Project management involves monitoring of the project process and organizing resources efficiently to achieve the goal. A project has an ending time and sometimes one of a few set goals. A person who assists with the project process is called the project manager. Project planning, monitoring, closing, controlling, executing are part of the project management. One must know about 'what is project implementation' to complete a project successfully.
How Does Project Management Help?
Project management helps in improving your chances of achieving pre-set objectives. You can analyze the importance of any particular project for an organization and accordingly use your business resources. Project management helps in setting the scope, budget, and process of a project accurately.
Characteristics of a Project
The key characteristics of a project are:
- A project has a defined objective with an ending time, and it is usually temporary.
- Every project is unique and is only done to achieve a goal. Once the goal is achieved, the project process also stops.
- A project can also cut across organization/firm lines.
- A project involves unfamiliarity because some new process might be introduced in a firm/organization via the project.
- A project failure results in loss of assets or whatever resources you had put on stake.
Project Nature and Properties
The nature of a project is optimistic. It has a goal which will result in the betterment of a firm/individual. A project's properties are that it is finite and has to end up on the achievement of the objective. The key characteristics of the project discussed in the above section are also the properties of a project.
Project Life Cycle
A project process is divided into five main processes, collectively called the project life cycle. A project passes through all these processes and then reaches its termination upon achieving its goal. The phases in a project life cycle are:
It is the process of starting a project by naming it, defining its purpose, etc. The stakeholders come to know about the value of the project and initiate it.
The project risks, costs are analyzed in this process. A roadmap is laid out for the project with a deadline. The resources are allotted to a project in this process only. Questions like "what is a project cost?" "What does project consist of?" and "what is project type?" are raised, and their answers are found by project managers/stakeholders in this stage. Click here to know more.
Identifying tools for project management and modes of communication are identified before this process, and once it is done, the project plan is executed. Project planning and execution are some of the essential phases in achieving the goals of a project.
Monitoring and Controlling
Monitoring and controlling are done to ensure that the project is moving in the right direction.
A project closing is done when a project achieves its goal, and all the project data is recorded for future references. Teams come together and discuss the project events and profits of the project in a closing meeting. Questions like "what is project evaluation?" are raised in this process, and a project is evaluated.
So far, in the article “what is a project” we have understood the lifecycle. Now, let’s us see the types in detail.
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Types of Project Management Methodologies
Some main types of project management methodologies are:
Waterfall Project Management
This style implements the project process in waves, and each step is dependent on its successor.
Agile Project Management
It involves working in smaller processes, and project pivoting is also done in this process. Know more.
Scrum Project Management
It is a faster process very beneficial for smaller firms. It is done to achieve results quickly. Click here to know more about scrum project management.
Kanban Project Management
It is a variant of Agile Project Management and is best for large organizations. The tasks are simulated with processes to reduce the number of tasks over time.
Lean Project Management
Learn Project Management works the same as Kanban Project Management plus it focuses on customers too. It makes sure that the project is implemented so that the timely delivery of services/goods can be made to customers.
Examples of Successful Projects
Some examples of successful projects are:
- The UIDAI (Unique Identification Authority of India) was established in 2016. This project was initiated in 2009, and its goal was to bring India's 1.23+ billion citizens under the world's largest biometric system Aadhaar.
- American Airlines faced problems in technology overlapping when they merged with US Airways. To manage this change, they adopted a project to adapt to the changes and capitalize on their employees to better the business. This project helped them a lot to grow.
With that we have come to the end of the article “what is a project”.
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