Project management is often described as the art or science of directing a project to accomplish specific goals and achieve success, often in a defined period of time. The main challenge of project management, therefore, is how to reach all the project objectives within the given limitations. It also involves effective problem solving skills. In order to make the best use of available resources and minimize costs, it is necessary to understand the key components of successful project management.
Before discussing in detail about what is it project management, it is important to note that there are three distinct phases involved. At the beginning, the planning is done by the higher level management team, which is usually based on the customer needs. Then, based on the planning stages, the actual planning, scheduling and resource allocation take place among the project teams and the project manager.
In most cases, the overall goal is to meet the customer’s requirements within budget and time frame. As a result, project managers will need to use project management methodologies that allow them to organize their time and resources more effectively. There are two general categories of management methodologies; Stakeholder Management and Project Management. The key difference between these two methodologies is based on who the stakeholders are – for example, customers and employees.
The first phase of what is it project management involves the planning phase. The phase starts with the analysis of available resources and the list of tasks according to the customer’s requirements. Based on this analysis, the project managers to select a set of tasks to be performed. The number of tasks to be completed is usually based on the size of the company and the complexity of the task. Some project managers, however, allow additional tasks to be assigned if the resources are sufficient. Most project managers use a combination of Stakeholder Management and Project Management in order to complete all tasks assigned to them.
Once the planning phase has been completed, the next phase called execution phase occurs. During the execution phase, the project team begins working under the guidance of their superior or the project sponsor. They are responsible for coordinating with other departments and stakeholders to ensure completion of all tasks. Usually, they are also responsible for monitoring and evaluating the status of each task to determine if there are any problems.
One important concept involved in PMS is time on task (TOTS). Time on task is calculated by estimating the time needed for tasks to be completed, divided by the amount of time actually spent on completing them. Tots can help project managers determine which departments and teams need more attention and resources. If the estimate of TOTS is below the minimum required, project managers may consider redirecting work to the below-mentioned departments and/or teams.
As mentioned earlier, several different project management methodologies have evolved. Each project manager has his/her own preferred methodology, and it usually depends on the level of detail required for the job. A few popular methodologies used by project managers worldwide include the Scrum method, the Lean method, the Extreme Programming method, the Kanban method, and the Six Sigma method. Although some of these methods are quite popular and have been used for decades, it should be noted that there are project managers who still favor the waterfall method.
The waterfall methodologies are based on the principle that only specific, sequential tasks must be completed in order to reach the goal. They also believe that there should be a strict limitation to the number of simultaneous tasks. In addition, they believe that each phase of the project management life cycle should be executed in its entirety. The problem with the waterfall methodologies is that they make demands on project managers that exceed their resources and do not provide sufficient scope to complete all tasks. Project managers often encounter problems because they begin to execute the projects using this methodology without first creating an operating schedule or completing work orders to support the program.