Project Management

Project management involves planning and organizing a company’s resources to facilitate accomplishing a given work, event, or duty. It may be a one-time project or an ongoing activity, and the managed resources include persons, funds, technology, and intellectual property.

Project management is often connected with engineering, building, and, more recently, healthcare and information technology (IT), which typically includes a complicated set of components that must be completed and assembled in a predetermined manner.

Regardless of the industry, the project manager’s duties are generally the same: to assist define the project’s goals and target and to identify when and by whom the various project components must be accomplished. Additionally, they create quality control tests to guarantee that finished components satisfy a particular standard.

What Does Project Management Entail?

Project management applies information, abilities, and procedures to execute and complete projects. Whether a project is one-time or continuous, it is normally managed by a project manager. Although roles vary by organization and industry, the majority of project managers assist in defining the project’s objectives, identifying its components, and determining the necessary implementation resources.

Different project management styles have been developed to fulfill the specific requirements of distinct sectors or projects. In waterfall project management, each task must be accomplished before moving on to the next. Agile project management entails constant monitoring and enhancement of deliverables. There is also lean project management, which focuses on minimizing time and resource waste.

Check out our article and all you need to know about project management certification for a comprehensive overview of all the project management phases.

Phase 1: Initiation

Before beginning a project, assessing whether it is worthwhile is essential. Thus, the initiating phase comes into play. During the start phase, you will establish the project’s objectives, the challenges it aims to answer, and the desired conclusion. In addition, you will specify how success will be measured and which internal and external stakeholders will be involved. Simply put, the first stage is intended to transform abstract concepts into meaningful objectives.

SMART Goal Framework

You may use the SMART goal structure to define your project’s objectives clearly. The abbreviation SMART stands for the following:

Your objectives should be precise, well-defined, and unmistakable.

M – Measurable: You must establish measurable criteria that allow you to track your progress toward your objectives.

A – Attainable: Your objectives must be reasonable and not difficult to attain.

R – Relevant: Your objectives must be attainable for your firm and its resources.

T — Time-bound: Your objectives should accompany a start and end date.

 Phase 2: Planning

Once the project has been accepted, you will need to create an outline or road map for your team to follow to accomplish it. In this phase, you will identify how to achieve the objectives outlined in the commencement phase. In addition, you will anticipate and plan for any challenges and determine the project’s cost, timeline, and scope. Unless you use the Agile project management style, you should anticipate the planning phase to consume over half of the total project duration.

 Phase 3: Execution

Now it’s time to implement your plan! Typically, a launch meeting will be held with all stakeholders to explain who is responsible for what and when. Then, execution-phase activities are derived from the project plan. Typically, a project manager will check in with everyone involved, keep them focused on their allocated responsibilities, and ensure that they cooperate with others so that everything runs smoothly and everyone is on the same page.

 Phase 4: Project Monitoring and Modification

Monitoring and adjusting a project typically occur concurrently, so they are included in the fourth phase. You can proactively address potential barriers and calculate key performance indicators (KPIs) by closely monitoring tasks. Before implementing any changes, it’s vital to establish how they’ll affect the project and whether it’s better to stick with the original plan or implement the modifications. The primary objective of the monitoring and adjustment phase is to guarantee that the project’s objectives and deliverables are achieved.

Phase 5: Termination

The closure phase occurs after a project has been delivered. It allows your team to evaluate and document the project before moving on to the next one. These may include the submission of a final deliverable, the completion of contractual responsibilities, the termination of applicable agreements, and the release of project resources. There are various reasons for a project’s conclusion, including completion, cancellation, termination, and transfer to a new organization. The necessary documentation to accomplish Project Closure will vary depending on the circumstances.

PRINCE2 Theory

Projects in Controlled Environments, known as PRINCE2, is the most frequently used project management approach globally, with over 150 nations employing it.

However, what is PRINCE2 project management, and why is it so widespread? And most importantly, is this method appropriate for your projects? These are challenging issues to answer without poring over countless publications and imprecise terminology.

The PRINCE2 basic principles

PRINCE2 project management is a process-based methodology that emphasizes structure and control over the entire project, from inception to completion. It entails that projects are meticulously planned before launch, that each phase of the process is properly structured, and that any loose ends are resolved after the project.

1. Projects must have a business rationale.

Each client project must have a defined need, a specific consumer, attainable benefits, and a thorough cost analysis.

2. Teams should gain knowledge from each stage.

At each phase of the PRINCE2 process, lessons are sought, recorded, and used to improve future work. In addition, teams will be able to complete tasks with greater passion and expertise because they will have learned from their errors.

3. Roles and responsibilities are stated precisely.

Every employee should be aware of their responsibilities and those of their teammates. With the application of the PRINCE2 management approach, you would be able to define each team member’s roles and duties to achieve unmatched results.

4. Work is scheduled in stages.

PRINCE2 projects are divided into distinct phases of work, with frequent reviews to document lessons learned and confirm the project is on track to meet its criteria.

5. Boards of directors “manage by exception.”

Board members are often senior executives who lack time to monitor a project’s daily activities. Therefore, they establish the project’s baseline requirements for time, money, risk, and scope and assign daily management to the project manager. If the project is over budget, the project manager can bring it back on track. However, if circumstances affect the stated standards, this is considered an “exception,” and the project board will determine the best course of action.

6. Teams maintain a consistent focus on quality.

Utilizing a quality register, deliverables are regularly compared to specifications. In addition, teams exist to guarantee that deliverables are appropriately measured and match the project’s objectives.

7. The methodology is suited to each project.

The PRINCE2 approach should be tailored to meet the requirements of each client project by adjusting the degree of oversight and planning based on the project’s size, the number of participants, work package delegation, etc.

PRINCE2 Roles & Responsibilities

The PRINCE2 project management technique explicitly defines roles and responsibilities to create a regulated project environment. The following are the primary functions that comprise a PRINCE2 project management team.

1. Project Manager

The project manager is accountable for supervising the project’s planning, execution, monitoring, and closing phases.

  • Principal Project Manager Responsibilities
  • Construct a project team and oversee its performance.
  • Develop a project plan, including a timetable and budget.
  • Communicate with the project board and with the customers.
  • Team Manager

Depending on the capacity of your project, you may require a team manager to oversee team members closely and report to the project manager.

2. Customer

A customer, user, or supplier is also participating in the project. However, the individual or entity funding the project will be affected by its outcome.

Principal Customer Responsibilities

Comprehend crucial project management papers such as the project plan, project brief, risk register, and business case.

Provide sufficient funding to satisfy the project’s resource needs.

3. Project Board

A project board comprises customer and business executives, such as a representative of the user side and a representative of the suppliers or specialists involved in the project.

Principal Project Board Responsibilities

The members of the project board are responsible for the process of making high-level decisions.

Regularly communicate with the project manager and approve or reject his initiative.

PRINCE2’s seven-phase method

The PRINCE2 method consists of seven distinct phases:

1. Project Initiating

The requirement for a new project is known as the project mandate. The project mandate is extremely minimal, including simply the necessity of the project and its demanded outcomes.

Every project initiation is evaluated to ensure that the organization can undertake it.

If accepted, the individual who launched the project produces a complete project brief outlining the actions, resources, group, etc. required to carry out the project.

2. Directing an undertaking

The project board examines and assesses project briefs based on business reasons and feasibility for the second round of approval.

The project team determines what it must do to arrange and execute each approved project and what/how it will authorize by the project manager.

3. Initiating project

The project manager develops the Project Initiation confirmation, which includes a thorough project plan and baselines for six performance objectives: time, money, quality, scope, risk, and perk.

The project team is provided with the initiation paperwork for approval. Once the team is satisfied with the project proposal, the company reissues its permission, and work begins.

4. Controlling a stage

The project manager distributes the project into “work packages” and allows them to team managers and members.

Throughout every phase, the project manager monitors the development of work packages and intervenes as necessary to overcome obstacles or remedies.

Team managers correlate daily tasks and serve as the contact between the project manager and individual team members, ensuring that everything goes as it was planned.

5. Managing product delivery

The project manager analyzed progress to the project scope and guaranteed that deliverables met PRINCE2 quality requirements.

The project board examines finished work packages and accepts them or asks for modifications.

6. Managing stage borders

The project manager and project board members examine each phase to ensure that the project proceeds according to plan and meets assurance requirements.

At each review, the project board determines whether to proceed to the next phase or abandon the project entirely.

Project managers conduct a retrospective with the project team to document lessons learned and enhance the subsequent phase.

7. Closing a project

When the project is finished, the manager ties up any loose ends, including PRINCE2 documentation, results, and reporting. PRINCE2 is a highly efficient and better project management system since it allows the project board and manager to track the project’s success at every level.

Conclusion

Conduct your project no matter how you manage it. The project Manager provides the versatility to work with PRINCE2 or any other project management methodology of your choosing. Whether you use PRINCE2 or another methodology to manage your project, you’ll need tools to manage the work at each level. Project Manager is a cloud-based project management application that is compatible with a variety of project management approaches. Invensis Learning offers PRINCE2 Certification training based on the AXELOS-accredited PRINCE2 6th Edition. This PRINCE2 Certification Training course teaches you how to effectively apply the PRINCE2 methodology to meet the budget and avoid associated risks.

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Lucy Brown has many years of experience in the project management domain and has helped many organizations across the Asia Pacific region. Her excellent coordinating capabilities, both inside and outside the organization, ensures that all projects are completed on time, adhering to clients' requirements. She possesses extensive expertise in developing project scope, objectives, and coordinating efforts with other teams in completing a project. As a project management practitioner, she also possesses domain proficiency in Project Management best practices in PMP and Change Management. Lucy is involved in creating a robust project plan and keep tabs on the project throughout its lifecycle. She provides unmatched value and customized services to clients and has helped them to achieve tremendous ROI.

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