Project Management – PM

Project Management – PM

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Project Management Definitions

1)  What Is a Project?

In project management, project is called an effort within specific time to create a unique product/ service or result. Moreover, according to PMBOK® Guide “a project is the application of knowledge, tools, skills & techniques to project activities, to meet the project requirements”.

There a five (5) district stages in the lifecycle of a project, each one representing a process group:

  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring
  5. Closing

Examples of a Project can be the construction of bridge, launching a new TV model or the organization of an exhibition.

2)  The Project Manager’s Role

A Project Manager (PM) is assigned by the organization to achieve project objectives. A PM is authorized by the Project Charter with full responsibility and accountability on the project to assign roles, lead planning, track & report performance, drive communications, and manage the needs & expectations of the stakeholders.

3)  The Project Life Cycle

From the authorization to completion, a project progressively elaborates according to the following diagram:

Project Management Life Cycle Graph

4) The Project Management Knowledge Areas

There are ten (10) knowledge areas, referring to what should a PM must be aware during the project lifecycle:

  1. Project Integration Management
  2. Project Scope Management
  3. Project Time Management
  4. Project Cost Management
  5. Project Quality Management
  6. Project Human Resource Management
  7. Project Communications Management
  8. Project Risk Management
  9. Project Procurement Management
  10. Project Stakeholder Management

 

5)  Project Integration Management

What would perfectly fit to the term Project Integration Management is the bird’s eye from 1.000 feet on the project, observing how everything is progressing. Establishing the Project’s Integration Managements means that there has been made the selection of the processes and activities which ensure that the project’s elements are firmly coordinated.

Project Management Table 1

6)  Project Scope Management

While Project Scope is the effort required to output the project’s deliverables, Project Scope Management is about controlling at all stages what is included in the project, and what is not. During the project lifecycle changes often happen, thus project scope management derives the processes which will assure that the project will still be delivered on time and within budget and quality.

Project Management Table 2

7)  Project Time Management

What Project Time management is about resumes to establishing and controlling those processes securing the on-time completion of a project. The following steps required to be taken:

i)       Plan schedule management

ii)     Define activities

iii)    Sequence activities

iv)     Estimate activities resources

v)       Estimate activities duration

vi)     Develop Schedule

vii)    Control Schedule systematically

8)  Project Cost Management

Cost is a key baseline which needs to be closely monitored during the project lifecycle. Project cost management is about keeping a project within its budget constraints, thus is a vital part of a project. A Project Manager is responsible to perform Cost Estimations, Cost Budgeting and perform monitoring of the processes interacting with each other

Project Management Table 3

9)  Project Quality Management

Cost is a key baseline which needs to be closely monitored during the project lifecycle. Project cost management is about keeping a project within its budget constraints, thus is a vital part of a project.

10) Project Management Software

A project management software is a software tool that enables the monitoring of projects online. Try to create your first project online with Comidor.