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 finance, 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 and its resources to better understand what project management is, why it’s important, and how its various parameters are influenced.
Project Management Fundamentals
Introduction to Project Management
Project management is the use of processes, methods, skills, knowledge, and experience to meet particular project objectives within agreed-upon parameters while adhering to project acceptance criteria. Final outputs are bound by a finite timeframe and budget in project management.
PMI states that Project management “is the use of specific knowledge, skills, tools, and techniques to deliver something of value to people. The development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, the expansion of sales into a new geographic market—these are all examples of projects.”
The process of leading a project from inception to finish is referred to as project management. The primary goal of project management is to finish a project within the time, money, and quality constraints that have been defined. Because projects aren’t meant to remain indefinitely, they have life cycles. Simply put, project management is the process of directing a team to achieve specific objectives or deliverables within a specified timeline. It entails project documentation, planning, tracking, and communication, all with the purpose of successfully completing work within time, scope, and budget restrictions.
Project Management Life Cycle
Whether you’re in charge of a large corporation or a small firm, project management is an essential component of any company’s success. As a result, project management resources are becoming increasingly popular and important across all industries.
Across industries, large and small businesses aim for excellence to establish a global footprint. All major project-centric businesses, such as construction, engineering, and IT corporations and others such as manufacturing, banking & finance, healthcare, pharma, NGOs, nonprofits, and government, rely heavily on project management.
The project management life cycle encapsulates the high-level process of completing a project and the actions required to complete it successfully. The project management life cycle can be characterized as a systematic, timely, and logical process for effectively initiating, planning, and executing a project to achieve a successful outcome – that is, to meet the stated objectives of the project’s stakeholders.
Each project phase focuses on a different part of the project management process from start to finish. Although these phases are listed in order, many may overlap or be used simultaneously during a project’s life cycle.
- Project Initiation
- Project Planning
- Project Execution
- Project Monitoring and Control
- Closing a Project
Every project passes through the same stages, no matter what type of project you’re working on. Even though each project has its own set of processes and duties, they all follow a similar framework. A beginning, a middle, and an end are always present. It’s a type of organizational activity that’s separate from project management. It is the overall discipline of project lifecycle management rather than the project itself. It has to do with managing your project life cycles as an organization.
- A Comprehensive Understanding of PMBOK Guide – Sixth Edition
- 5 Phases of Project Life Cycle You Need to Know
Project Management Jobs
According to PMI, there are 16.5 million project managers worldwide. Because project management is not the easiest game to play in the labor market, there are 16.5 million daredevils. Many things can influence your work, and a project manager must wear multiple hats.
“Demand for project managers is expanding faster than demand for people in other occupations over the next ten years,” according to a report from the Project Management Institute. According to the Project Management Job Growth and Talent Gap report, about 214,000 new project management-related positions will be created in the United States each year. Also, according to another survey, while the need for project management roles is growing, project management professionals are dropping. Project management positions are appealing for various reasons, including the necessity for project managers and the scarcity of qualified project managers.
- Building Your Project Management Career Path
- Becoming a Project Manager
- Project Management Career Paths
- Future of Project Management in 2022 and Beyond
- PMP Salary
Project Management Certification
The Project Management Professional (PMP) certification is the most widely recognized project management credential globally. The PMP certification now includes predictive, agile, and hybrid approaches, demonstrating project leadership experience and expertise in any mode of operation. It helps firms locate the people they need to work smarter and perform better, boosting project leaders’ careers across industries.
Take the PMP certification training before attending the exam to be easy for you to clear in your first attempt. Use some of our following Project management resources for reference.
- PMP Certification
- PMP Certification Benefits
- PMP Certification Process
- PMP Certification Syllabus
- PMP Certification Eligibility Requirements
- How to maintain PDUs for PMP Certification?
- How to Apply for PMP Certification?
- Getting PMP Certified
Project Management Skills
In today’s service-based economy, your success is primarily determined by your ability to complete projects and produce value that lasts for a long time. Yet, according to PMI’s Pulse of the Profession Report, for every billion dollars spent on projects and programs, firms lose close to USD 109 million. So learning all about project management skills are very essential.
Project management skills are important attributes and competencies for a successful project manager. Project managers are in charge of planning projects, putting together a project team, and overseeing project activities, timelines, and expenses. To accomplish so, the top project managers rely on powerful project management tools to keep all parts of their projects in order.
Many projects fail for various reasons, but we’re here to talk about how to develop the right skill set for increased project success. Successful projects require professional project managers and teams and effective project skills.
- Scope Management Skills
- Time Management Skills
- Cost Management Skills
- Communication Management Skills
- Project Environment Skills
- Organizational Skills
- Human Resource Management Skills
- Stakeholder Management Skills
- Procurement Management Skills
- Change Management Skills
- Conflict Management
- Team Management
- Technical Skills
- Strategic Management Skills
Project Management Book of Knowledge
PMI’s flagship publication, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), is a critical resource for effective project management in every business. The economy has changed dramatically throughout the years, yet projects remain essential drivers of business success.
The Standard for all about Project Management is included in the book. The standard serves as the foundation for the large body of knowledge, while the guide captures and summarises that knowledge.
Project Management Domains, Tasks, and Enablers
In addition to the present ‘PROCESS’ (Technical Project Management) domains, PMP test candidates will see two new domains starting in 2021. ‘PEOPLE’ (Leadership) and ‘BUSINESS ENVIRONMENT (Strategic and Business Management). And now, these three are referred to as the domains according to the current content outline. With this, we also have tasks and enablers.
In a nutshell, a Domain is a high-level knowledge area required for project management practice. Tasks are the Project Manager’s core responsibilities within each area, and Enablers are instructive instances of the task’s work.
Project Management Learning Resources
The PMP Exam is a comprehensive and difficult test. It goes beyond the basics provided in other entry-level tests and covers many project management topics. However, while it is difficult, it is not insurmountable. You can pass the PMP test with flying colors if you have good study habits and the right materials. Following are the few Project Management Resources that would help you clear your PMP Exam easily.
- Project Management Blogs
- Project Management Tutorial for Beginners
- Introduction to Project Management
- Top Project Management Methodologies
- Best Project Management Software
- Project Management Life Cycle
- Phases of Project Life Cycle
- Qualities of Best Project Managers
- Project Milestones
- Project Manager vs.Product Manager
- Project Manager Interview Questions
- Best Project Management Tools
- How to Create Project Management Plan?
- What is Agile Project Management?
- What Counts as Project Management Experience?
- Why Do Projects Fail?
- Different Types of Project Managers
- Embarking a Career in Project Management
- PMP Exam Preparation
- PMP Case Studies
Project Management Tools
Today’s project managers and company executives must stay up with evolving technologies and management trends. However, even experienced managers may find the project management approach bewildering the multitude of rules, terminology, and principles. Therefore, we’ve compiled a list of project management tools to assist you in selecting a methodology for your next project and supply you with new tools and ideas.
Project Management Knowledge Areas
The main technical subject matters of the project management profession are project management process groups and knowledge areas. These processes, along with their particular inputs, tools, methodologies, and outputs, bring the project to life. The PMBOK 6th edition Guide covers 10 PMBOK knowledge areas in Project Management.
The PMBOK 6th Edition includes 49 processes, up from 47 in the previous Edition. Project Schedule Management, formerly known as Project Time Management, and Project Resource Management, which was previously known as Project Human Resource Management, are the two knowledge areas that have been renamed. In addition, close Procurement has been removed from the PMBOK 6th edition, and three new processes have been added: ‘Manage Project Knowledge,’ ‘Implement Risk Responses,’ and ‘Control Resources.’
During any of these process groups, the knowledge areas occur. Therefore, the process groups can be considered horizontal, whereas the knowledge areas are vertical. The knowledge areas are the basic technical topics required for successful project management.
Project Integration Management
Project integration management is a technique for coordinating many activities. It takes the many processes utilized in a project and coordinates them. It’s the procedure in which the project manager is given authority to oversee and coordinate the responsibilities and activities occurring at various company levels. The goal of the integration is to ensure that the team works together to complete the project by ensuring that the scope, budget, and timeline are all met. Therefore, the project manager’s ability to effectively execute integration management is a significant success factor.
Project integration management does this by making trade-offs. That implies that you won’t have it all if you want to finish the task on time and within budget. This is the basic operating procedure for any project manager. If competing objectives exist, alternative solutions are required to meet stakeholder expectations.
To do this, the various processes and activities inside the project management process groups must be identified, defined, combined, unified, and coordinated. As a result, project integration management entails making resource allocation and trade-off decisions while also managing the interdependencies identified in the project management knowledge areas.
Project Scope Management
The overall amount of work required to deliver a product, service, or outcome with defined capabilities and features is project scope Management. It includes both the elements that go into a project and the factors that determine its success.
There’s a good chance your team is wasting time or doing work that isn’t necessary to finish the project at hand if you don’t have a detailed project scope management plan in place. Project scope management defines how efficient and productive the project will be in any project. A project manager may ensure that deliverables match stakeholder requirements in parallel with product features and functionalities, project scope, and other factors by following best practices and protocols for effective project scope management.
Project Time Management
Time management refers to keeping track of how much time is spent on project tasks and activities and how far they have progressed. All project activities must be planned, scheduled, monitored, and controlled to achieve excellent time management. According to the Project Management Institute, time management is one of the six major project management skill. Some people use the term “project time management” to refer to the tools and strategies used to manage time. It entails reviewing and defining a project completion schedule and time frame. Formalized time management techniques buffer unexpected bottlenecks and miscalculated project timelines. These time management plans outline which activities should be changed and how resources should be allocated and managed throughout the project.
Project Cost Management
The process of estimating, assigning, and controlling project costs is known as project cost management. The cost management method enables a company to forecast future expenses to avoid budget overruns. Cost estimates are made during the planning stage and must be authorized before construction begins.
Expenses are documented and tracked as the project plan is carried out, ensuring that the budget is not exceeded. In addition, predicted and actual costs are compared once the project is done, providing benchmarks for future cost management plans and project budgets.
Project Quality Management
The process of continuously measuring the quality of all activities and taking corrective action until the required quality is attained is known as project quality management. Quality management processes aid in project cost control, establishing standards, and determining the measures necessary to achieve and validate those standards.
Quality management and project management are complementary in today’s world. They both place a premium on client satisfaction and assume that quality leads to customer contentment. The primary goal of project quality management is to ensure that the project fits the needs for which it was designed, nothing more, nothing less.
Project Resource Management
Project resource management is a collection of integrated processes that allow project managers (potentially in collaboration with the PMO and other decision-makers) to identify, obtain, allocate, develop, and monitor the resources needed to finish a project successfully. Pre-planning, scheduling, and allocating your resources to maximum efficiency is thus the process.
It all comes down to accomplishing more with less when it comes to resource management as part of project management. Waste is something that no one enjoys, especially in the workplace. Therefore, optimization and efficiency are at the heart of resource management. You can effectively comprehend how to organize resources when you know what you need to succeed in a project efficiently.
Project Communication Management
It’s impossible to keep all responsible parties informed about the project’s changing state without a solid project communication plan in place. As a result, a lack of openness leads to wasteful, counterproductive decisions that obstruct the project’s goals.
Project communication management is a set of procedures for ensuring that the appropriate communications are transmitted, received, and understood by the appropriate individuals. Comprises the procedures that must be followed to guarantee that project information is collected, created, distributed, stored, retrieved, managed, controlled, monitored, and finally disposed of in a timely and suitable manner.
In the communications management process, there are three main steps:
Project Risk Management
Risk management is the process of minimizing any potential issues that could cause a project’s schedule to slip. Any unforeseen incident that could have an impact on the people, procedures, technology, or resources engaged in a project is referred to as “risk.” Risks, unlike ‘problems,’ are events that may or may not occur, and you may not be able to predict when they will occur. As a result of this uncertainty, project risk necessitates planning to manage it effectively.
Project risk management is the process through which project managers manage potential hazards that could have a positive or negative impact on a project. The goal is to reduce the severity of these dangers.
On different sorts of projects, risk management might mean different things. For example, risk management solutions for large-scale projects may require considerable thorough planning for each risk to ensure mitigation strategies are in place if problems develop. On the other hand, risk management may be as basic as prioritizing high, medium, and low priority hazards for smaller projects.
Project Procurement Management
Obtaining products, materials, and services are known as procurement. As a result, project procurement entails getting all of the project’s goods and services. The practices required to ensure that project procurement is successful are called project procurement management.
One of the ten Knowledge Areas that serves as a supporting pillar for the Project Management Framework is project procurement management. Its main goal is to build and maintain a positive working relationship with the vendors who provide goods and services throughout the project lifecycle. It comprises the procedures for purchasing or obtaining products, services, or results from outside the project team.
Project Stakeholder Management
To systematically assess stakeholders’ interests throughout the project, a qualitative and quantitative study is required. Any project is a success if it achieves its goals and meets (or, better yet, exceeds) the expectations of its stakeholders. The project manager’s role is to manage and even influence the expectations and requirements of key stakeholders. This is why project stakeholder management is so important to the project’s success.
Identification of stakeholders, analysis of their expectations and influences, development of appropriate strategies to work with stakeholders, and execution of the process are all part of project stakeholder management. Therefore, stakeholders must be kept informed regularly.
Project Management Processes
According to the Project Management Institute’s (PMI) PMBOK Guide (Project Management Body of Knowledge), a project management life cycle consists of five distinct phases that combine to turn a project idea into a workable product: initiation, planning, execution, monitoring, and closing.
The Project Management Institute (PMI) created the term project management process groups, extensively used in the project management industry. Synonyms for project life cycle or project lifecycle, project management resources, project management process, or project management phases are used by some authors.
The first step in initiating a new project is to initiate it. Next, you establish why you’re undertaking the project and what business value it will bring at the initiation phase. Then, you use that information to obtain buy-in from key stakeholders.
The business case and feasibility study are two measures used to evaluate a proposed project and identify the expected outcomes. The opportunity or purpose for the project is identified at this point, and a project is established to capitalize on that potential. A team is recruited at this phase of the project, and a business case is produced to define the project in depth.
You define your project at a high level during the beginning phase to demonstrate its business value. Then, you move on to the project planning phase after gaining buy-in from key stakeholders and demonstrating that your idea is realistic.
The second phase of the project life cycle is planning, which involves creating a plan after the initiation phase to begin the execution phase. The project plan acts as a road map for the entire project management process. Project planning is a discipline that deals with how to accomplish a project within a specified timeline, typically with defined stages and resources.
The execution and control stages are defined by a project plan, which is a set of formal documents. Risk management, resource management, and communications are all addressed in the plan and scope, cost, and schedule baselines. In addition, project managers utilize project planning software to guarantee that their plans are detailed and reliable.
The third stage of a typical project lifecycle is execution. It’s probably best to phrase it this way: no matter how well you plan your projects and how much time you spend in pre-launch meetings, expect things to go wrong. If you do, you’ll be in a better position to manage and fix it, ensuring that your project stays on track. This is when the project’s execution comes into play.
Breaking down the project into smaller milestones, assigning them to the team, starting work, collaborating, and achieving the project’s final goals can be referred to as “Project Execution”. Finally, you’re rolling up your sleeves and putting your project strategy into action when you say you’re going to execute it. So said, you’re putting those methods into action to complete the job. Project execution may also be referred to as project implementation. However, that’s a different fancy name for the same item.
Project Monitoring and Control
“The Monitoring and Control Process Group consists of those processes performed to observe project execution so that potential problems can be identified promptly and corrective action can be taken, when necessary, to control the execution of the project,” according to the Project Management Body of Knowledge (PMBOK).
Project monitoring and control is an important project management phase that helps you keep track of everything that is going on with your project and correct any deviations from the plan before they become a major issue.
Project Monitoring and Control activities run concurrently with Project Execution Process Group activities, ensuring that the project is monitored and controlled. At the same time, the work is being completed with the appropriate amount of oversight and corrective action in place.
Monitoring and regulating your project’s progress entails actively examining its status as it progresses, evaluating any roadblocks, and adopting appropriate changes.
Organizations must manage various duties during this phase, including sticking to the schedule, remaining on budget, avoiding scope creep, and managing risk. Here’s a rundown of the concurrent activities you’ll need to prioritize in project management while monitoring and regulating.
According to PMBOK® Guide – Fifth Edition, “The Project Closing Process Group consists of those processes performed to conclude all activities across all Project Management Process Groups to complete the project, phase, or contractual obligations formally.”
“Project Closing Process refers to the activities that are completed across all Project Management process groups to complete the project, phase, or contractual obligations formally. This process group checks that the prescribed processes are completed within all of the process groups to conclude the project, when applicable, and formally establishes that the project or phase is complete when it is completed.”
Why do Projects Fail?
There are numerous reasons for a project’s failure. The most prevalent explanation is a shift in corporate priorities. However, poor communication and an imprecise risk definition are typical as project objectives change.
There are many reasons why projects fail, but they frequently boil down to a few repeating flaws that, if not addressed, would make it near-impossible for the project ever fully to succeed. The most common reason for project failure is poor project management. There are many moving pieces and necessary activities for the finished product or service to function properly, so it’s critical to plan ahead of time.
Although not many projects are as high-profile, dozens go over budget or fail to deliver on their promises in a dramatic fashion. Project managers have a bad reputation for not delivering what was promised on time and within budget. One of the industries with the worst track record is technology, where failures are claimed to account for more than half of all initiatives.
Here’s a list of ten causes we’ve discovered to be common in poorly managed or unsuccessful projects.
- Lack of Effective Communication
- Poor Documentation
- Inexperienced Project Managers
- Unclear Goals and Objectives
- Lack of Resource Planning
- Scope Creep
- Unrealistic Expectation
- Bad Stakeholder Management
- No-Risk Management
- Lack of Team Planning
How to become a project manager?
Project management is one of the most difficult professions to master. So prepare yourself for a once-in-a-lifetime adventure. In my line of work, there is no room for mediocrity. A project manager oversees the entire project from start to finish, including planning, execution, and control.
In essence, a qualified project manager possesses the temperament, abilities, and experience required for the job. At least three years of experience in a relevant function, communication, formal training, and a PMP certification are all common prerequisites. Once ready with the requirements, attend the official examination to become a certified project manager.
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- How Long Does it Take to Become a Project Manager
- How much Does a Project Manager Make?
- Roles and Responsibilities of a Project Manager
- PMP Certification Process
- Is Project Management a Good Career
Project Management Terminologies
The world’s most in-demand job project management profession contains a vast knowledge base. But, in truth, there are a variety of project management approaches that businesses use to finish projects successfully.
These project management terminologies not only provide an organized and decisive approach to project management, but they also make it easier for any project management expert to communicate with one another.
Now, we’ll go over the top project management terminology that any project manager or aspiring project manager should know.
- Project Plan
- Work Breakdown Structure(WBS)
- Project Manager
- Project Scheduling
- Project Team
- Work Plan
- Business Plan
- Gantt Chart
- Change Management
- Case Study
- Waterfall Model
- Project Budget
- Feasibility Study
- Cost Estimation
- Project Life Cycle
Some of you may be feeling overwhelmed now that you’ve crammed a lot of new project management resources information into your head. However, everything you’ve learned about project management so far has been useful. So check out each blog or video on this page. Thus making it the ultimate place to know all about project management.