Scope: Scope refers to the inputs provided to take the project from the first step to the last step.There are 12 key focus areas that enable us to understand what is project management: Let us take a look at some of the key focus areas to extend our learning on what is project management. Project managers are supposed to have in-depth knowledge of the focus areas in Project Management. Closure requires evaluation of the project if everything went on as planned and discussed with the stakeholders.Īfter the Project Life cycle, the next essential thing that comes to the rescue is critical focus areas. Monitoring and Controlling involve tracking progress and comparing it with the plan, and it is paramount to conduct quality control checks throughout the process.Ĭlosure involves delivery to the client and getting their feedback. The execution step includes allocating resources, conducting meetings, communicating updates, and delivering performance reports. Planning consists of the making of the outline of the project, which includes costs, the sequence of events, communication with stakeholders, schedules, budget, and risk. Initiation is the first step of a project life cycle that involves defining the project, identifying stakeholders, determining project feasibility. There are different outcomes at the end of each stage. Our next topic in our learning on what is project management is the project life cycle. There are different phases of a project from the time it begins to the time it ends, which constitutes the project life cycle. The project is first defined, and then as the project progresses, more clarity is added to the definition and scope of the project. The temporary nature of projects indicates that a project has a definite beginning and end. Project Management Institute (PMI) defines a project as a temporary endeavor undertaken to create a unique product, service, or result. Now that we've understood what is project management, what exactly is a project? Let's find out in the following section. Resources refer to the limitations to complete a particular job they can be in terms of people, equipment, time, or other supplies. The risk part involves many what-if scenarios and the solution for those scenarios.Įvery project has a combination of resources required to make it a success. The Project Manager must foresee the possible risks at every step of the project. If the time or cost reduces the quality of the project will be drastically affected.Ĭost is another important aspect that needs to be considered, which is an estimated factor of labor cost, factory, administration, software, equipment altogether. Quality is one such sphere that is almost always affected by the other constraints. The time to complete the project must be estimated as accurately as possible. Time is one of the most critical stakeholder considerations and a vital measure of project success. The scope is a guaranteed set of deliverables, and the project is to be created, keeping in mind the scope. And there are six constraints of Project Management: Project Management is the application of knowledge, skills, tools, and techniques to perform several tasks to meet project requirements, to make the final deliverables in a finite time and budget. However, there's a two-way benefit involved here: Project Management benefits not only the organizations and the business end, but the customers, as well as they, are involved from the beginning to the end. Today, several organizations utilize project management, allowing them to focus on the priorities and overcome challenges increasing the probability of their success. Project Management is a globally recognized practice helping professionals complete projects more effectively and efficiently.
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