A project in an organization is a collaboration between multiple departments to achieve a defined goal. Follow this article to learn more about project management, its importance, and its life cycle.
Project Management Overview
Project Management is the process of developing, organizing, and managing resources to accomplish the organizational objective of a certain project. Unlike normal day-to-day activities, a project has a definite timeline with due dates; A project requires a manager responsible for leading it to its conclusion, and this includes not only implementing the appropriate management plan but also appointing the right team members for the tasks.
Project Management is usually divided into three main categories; planning the objectives and resources, scheduling the activities that should be done before the initiation of the project, including setting guidelines and milestones, and controlling the activities of the project where the team sets a budget and performs the scheduled tasks.
It is noteworthy that each project is assigned a specific budget and team, and usually requires management tools that organize the proper functioning of the business.
Project Management Life Cycle
A project is divided into 5 phases starting with the Initiation phase, which is mainly a data analysis of customers’ feedback in order to define what needs to be done to modify or develop the product or service to meet the customers’ demands. Followed by the Project Definition phase in which the solution to the problem is defined. Then, the Feasibility Study where strategic planning is made and certain milestones are set. Next, the Project Execution phase in which all of the points set in the earlier phases are executed in an orderly and timely manner where resources are usually utilized to the fullest. Finally, the Project Conclusion phase, where the final product or service is handed over to another department to start marketing and communicating the product or service to the public.
Project management is basically the art of managing all the aspects of a project and is an extremely vital point in the production of goods and services, thus; the practice has become crucial to modern-day project managers since it forms the foundation of what is accomplished throughout a project.
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