represents the project’s tasks and their state at the moment. More specifically, the current tasks are shown as cards in the so-called pipeline where different stages are presented, such as ‘To do’, ‘In progress’, or ‘Done’.  

By their nature, such visual elements encourage not only openness, teamwork, and organizational rhythms but also prevent the tasks from stagnation by indicating the bottlenecks and priorities for further actions. 

5) Six Sigma Project Management: 

Six Sigma, which is more of an improvement methodology, can be used in Project Management as well. This approach seeks to reduce the number of defects and variability found in organizational processes. Six Sigma follows the DMAIC methodology: It stands for Define, Measure, Analyze, Improve, and Control.  

Every step fall under the defined phases of the project to have a clear understanding of project objectives, data gathering, analysis, sources of defects, effective solutions, and correction control measures. 

6) Scrum Project Management: 

Scrum is an effective agile practice for improving team collaboration and delivering value in short cycles. The full project is subdivided into small and moderate portions called sprints, typically lasting one to four weeks. Every sprint starts with a sprint planning meeting, during which the team selects items from the product backlog.  

To address challenges, Scrum meetings happen every morning and focus on what has been achieved within a particular day. Every time the sprint is complete, it is followed by a sprint review meeting where the entire developed work is presented to the stakeholders. 

The 5 Steps in the Project Management Process  

The Project Management process is a structured approach that supports a project from inception to completion. Let’s break down the five key steps in its process: 

1) Project Initiation  

The project initiation phase is one of the critical phases in the execution of every project, where the Project Manager has to justify the worth of the project and its viability through documents. These include the business case, which provides: 

a) Reasons for needing the project, what the project seeks to achieve, and the profitability of the project. 

b) The feasibility study ensures that the project can be successfully implemented within time and cost. 

c) The project charter defines the deliverables from the project. 

Upon authorization of a project, a Project Manager assembles a project team and establishes the Project Management office. This phase then ends with the kick off meeting whereby the project objectives as well as the deliverables are as well discussed. 

2) Project Planning  

To understand the last stage of the project planning phase is to develop a detailed document that outlines how the project might be carried out. Part of the project plan is the project schedule defining the tasks and resources timeline, the budget estimating all the costs of the project, the scope management plan that monitors the project scope, the risk management plan containing risks and possible solutions, the resource management plan pointing how resources would be acquired, allocated and managed and the stakeholder management plan identifying the stakeholders and how to manage them.  

Some Gantt Chart software is designed to highlight critical path activities, although it is common for Project Managers to use the tool to graphically display the project schedule and scope. 

3) Project Execution  

In the project execution phase, the project plan is put into action to achieve the project goals and objectives. Project Managers oversee the Project Management knowledge areas as the project progresses toward the monitoring and control phase. They may reallocate resources or adjust time and scope as needed to keep the team on track, identify and mitigate risks, address problems, and incorporate any changes.  

4) Project Monitoring and Control  

This phase occurs concurrently with project execution and involves monitoring the progress of project activities to ensure the team stays on schedule and within budget. Quality control procedures are applied to ensure quality assurance. Reporting is crucial in this phase, as it allows Project Managers to track progress and provides data for stakeholder presentations. Various reports, such as project status, timesheets, workload, allocation, and expense reports, are used.  

5) Project Closure  

The project closure phase involves presenting the final project deliverables to stakeholders. After receiving approval, resources are allocated, documentation is finalized, and all necessary sign-offs are obtained. This phase marks the end of the Project Management Life Cycle.  

Key Project Management Roles  

Project Management roles usually vary depending on the organization and project size, but they generally encompass several core functions.   

1) Project Manager  

The Project Manager oversees the overall project from start to finish, defining goals, creating plans, allocating resources, and managing budgets, risks, and timelines.   

2) Project Stakeholders   

Project Stakeholders, who may include customers, suppliers, and regulatory bodies, have a vested interest in the project’s outcome.   

3) Project Sponsor  

The Project Sponsor gives financial and organizational support, makes critical decisions on resources and budget, and communicates project progress to stakeholders.   

4) Project Customer  

The Project Customer defines project objectives and requirements and approves the final product or service.   

5) Project Management Office (PMO)  

The PMO develops standards and policies for Project Management, supports Project Managers, and archives project data.   

6) Team Members   

Team members are responsible for carrying out day-to-day tasks, collaborating, reporting progress, and contributing their expertise to ensure project success.   

7) Steering Committee   

The steering committee provides governance and oversight, ensuring that projects align with organizational goals.  

Tools Commonly Used in Project Management  

Effective Project Management relies heavily on the right tools to streamline processes and enhance productivity. Let’s take a look at some of those most commonly used tools: 

1) Kanban Boards  

Being a task management tool, the Kanban board enables Project Managers and team members to effectively visualize tasks. Commonly used by agile and scrum teams working in iterative sprints, Kanban boards are user-friendly and promote team collaboration.  

2) Gantt Charts  

As a tool used in Project Management, Gantt Chart actually presents the graphical representation of a project in one graph showing all the tasks. It can be used in project planning, scheduling, task planning and managing resources for the project and is most suitable for use in Waterfall projects. 

3) Project Dashboard  

A project dashboard can be defined as a tracking instrument used to track costs, tasks and progress. In Project Management practice, it is particularly relevant during project implementation phase since it allows Project Managers to determine at what stage their projects are. 

Project Management Examples   

Project Management is a versatile discipline, which can be applied across various industries and scenarios. Here are a couple of examples to illustrate its practical application: 

1) Example 1: Software Development Project: 

Consider a tech company developing a new mobile application. The Project Manager starts by defining the project scope, setting clear objectives, and assembling a skilled team. They create a detailed project plan, outlining tasks, timelines, and milestones.  

Throughout the project, the manager coordinates with developers, designers, and testers, ensuring each phase is completed on schedule. Regular progress meetings and status reports help track the project’s advancement.  

Ultimately, the team successfully launches the app, meeting all specified requirements and staying within budget. 

2) Example 2: Event Planning Project: 

Consider an event planning company preparing for a huge business meeting. The Project Manager is first involved in the identification of the event objectives, which include the number of participants and activities.  

They develop a wide plan covering issues such as the selection of places, service providers, promotion, and timing. Some of the teams the manager coordinates may include catering, audio-visual, and guest services teams. To give an example, they track development by daily meetings, mid or end-of-week check-ins, or daily check-ins if the task is larger, zooming out to a bigger picture as a team if a problem needs to be solved.  

The event was delivered successfully with good reports from the participants and stakeholders, and all these are indications that the Project Management was done perfectly. 

Difference Between Project Management and Program Management  

Here are five key differences between Project Management and Program Management: 


1) Scope 

Project Management focuses on achieving specific objectives within a single, defined project. Whereas, Program Management oversees multiple related projects, ensuring they align with broader business goals. 

2) Duration 

Projects are typically short-term and have a clear start and end date. However, programs are long-term initiatives that may run indefinitely, depending on the organization’s strategic needs. 

3) Goal 

The goal of Project Management is to complete individual deliverables on time and within budget. In contrast, Program Management aims to realize overall business benefits by coordinating and optimizing multiple projects. 

4) Focus 

Project Managers concentrate on tactical execution, ensuring the project meets its immediate objectives. Program Managers, on the other hand, take a more strategic approach, focusing on the integration and alignment of various projects for long-term success. 

5) Management Approach 

Project Managers work with detailed project plans and schedules, while Program Managers manage broader strategies, dependencies, and risks across multiple projects to achieve larger organizational goals. 

Conclusion  

In essence, Project Management is the backbone of successful ventures, transforming visions into reality with precision and efficiency. By mastering its principles, you unlock the potential to lead projects that not only meet but exceed expectations. With a structured approach, it ensures timely delivery, optimal resource utilization, and stakeholder satisfaction.