Project Management

Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. Project management has final deliverables that are constrained to a finite timescale and budget.

To learn more about project management, first need to understand - what is a project?

Project by definition is a temporary endeavour with a definite start and end date to create a product, service or result.

Key Characteristics:

Unique Product/Service/results - All the projects are unique whether it is a construction of a building, roads, dams etc. as all of them requires people, inventory, time, unique risks and issues which cannot all be the same and makes every project unique in itself.

Temporary endeavour - Every project has a definite start and end date, this does not mean that the project cannot run for multiple years. Projects can run single or multiple year project. In all the below mentioned conditions we mark a project complete.

  1. Achieved project objectives

  2. Funds are exhausted and management has decided to close project

  3. Objective cannot be met

  4. There is no need to execute the project anymore

  5. There are no human resources to execute the project

  6. Project is closed due to legal cause

Derives change - It moves an organisation from one state to another state by completing the tasks and achieving the project objectives.

Enable Value creation - Project derives value creation and it can be in tangible or intangible form.

  1. Tangible forms: Monetary benefits, utilities, fixtures, tools etc.

  2. Intangible forms: Brand recognition, good will, trademarks etc.

Project initiation context - Projects are always started due to reasons which can be placed into these four categories:

  1. Meet social, regulatory, legal requirements

  2. Meet stakeholders needs or requirements

  3. Implement or change business strategies

  4. Create or improve business product, services or processes