E-file your Income Tax Returns for FREE

E-file your Income Tax Returns for FREE

Project Management

Reviewed by Annapoorna | Updated on Sep 30, 2020

Catalogue

What Is Project Management?

Project management requires the planning and organisation of a company's resources to push a specific task, event, or duty towards completion. It can include a one-time project or an ongoing activity, and the funds managed include finances, personnel, technology, and intellectual property.

Project management is usually associated with engineering fields and construction. More recently, it includes health care and information technology (IT). They typically have a complicated set of components that have to be finished and constructed in a set shape to create a functioning product.

Irrespective of the industry, the project manager tends to do the same job: to help set the objectives of the project and ascertain when the various project components are to be finished and by whom. They also create quality control tests to ensure that the completed components satisfy a certain standard.

Project Management Explained

Usually, the process of project management involves the following stages: planning, initiation, execution, monitoring, and closing.

From origin to finish, every project needs a plan that defines how things will kickstart, how they will be created, and how they will finish. For instance, in design, the plan starts with an idea, advances to drawings, and moves on to drafting a blueprint with several little pieces coming together between each step. The architect just gives one piece of the puzzle. The project manager puts it all together.

Every project usually has a budget and timelines. Project management runs everything smoothly, on time, and on budget. When the planned time frame is ending, the project manager ensures that all the team members are working on the project to finish on schedule.

For example, a project manager is given a task to lead a team for developing software products. They begin by recognising the scope of the project and assign tasks to the project team. It can include developers, engineers, technical writers, and quality assurance specialists. The project manager schedules deadlines.

Usually, a project manager uses visual representations of workflow, such as PERT charts or Gantt charts to determine the tasks for completion by each department. They define a budget that includes enough funds to keep the project within budget even during unexpected contingencies. The project manager also ensures the team has the resources it needs to build, experiment, and deploy a software product.

Types of Project Management

There are three types of project management which are as follows: - Waterfall project management - Agile project management - Lean project management

Related Terms

Recent Terms