Teaser: Project management is the art of completing a project’s requirements by applying relevant knowledge, processes, and tools.
The word “project” is quite frequently used in today’s world. We have kids saying, “I have got a project to complete,” and managers or employees saying, “We are part of leading Project X.” But what does a project mean? Is there a definition? What methods and tools are essential to project success?
From a business environment, successful project delivery is the key to longevity, financial stability, and growth. It’s a highly competitive space, and only someone or a company with a sound understanding of the basics will know how to navigate their journey ahead.
This article unpeels the layers and starts at the foundation. Learn what project management means, how it works, and what tools one can use.
Project management basics are the fundamentals required to manage a project properly. Think of it with this analogy. The fundamentals of reading start with an understanding of the alphabets and their sounds. Similarly, project management begins with a thorough knowledge of what a project is and then the phases of a project.
The definition of a project, as per the Project Management Institute , is a “temporary endeavor undertaken to create a unique project, service, or result.”
They go into more specifics. Every project must have
Project management is the art and practice of planning, organizing, and executing necessary tasks that will churn out a deliverable, such as a tangible product or service. In project management, you use multiple processes and tools to achieve a desired outcome.
Key aspects of project management include:
Project management is the backbone or foundation of successful initiatives, whether that is ensuring on-time delivery or submitting an assignment as per the given standards. Project management provides a structured framework on how to do things, from start to finish, that ensures success.
The success of project management relies on detailed planning, effective resource allocation, and rigorous tracking of progress to identify risks and make adjustments. For instance, if a project is the construction of a gym facility. It would require detailed planning to create a design and manage different teams of contractors, vendors, and engineers. There would also be the need to abide by strict safety standards.
And project management also plays a pivotal role in creating innovation and achieving strategic goals. Wondering how? It encourages communication, which leads to the exchange of ideas and the creation of new, innovative solutions.
Project management also empowers teams to execute their goals and visions. It allows them to work together to deliver results that lead to personal growth and development of the organization.
There are multiple project management approaches or methodologies. The two most popular ones are waterfall, critical path, and agile. Let's look at them in a bit more detail.
Waterfall is a linear approach, where each phase of the project, such as planning, design, testing, etc., is completed in a sequential order. You can only move to the next phase when all work in a certain phase is finished. The waterfall methodology is easy to learn and implement and works extremely well for projects that have clear requirements and minimal disruptions or changes.
This project management methodology also utilizes a step-by-step approach. The critical path approach entails figuring out the longest procedure of activities that must be completed for a project to be considered as complete. To identify the critical path, one needs to identify all the separate tasks and then create a project schedule. A Gantt chart is the most common way of identifying and visualizing the critical path of any project management.
The advantage of using the CPM is that it clearly identifies the dependent tasks—tasks that cannot be started before a previous one is complete. However, the issue is that this approach leaves little room for flexibility.
Agile, on the other hand, is a more flexible project management philosophy. Its popularity has picked up in recent years. With Agile, each project is broken down into shorter iterations called sprints. These “sprints” allow for continuous feedback and adaptation to changing needs. Scrum and Kanban boards are two of the most recognized Agile frameworks.
Scrum uses time-boxed sprints to deliver working software. It’s a relatively simple methodology to implement. A scrum approach is led by a scrum master. This master is responsible for identifying and resolving all distractions or issues that can delay a project. It’s great for smaller projects that need rapid development and testing.
Kanban boards, a concept introduced by Toyota, focus on making a visual workflow of the project work and process. This visual project management approach is ideal for work and projects that require steady output.
Picture running a project through spreadsheets, emails, WhatsApp chains, and scattered documentation and no financial monitoring. It sounds like a recipe for disaster, doesn’t it? Well, this scenario is even more likely to occur without the right software in place.
A project management solution is essential to running a successful project. It helps you overcome the obstacles highlighted above. The software also provides real-time data, metrics, and visual representations of work assigned and completed—all of which help managers and organizations make more informed decisions.
A comprehensive project management software also includes project management methodologies like GANTT charts and Kanban boards. The software also automates redundant tasks, reduces chances of human error, fosters communication, and ultimately serves as a single source of truth regarding the project.
A quick Internet search will yield potential pages of project management software. But which is the right one to use? Here are a few questions to ask while you are researching project management tools. This list will help you identify the right software for your business.
eResource Scheduler (eRS) is a powerful software that significantly enhances a project manager's capabilities and ensures higher project success rates. This resource scheduling software automates resource allocation, tracks task progress, and generates insightful reports.
eRS streamlines project management processes, leading to improved efficiency and productivity. Furthermore, eRS empowers project managers to make data-driven decisions, mitigate risks, and optimize resource utilization. By using eRS, project managers can elevate their skills while ensuring constant and steady project success.
The project manager is the leader of a project—the one who oversees everything from start to finish. Their role is to ensure that the project is delivered on time, as per standards, and within budget. You can also think of a project manager as the glue that holds all the multiple parts of a project together. Common responsibilities of a project manager include building a project roadmap, identifying resources, assigning tasks, and then monitoring progress. They also update stakeholders on project progress.
PMO stands for project management office. It’s the team or department in a company that defines the project goals, assigns a project leader and team members, and sets benchmark performance standards. The PMO is often in charge of providing project support in the form of training and resources for the successful execution of any project.
There are multiple types of PMOs. The most common types are supportive, directive, and controlling. Gartner Inc., an international consulting firm, has its own framework for different kinds of PMOs.
No matter what kind of project you have on hand, there’s a universal framework and rhythm to it. All projects undergo the same stages of inception, planning, execution, monitoring, and delivery/closure. There’s always a beginning, a middle, and an end. This progression is called the project management life cycle.
Read more about mastering the project management life cycle here
Serving as a project manager can be a rewarding career choice for a lot of people. It’s a dynamic role that exists across multiple industries and can serve as a pathway to other roles within the company.
To become a project manager, most require a professional designation as a project manager (PM) from the Project Management Institute. To get a PM certification, you need to have a bachelor's degree, a certain number of hours leading teams, and formal project management education. Any of the following roles can count toward your work hours: Project scheduler, team lead, project accountant, project assistant manager, or even a lead buyer or engineer.
After you complete your formal education and experience, you need to take the PM exam. You get four hours to complete the 200 questions, and the results are instantly displayed. With the PM stamp on your resume, you can start applying for “project manager” roles.
