What is Project Management? Benefits, Key Aspects of the Methodology

We frequently hear about projects that succeed and those that fail. The latter could be attributed to various factors, including a lack of resources and finances, ineffective leadership, and a lack of team direction. But, in reality, there is a lack of adequate project management resources most of the time.

So, here we cover all about project management, why it’s important, and everything one should know about project management concepts to improve their project management skills and lead their teams to success in today’s competitive business world.

Table of Contents:

  • What is a Project?
  • What is Project Management?
  • Importance of Project Management
  • Project Management Knowledge Areas
  • Project Management Processes
  • Types of Project Management
  • Project Management Tools
  • Various Roles in Project Management
  • Required Project Management Skills
  • Project Management vs Program Management
  • How to Enter the Project Management Domain?
  • How Much Does a Project Manager Make?
  • Conclusion

What the Fundamental of Project Management

What is a Project?

A project is an effort made to deliver a unique product or service. It involves a definite start and end. The goal of any project is significant and monitored by a professional working as a project manager and concludes upon achieving the goal. 

The outcome of the project could be temporary. A group of projects managed to enhance productivity and efficiency is a program. A portfolio is a group of programs aligned to suit organizational goals, values, and strategies.

Projects are characterized by their complexity, as they often involve multiple tasks, stakeholders, and resources that need to be coordinated and managed effectively. Key elements of a project include a clear purpose, a defined scope, a budget, a timeline, and a dedicated team or resources. 

What is Project Management?

Project management is a systematic and disciplined approach to initiating, planning, executing, controlling, and closing projects. Project management also involves the application of knowledge, skills, tools, and techniques to meet the project’s objectives and requirements. 

The primary goal of project management is to achieve successful project outcomes within the constraints of scope, time, cost, quality, risk, and resources. 

Project managers are crucial in guiding a project from its initiation to completion, overseeing various aspects such as defining project goals, creating detailed project plans, allocating resources, managing budgets, mitigating risks, and ensuring effective communication among project stakeholders.

PMI states that Project management “is the use of specific knowledge, skills, tools, and techniques to deliver value to people. The development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, and the expansion of sales into a new geographic market are all examples of projects.”

Project management instructs a team to accomplish particular goals or deliverables within a given time frame. It comprises project documentation, planning, tracking, and communication in order to complete work within the constraints of time, scope, and money. Project management is relevant across a wide range of businesses and sectors, giving a formal framework for dealing with the difficulties inherent in one-of-a-kind, time-sensitive efforts. 

Various project management strategies, such as Agile, Scrum, and Waterfall, provide diverse approaches to meet the project’s individual needs and nature. Overall, project management is critical for businesses that want to deliver projects efficiently, meet stakeholder expectations, and adjust to changing conditions over the course of the project’s life cycle.

Importance of Project Management

Project management is a necessary process in many fields that helps organizations achieve their goals and objectives efficiently and effectively. Project management is crucial for organizations seeking to navigate the complexities of modern business by providing a structured and disciplined approach to achieving goals, optimizing resources, managing risks, and ensuring stakeholder satisfaction. Several key factors underscore the importance of effective project management:

  • Goal Achievement: Project management aligns projects with organizational goals, providing a structured approach for successful goal success
  • Resource Optimization: Efficiently allocates and utilizes resources, minimizing waste and enhancing overall project efficiency
  • Risk Management: Incorporates strategies to anticipate and mitigate risks, ensuring projects stay on track within acceptable tolerances
  • Stakeholder Satisfaction: Emphasizes clear communication and stakeholder engagement, managing expectations for increased overall satisfaction
  • Quality Assurance: Integrates defined processes and standards to ensure final deliverables meet or exceed specified quality requirements
  • Time Management: Utilizes tools and techniques for scheduling tasks, tracking progress, and addressing deviations, ensuring projects meet deadlines
  • Adaptability to Change: Equips teams with flexibility to adapt, revise plans, and incorporate changes seamlessly in response to evolving circumstances
  • Customer Satisfaction: Directly contributes to customer satisfaction by meeting or exceeding expectations in terms of scope, quality, and timeliness
  • Continuous Improvement: Promotes a culture of continuous improvement through post-project evaluations, learning from experiences, and refining processes
  • Financial Control: Manages budgets by tracking expenditures, controlling costs, and adhering to financial plans for project completion within allocated resources

What Are Project Management Knowledge Areas?

Project Management Knowledge Areas refer to the core competencies and specialized domains of knowledge that project managers should be familiar with and effectively apply throughout the project life cycle.

The Project Management Institute (PMI), a leading professional organization in project management, outlines these knowledge areas in its Project Management Body of Knowledge (PMBOK) 7th edition guide. Project managers and organizations use this guide worldwide to improve their project management processes. There are ten recognized project knowledge areas:

  1. Project Integration Management: Involves coordinating and integrating various project elements, ensuring that they work together seamlessly to achieve project objectives.
  2. Project Scope Management: Project Scope management encompasses definition, documenting, and managing all the work required to complete the project successfully, ensuring that the project stays within its defined boundaries.
  3. Project Schedule Management: Focuses on developing, maintaining, and controlling the project schedule, ensuring timely completion of tasks and milestones.
  4. Project Cost Management: Involves estimating, budgeting, and controlling costs throughout the project life cycle to ensure that the project is completed within the budget.
  5. Project Quality Management: Addresses the processes and activities that determine project quality, ensuring that the project delivers the desired level of excellence.
  6. Project Resource Management: Involves acquiring, developing, and managing the project team, as well as managing physical and material resources required for project completion.
  7. Project Communications Management: Encompasses the processes required for planning, managing, and distributing project information, ensuring effective communication among stakeholders.
  8. Project Risk Management: Involves identifying, analyzing, and responding to project risks, minimizing the probability and impact of negative events while maximizing opportunities.
  9. Project Procurement Management: Encompasses the processes necessary to acquire goods and services from external sources, including vendor selection, contract negotiation, and contract management.
  10. Project Stakeholder Management: Involves identifying, engaging, and managing relationships with all project stakeholders to ensure their needs and expectations are addressed.

5 Steps in Project Management Processes

Project Management Process Steps

Project management processes involve a series of steps or phases that guide a project from initiation to closure. It consists of five steps or phases that all projects must go through initiation, planning, execution, monitoring and control, and closure. 

These project management phases are also known as process groups, the project management cycle, or the project lifecycle. Now, let’s detail each of these steps.

1. Project Initiation

This phase marks the beginning of the project during project management. It involves defining the project at a broad level identifying its objectives, purpose, feasibility, and the stakeholders involved. Key activities include creating a project charter, which formally authorizes the project and conducting a feasibility study to ensure the project is viable.

2. Project Planning

In this phase, detailed planning is undertaken to define the project scope, objectives, timeline, budget, and the approach to be used. Project managers and teams work on creating a comprehensive project plan, which may include a work breakdown structure (WBS), resource allocation, risk management plan, and communication plan. The goal is to establish a roadmap that guides the project from start to finish.

3. Project Execution

Execution is the third stage of a project lifecycle. It’s probably best to put it this way: expect things to go wrong no matter how carefully you plan your projects and how much time you spend in pre-launch meetings. If you do, you’ll be better able to manage and fix it, keeping your project on schedule. This is the point at which the project’s execution comes into play.

The process of breaking down a project into smaller milestones, assigning them to a team, commencing work, cooperating, and accomplishing the project’s end goals is known as “Project Execution.” 

4. Project Monitoring and Controlling

Throughout the project life cycle, monitoring and controlling activities are conducted to track project performance and manage project scope, schedule, and cost changes. Key tasks include:

  • Measuring project performance
  • Ensuring that project objectives are met
  • Identifying and addressing issues and risks
  • Adjusting plans as necessary to keep the project on track

5. Project Closure

The closure phase in a project occurs when the project is completed, and its success is evaluated against the project management plan. Activities include:

  • Formalizing the acceptance of project deliverables
  • Obtaining customer or stakeholder approval
  • Releasing project resources
  • Closing out contracts

A post-project review is often conducted to identify lessons learned and best practices for future projects.

What are the Types of Project Management?

A project management approach embodies a philosophy or a set of guiding principles that describes how a project is undertaken. In contrast, a methodology constitutes the concrete set of rules and practices employed to implement that approach. 

Project management comes in various types, and the choice of approach depends on the nature of the project, organizational culture, and specific requirements. Here are some common types of project management methodologies:

1. Waterfall Methodology

Waterfall is a linear and sequential method of project management. It involves completing one phase before moving on to the next, making it well-suited for projects with well-defined requirements and minimal changes expected during development.

2. Agile Methodology

Agile is an iterative and flexible approach emphasizing collaboration, adaptability, and customer feedback. It is particularly effective in dynamic environments where requirements may evolve, and solutions must be delivered incrementally.

3. Scrum Framework

Scrum is a subset of Agile widely used for managing complex software development projects. It involves dividing the project into fixed-length sprints, usually lasting two to four weeks. It includes regular ceremonies such as sprint planning, daily stand-ups, and sprint reviews.

4. Kanban

Kanban is a visual management method that helps teams evaluate work, limit work in progress, and increase efficiency. It is often used in continuous delivery environments and is more adaptive to changes in project requirements.

5. Lean

Lean project management focuses on minimizing waste and optimizing efficiency by applying principles derived from manufacturing processes. It emphasizes delivering value to the customer and eliminating activities that do not contribute to that value.

6. Critical Path Method (CPM)

CPM is a network-based project management method that identifies the critical path (sequence of activities that determines the project’s minimum duration) to ensure timely completion. It is particularly beneficial for large and complex projects with interdependent tasks.

7. PRINCE2 (PRojects IN Controlled Environments)

PRINCE2 is a structured project management methodology widely used in the UK and Europe. It provides a comprehensive framework with defined roles, processes, and templates, ensuring project consistency and control.

8. Six Sigma

Six Sigma is a data-driven approach to process improvement, aiming to reduce defects and variations. While not exclusive to project management, it is often integrated into project management practices to enhance quality and efficiency.

Also read the blog on MOCHA Project Management for efficient management of the project!

Best Project Management Tools

Project management tools are software applications, platforms, or techniques designed to assist project managers and teams in planning, executing, and controlling projects more efficiently. These tools are crucial in organizing tasks, facilitating collaboration, tracking progress, and managing resources. 

The choice of tool depends on the specific needs and preferences of the project team, as well as the nature of the project being undertaken. Utilizing project management tools can significantly improve project outcomes by enhancing collaboration, increasing transparency, and providing better control over project elements. Commonly used project management tools include:

  1. Trello: It is a visual project management tool that uses boards, lists, and cards to help teams organize and prioritize tasks. It’s user-friendly and suitable for smaller projects or teams.
  2. Asana: It is a versatile project management tool with features for task management, project planning, and team collaboration. It allows users to create projects, assign tasks, and track progress.
  3. Jira: Jira, developed by Atlassian, is widely used for software development projects. It offers features for issue tracking, project management, and agile methodologies, making it popular among development teams.
  4. Microsoft Project: MS Project (Microsoft Project) is a comprehensive project management software that permits users to plan, schedule, and manage projects. It suits complex projects and offers advanced scheduling and resource management capabilities.
  5. Monday.com: It is a visual work operating system that provides a centralized platform for project planning, collaboration, and workflow automation. It’s customizable to accommodate various project management styles.
  6. Smartsheet: It is a collaboration and work management platform with spreadsheet-like interfaces. It’s designed for tracking and automating work processes, making it suitable for handling various projects in project management.
  7. Basecamp: It is a project management and team collaboration tool that simplifies communication, file sharing, and task management. It’s known for its intuitive interface and ease of use.
  8. Wrike: It is a cloud-based project management tool that supports project planning, collaboration, and reporting. It is suitable for teams of various sizes and industries.
  9. ClickUp: It is an all-in-one project management platform with features for task management, document sharing, goal tracking, and more. It’s customizable to adapt to different project management methodologies.
  10. nTask: A project management tool designed to help teams and individuals effectively plan, organize, and manage their projects and tasks.

What Are the Various Roles in Project Management?

Various Roles in Project Management

Project management involves a diverse set of roles, each contributing to the successful planning, execution, and completion of a project. These roles ensure that tasks are assigned, communication flows effectively, resources are managed, and goals are achieved. Here are some key roles in project management:

1. Project Manager

The project manager is a central figure responsible for the overall planning, execution, and successful completion of a project. They define project objectives, create schedules, manage budgets, and coordinate the project team’s efforts. 

The project manager plays a significant role in decision-making, risk management, and ensuring that the project aligns with organizational goals.

2. Project Sponsor

The project sponsor is a senior executive or stakeholder who champions and supports the project. They provide the necessary resources, advocacy, and strategic guidance to ensure the project’s success. 

The project sponsor is typically responsible for securing funding and ensuring major project management activities like aligning projects with the organization’s objectives, etc.. Their involvement is crucial in overcoming obstacles and promoting the project’s importance within the organization.

3. Project Team Members

Project team members are individuals with specific skills and expertise who actively contribute to the project. They work collaboratively under the guidance of the project manager to complete assigned tasks, meet project milestones, and achieve project objectives. The project team’s effectiveness is essential for the successful execution of the project.

4. Stakeholders

Stakeholders are individuals or teams with an interest, influence, or stake in the project. They can include internal and external parties such as clients, customers, end-users, regulatory bodies, or employees. 

Managing stakeholder expectations, communication, and engagement are critical aspects of project management, ensuring that the project meets the needs and demands of all relevant stakeholders.

5. Project Coordinator

The project coordinator supports the project manager by handling administrative tasks and facilitating project organization. They schedule meetings, maintain project documentation, and ensure project information is well-organized and accessible. 

During project management, the project coordinator may have a different level of decision-making authority than the project manager; their role is vital in maintaining project efficiency and communication within the team.

What Are the Skills Required to Succeed in Project Management?

Success in project management requires a combination of technical, interpersonal, and leadership skills. The key project management skills that contribute to a project success have two categories: 

  1. Hard Skills
  2. Soft Skills

1. Hard Skills:

Hard skills are specific, teachable abilities or knowledge that can be quantified and measured. These skills are often technical and are typically acquired through education, training, or specific experiences. 

Hard skills include programming languages, data analysis, project management methodologies, proficiency in using specific software, and language proficiency. Hard skills are evident and can be easily identified and tested.

2. Soft Skills:

Soft skills, on the other hand, refer to interpersonal or people skills that are more difficult to quantify. These skills are often associated with personality, communication, and emotional intelligence and considered as a prominent element in project management. Soft skills are important for effective collaboration, communication, and relationship-building. 

Soft skills include communication, teamwork, leadership, adaptability, problem-solving, time management, and empathy. These skills are essential for success in various professional and personal contexts but can be more challenging to measure and assess than hard skills.

Project Management Vs. Program Management

Project management and program management are related disciplines that involve coordinating and overseeing work to achieve specific objectives. While project management is concerned with the successful execution of individual projects, program management focuses on overseeing and coordinating related projects to achieve strategic business objectives.

Program management involves more strategic planning, coordination, and alignment with organizational goals. Both disciplines are crucial in different contexts, and organizations may use a combination of project and program management to ensure the effective and efficient delivery of their initiatives. Here’s a comparison of project management and program management

Aspect Project Management Program Management
Definition The application of knowledge, skills, tools, and techniques to meet specific project goals within a defined timeframe The coordinated management of multiple projects and related activities to achieve strategic objectives
Scope Temporary, with a defined beginning and end Larger in scope, often involving ongoing work and long-term objectives
Focus Individual project success The collective success of all projects within the program aligned with overall strategic goals
Timeframe Short-term, with a specific duration Long-term, with a focus on continuous improvement and alignment with organizational strategy
Responsibilities The project manager plans, executes, and closes the project to meet its goals The program manager oversees and coordinates the collective success of all projects within the program, ensuring alignment with strategic goals
Examples Developing a new software application, constructing a building, organizing a marketing campaign Implementing an organization-wide IT infrastructure upgrade, launching a product line, conducting a research program

How to Enter the Project Management Domain?

Project management is a rewarding career option that offers competitive pay and many job opportunities. It is, however, a tough and frequently stressful vocation. As per research, the project management-oriented labor force is predicted to increase by 33%, or almost 22 million new employees, through 2027 in seven project-oriented sectors. 

Therefore, project management-certified professionals are always in demand: Qualified individuals are always needed to plan and provision work in every business. Here’s a step-by-step guide on how to enter the project management field:

1. Educational Background

Obtain a relevant educational background. While it’s possible to enter project management from various disciplines, having a degree in project management, business administration, engineering, or a related field can provide a solid foundation.

2. Gain Project Management Knowledge

Acquire knowledge of project management principles and methodologies. Consider pursuing industry recognized certifications such as:

  1. Project Management Professional (PMP)
  2. Certified Associate in Project Management (CAPM),



3. Build Technical Skills

Develop technical skills related to project management tools and software. Familiarize yourself with popular project management software like Microsoft Project, Jira, or others used in your industry.

4. Enhance Soft Skills

Hone soft skills such as communication, leadership, teamwork, problem-solving, and adaptability. These skills are crucial for effective project management and collaboration with team members and stakeholders.

5. Networking

Network with professionals in the project management field. Attend industry events, join professional associations, and participate in online forums. Networking can provide valuable insights, mentorship opportunities, and access to job openings.

6. Opt For Internships or Entry-Level Positions

Gain practical experience through internships or entry-level positions. Look for roles that involve project coordination, administration, or support. This hands-on experience will provide exposure to project management processes.

7. Build a Portfolio

Document your experience and projects in a portfolio. Highlight your contributions, the challenges you’ve overcome, and the results achieved. A well-organized portfolio can showcase your skills to potential employers.

8. Obtain Certifications

Consider obtaining industry-recognized certifications. Apart from general project management certifications, explore specialized certifications based on your industry or project management methodology preferences.

9. Apply for Junior Project Management Roles

Start applying for junior project management roles or project coordinator positions. These roles often serve as stepping stones to more advanced project management positions.

10. Continuous Learning

Project management is dynamic, and staying updated on industry trends and methodologies is essential. Engage in continuous learning through workshops, webinars, and further certifications to enhance your skills and knowledge.

How Much Does a Project Manager Make?

The salary of a project manager can vary based on factors such as experience, industry, location, and project complexity. Experienced project managers earn higher salaries, and industry-specific demands contribute to variations. Geographic location, organizational size, and the level of education or certifications also impact earnings. 

In the United States, the average salary for a Project Manager is $87348 per year. According to the latest Talent Gap analysis from PMI, 2.3 million individuals would be needed each year to cover all project management-related professions predicted to open by 2030. Staying informed about market trends is essential for those navigating or aspiring to project management roles. 

Project managers play a crucial role in businesses by overseeing the planning and execution of projects. This career path not only offers competitive compensation but also provides opportunities for progression into more lucrative positions. 

Here are some factors that can influence a project manager’s salary:

1. Experience

Experienced project managers typically command higher salaries. As professionals gain more years of experience and successfully manage larger and more complex projects, their earning potential tends to increase.

2. Industry

Salaries can vary by industry. For example, project managers in industries such as information technology, finance, or engineering may have different salary ranges based on the demand for their skills and the level of complexity of their projects.

3. Location

Geographic location plays a significant role in salary differences. Project manager salaries in major metropolitan areas or regions with a higher cost of living are generally higher than in smaller towns or areas with a lower cost of living.

The top countries for Project Managers to earn competitive pay are the United States, the United Kingdom, Canada, India, and Australia. The table below displays the average salary for a Project Manager in different countries.

Country Name  Salary
United States of America (USA) USD 87348
India INR 5,00,000
Canada CAD 97,974
United Kingdom (UK) GBP 59,652
Australia AUD 130,322
South Africa ZAR 96,227
Singapore SGD 6000 
Germany EUR 72,000
Switzerland CHF 1,17,133

4. Education and Certifications

Project managers with advanced degrees (such as an MBA) or relevant certifications (e.g., PMP, PRINCE2) may command higher salaries. Certifications, in particular, can demonstrate a commitment to professional development and competency in project management.

5. Responsibilities and Scope

Project managers overseeing larger projects or multiple projects within a program may receive higher compensation to reflect the increased responsibility and complexity of their role.

6. Market Demand

The demand for project managers in a particular region or industry can influence salary levels. Industries experiencing high growth or undergoing significant transformations may have increased demand for skilled project managers.


In conclusion, this guide offers a comprehensive overview of project management, covering key principles, methodologies, and essential skills. From defining projects to exploring tools and processes, it is a valuable resource for beginners and experienced professionals. Effective project management is about orchestrating efforts to achieve goals. 

As you embark on your journey, continuously hone your skills, stay adaptable, and embrace the evolving landscape. Whether initiating your first project or enhancing your expertise, this guide equips you to navigate the complexities of project management successfully.

Ready to take the lead in your professional journey? Unlock your leadership potential with Invensis Learning’s Project Management Certification Courses! Gain globally recognized certifications, practical insights, and the skills to lead successful projects. Elevate your career – Enroll Now! 

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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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