Fundamentals of Project Management

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Project management, planning, budgeting, executing
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If the project ends within its time line with satisfactory results and within budget then its considered to be nicely done project. What is a project and how it is accomplished? In this article you know get to know about fundamentals of project management. Project management is a complete science and involves various steps for managing and completion projects.

Project, Budget, Time line, Scope, Goals

All projects are unique from each other, It must have specific goals, its has beginning and end (A time frame) and it also must has a budget.

All projects are unique from each other for example for a construction company building a same kind of house could be different from their previous building projects. It might be different from Area, Size, or weather conditions on building site or something else.

Projects has particular goals, like solving some problem for example lowering a cost or searching some better suppliers, or maybe take advantage of an opportunity like increasing sales, launching new products or opening new geographical markets for a business.

Projects have starting and ending dates and that is one of the key factors for companies to evaluate their return or investments on any projects. Budget is another important component for a project and its not mean only money or cost of the project but it also includes how much time and other resources are required for a project.

Normally each project has a manager to accomplish project goals. Project managers have specific skills set to run and execute successful projects. Project managers has technical skills which are specific to project management that helps to answer below questions:

What will be a project plan?

What will be a project schedule?

How to measure a progress?

 

But project managers have also very strong business expertise. Understanding of organizational goals and business scope is very important to run a project successfully for a company. What business does, and what values considered as important within an organization.

Projects often use team of different skills and resources from other departments within the same corporation or even from other firms. Project manager is a leader of that team that is why its important that project manager must have leadership quality, which helps to motivate project resources to get best out of them. Strong readership could be a most important characteristic and its required to inspire the whole team and guide them to do the right things and motivate them to give their best.

Lets take a look into fundamental process of project management.

A project has mainly 5 main processes as below:

– Initiating a project

– Planning and scheduling

– Executing

– Supervising and controlling

– Closing

Initiating normally begins with answering the question like what is it about, what problem we are solving in this project. Planning is going to define how the project will be performed, what resources are required, what will be time line and what will be the budget of that project. Good practice for planning is also to answers the questions like

What resources do we need?

What will be a time line?

What is the budget?

 

Execution begins with launching the project, you gather all the team members and other resources, introduce them with one another and introduce every resource key role in the project. You also explain the rules and road map of the project to all the resources in the beginning of executions. Supervising and controlling the project is ongoing task of any project. You monitor the project to see whether it going according to the plan and if its not you work out way to get it back on the track

Finally closing part is small it probably the most important part of any project. In this phase you get official acceptance for the completion of any project. Proper documentation and reports are compiled on what are the end results, and what we have learned from this project.

It was the short overview for fundamental of project management. Project managers adopt various approaches for their project management but most commonly used approaches are known as traditional project management and agile project management. To read more on approaches of project management chick here.

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