It is the art of managing all the aspects of a project like planning, controlling, monitoring, and review of projects by established principles, procedures and policies and tools.
So The term project management is used to define a specific start and end parameters. Which helps to achieve the project parameters with laid down constraints. This will ensure the overall objective to be achieved within a given period and with the involvement of each member.
Pre-requisites for successful project management:
- Adequate formulation.
- Sound project organization.
- Proper implementation planning.
- Advance action.
- Timely availability of funds.
- Judicious equipment tendering and procurement.
- Better contract management.
- Effective monitoring.
5 phases/steps of project management lifecycle:
Initiation means to start. and it is the first phase of the project lifecycle. An idea for a project will be carefully examined to know whether this will b beneficial or not?
Project’s value and feasibility are measured.
Tools to decide whether or not to pursue a project are:
a) Business Case Document b)Feasibility Study
2. Definition and planning:
Once the project receives the green light, it needs a solid plan to guide the team. And during this phase, a team should prioritize the project. This is important to calculate a budget and schedule.
3. Project execution:
Execution is all about building deliverables to make the client happy. Resources are distributed and teams are informed about the tasks to be performed by them.
4.Performance and Control:
Project managers will compare project status to the actual plan regularly. So as they need to adjust schedules or do what is necessary to keep the project on track. This constant monitoring helps keep the project moving smoothly.
5. Project Closure:
Teams close a project when the client has approved the outcome, deliver the finished project to the customer. This evaluation is necessary to highlight project success or learn from the project history.
Advantages and disadvantages of project management:
1. Business Advantage: It helps in the timely achievement of goals as well as optimum utilization of resources.
2. Competitive Advantage: It helps the company in achieving efficiency. When it comes to capital, labor, and other operational related expenses which leads to customer satisfaction with “profitable” results.
3. Minimization of conflicts and confusions.
4. Optimize Resource allocation: The manager comes to know the exact amount of resources needed, and at what time it will be used and how it will be utilized in the future, with the help of project management.
5. Active team collaborations: Employes initially know all the pros-cons of project and culture of work, document management, discussion, and social capabilities. So It leads to promote work uniformly.
6. Centralized Project Reporting: Just because Everyone is using their matters to manage projects. This will lead to more time consuming and difficult. But when project data is adequately arranged, employees know where they have to go for updates.
1. Overlapping of authority and responsibility:
Because of Top management and project management have different plans in their minds which makes confusion among the team members of the project.
2. Chances of project failure:
It may be possible that there is no competent staff to carry the responsibility for a project. Hence there will be more chances of project failure.
3.Limitation in case of large no of projects:
Suppose if the company is working on 10 projects simultaneously. Then it will require 10 project managers to handle those projects which are not possible for small companies.
So All projects are handled by either a single project manager or top management. This will limit the use of project management in small companies.
Some Project Managers become so close and protective with their methodology that they refuse to experiment. Which might be faster and better for the project. While Some project managers have an obsession with sticking to the process because they have Insecurity and Fear of loss of their control.