There is plenty of speculation available concerning the definition of project management. However, what is project management in actuality? What do managers have to be knowledgeable about in order to create projects that are successful? We are going to talk about the basic concepts of project management.
People are born with the ability to solve problems. When a difficult issue hinders us from achieving our goals or other positive things that we want to achieve, we use all of our known resources to devise a plan that will solve those issues and help us get what we want. Via projects we try to find answers for the issues that are presently stopping us from reaching our goals.
What is a Project?
A project is a short term task that intends to provide an answer to a difficult issue. It involves putting a new plan in place in order to get positive results. The majority of projects are basically the same in nature. They generally have these components:
- An established time of existence, which consists of both a beginning and ending date
- Specified goals of what has to be accomplished
- Certain allotted budgets and revenue
- Specified goals with guides to assess success
It does not matter how large the project is or how difficult it may be, the action plan is the key to it being successful and the foundation for its life cycle. A good plan exists due to project management.
What is Project Management, Again?
Project management is basically the action plan that is used to combine and optimize the required assets to effectively finish the project and obtain the desired outcome. Project management consists of the general plans, action plans, particular tasks, timeframes, duties as well as goal expectations. Project management combines the tools and methods for strategizing, implementing and monitoring the project.
The project management action plan goes through these steps:
What is Project Management in Actuality, Really?
There are two basic methods for project management:
- Bottom-up-approach (participatory): Participants figure out and study the requirements, the options to fix the problems or come up with new methods to make a situation better. A plan is submitted after the contingency stages.
- Top-down approach (directive): An upper level manager gives the project to the project manager.
Even though it takes up more time, the bottom-up project method is the better method because it places the authority wherever there is potential and opportunity. It gives authority to everyone that is participating and it also gives them opportunities for making decisions for all aspects of the project management stages. This method also makes all commitments and accountabilities much stronger. In addition, it creates values that can be followed for the long term.
The top-down method specifies the requirements and methods for tackling them. Managers determine who will have authority, how the project will be done, and what assets will be used and how long the project will last. This method does not provide the same values as the bottom-up approach, but it does give faster answers.
The project participants might not be active in all parts of the project management stages; however, there are chances for them to stay in a supportive position.
Manager’s Key Guidelines to Successful Project Management:
It doesn’t matter what type of method is applied, the top-down or the bottom-up, most parts of the components are created, implemented and watched by the project manager.
Here’s a set of rules to help your project campaign:
- Make sure that the project’s goals are solid, obtainable and reachable. The SMART tool is a helpful example.
- Create a workable outline with designated tasks, timeframes, duties, needed assets, expectations and guidelines.
- Identify project stakeholders: A stakeholder is anybody who is interested, influenced or affected by the project. It is essential to establish participants and their duties from the very first of the project. A stakeholders analyses would be the best way to handle this.
- Understand the project’s hardships, setbacks and risks. If you know how to identify project restrictions and hardships at the start, it will be much simpler to handle them when they occur. Also, have a backup plan for when something does not go as you envisioned it.
- Establish a project budget. Itemize all costs of the project and determine the cost of each expense such as administrative, delivery, outsourcing, so on and so on. This will give you the capability to adequately manage the budget.
- Pinpoint the resources of the project such as the skills, capabilities, physical assets as well as intellectual assets. Create a listing of everything involved. It is essential to understand and work with the project resources. This is a wonderful strategy for re-cycling the team’s skills and experience and putting them on a totally different playing field.
- Pinpoint the strategies and plans that are required for planning, implementing, monitoring and evaluating the project.
- Correspond-Correspondence and interaction are very important in project management. You need to describe and provide credibility of your projects to your clients, partners and investors. You have to discover methods for making them interested enough to want to invest and be supportive of the project. Make sure that everybody constantly knows what is going on and what to expect during the course of the project. Get them involved by utilizing their expert planning and implementing skills as much as you can. Write everything down, even if it requires a lot of your time. You should always have good documentation of the project’s progress and success.