Project Management And The Importance Of Project Management

3038 Words 13 Pages
Project management is planning and organizing of a firm’s resources to move a specific task, event or task towards completion. Project management is an activity undertaken on a project to project basis and is not a continuous activity, and the resources managed include human resources and financial capital. The project manager helps in defining the goals and objectives of the project and sets the timeline for completing various project components and by whom. The project manager also creates quality checks to ensure completed components meet a certain standard.
A project is temporary in terms that it has a definite beginning and end in time, and thus defined scope and resources. Every project is unique and different, because it is not a routine
…show more content…
Waterfall: This is a sequential model for project development. The waterfall model is the oldest development model.
There are other methodologies, as well, some of which are used exclusively for certain types of projects. For example, Rapid Application Development (RAD) is used for quick development of software application, while maintaining high quality. PRISM methodology focuses on the sustainability of the project as well as the product.
Importance of Project Management
1. Defines plan and organizes chaos: Projects are chaotic by nature, with too many things happening at the same time. Project management plays an important role in organizing and conducting the projects in a planned and systematic way to ensure as less chaos as possible. Project management lays out a clear path to reach the project goals.
2. Establishes a schedule: Any project undertaken without a schedule is bound to undergo delays and go over budget. A sound project management plan works to keep the project on schedule.
3. Encourages teamwork: Project management plays a vital role is bringing people from different departments and inspires them to work towards the common project
…show more content…
Initiation: The project objectives are defined in this phase and conceptual aspects of the project are agreed upon. In this phase the project is defined in terms of problem and a possible set of solutions are offered.
2. Definition: As the project objectives are defines, the next step is the assessment of the solution in terms of risk, financial investments and the benefits derived out of it. The project scope is defined in this phase.
3. Planning: In this phase the project is broken down into manageable phases of work and each phase is planned in terms of time, cost and resources. This is a continuous process and is extended throughout the execution stage.
4. Execution: The project is implemented, maintained and controlled in this phase.
5. Close-out: This is the final phase of the project life-cycle, where the resources are reassigned, the project along with the necessary documentation is handed over to the client, signoffs are acquired and the post project review is carried out to take the lessons learned

Related Documents