What is project management?
TheProject Management Body of Knowledge, Seventh Edition (2021), defines “project management” as the skill and process of supervising a selected number of people to work effectively on a job within a selected time frame” [t]he application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project Management refers to guiding the project work to deliver the intended outcomes. Project teams can achieve the outcomes using a broad range of approaches (e.g. predictive, hybrid and adaptive.”
Project management works with the time frame (schedule), the cost of the project (budget), and the requirements of the project (scope) to secure a positive outcome for the company. It involves documentation, negotiation, and planning of a project but also addresses potential risks to the success of the project, change management, and quality of the results.
Who is a project manager?
In layman’s terms, a project manager is a person who manages a project, but there is more to this definition. A project manager will have many skills that allow them to solve the complex and often interdependent tasks to deliver the objectives of the project.
Roles of a project manager?
● Plan a project idea:
There is no project without ideas. A project starts with an idea. A project manager is one who works with sponsors and stakeholders, gathers the requirements, considers possible solutions, and looks for efficient ways to carry out the selected solution. A project manager focuses on the development of a project. He or she is also the one who negotiates with stakeholders to sign and organizes the necessary documentation needed for a successful project.
● Create the right team of workers:
When anything goes wrong during the project, the project manager is the one who takes the blame. To avoid this, it is the duty of the project manager to identify and select capable resources for projects and create a team with them.
● Monitor the project’s success:
A project manager is expected to monitor the project’s success. He or she is to ensure the efficiency of the workers during the project. He or she is also expected to mitigate any risks that might arise during the project.
● Manage project resources:
Asides from monitoring and managing people, managing the funds that go into the project is a critical process. The project manager accounts for budget allocation and management. This includes reports to the Sponsor of the project like Schedule Variance, Cost Variance, Percent of Milestones Complete, and Estimate to Complete.
Basic principles of project management.
In project management, there are fundamental principles a project manager must follow. These rules guide the manager on what to do and how to go about it. These principles are:
● Formal project structure and planning:
To ensure the smooth running of a project, a project is to have a formal structure. This structure aids the completion of the project within the allocated time. A well-structured project should have these three things: a Project Charter, a Project Plan (including a project schedule), and a project team with the required skills. A more mature project manager will provide many other elements, such as Action Item Register, Risk Register, RACI (Responsible, Accountable, Consulted, Informed) Charts, and more, but the three items listed above are essential to any project.
● Point of contact:
A well-managed project is expected to have someone who acts as a spokesperson for the stakeholders involved in the project. A point of contact helps to guide the stakeholders through the project journey. The project manager typically serves as this point of contact and controls the communication with the team and with the stakeholders (including the Sponsor). This should be documented in the Communication section of the Project Plan.
● Specific goals:
Without a specific goal, the project team will work without direction, and this will eventually lead to failure. The goals must be tied to the overall objective of the project and bounded by the scope – what is, and is not, included in the scope of the project. A specified goal helps to define the Key Performance Indicators (KPIs) for performance.
● Risk recognition:
A good project management technique is recognizing risks. Ability to identify risks helps the project manager to maximize resources that can be used to eliminate them. Good practice is to create and monitor risks with a Risk Register.
● Ability to deliver value:
The objective of a project is to deliver value of some sort. A well-managed project is expected to ensure the maintenance of quality in services, product, and values.
● Transparency:
One of the required principles for a well-managed project is transparency. The project manager is expected to give feedback to the stakeholders from time to time. This feedback should be clear and transparent. The manager is not expected to hide anything from the stakeholders.
● Communication:
Effective communication between the workers, the project manager, and the stakeholders should be a priority. Withholding critical information could lead to the project’s failure and even the project manager’s termination.
Benefits of project management.
Project management is one of the best tools that can increase the worth of your company. As a result, it has numerous benefits. Here are a few benefits of project management.
● It makes collaboration easy:
Working with a team effectively shows that there is a connection between the people in the team. Project management enables that connection, which in turn enables easy collaboration. This helps everyone work at a fast pace to deliver value.
● Eliminate confusion:
Project management helps in eliminating confusion as the role of everyone in the project team is specified. This enhances the smooth running of the project.
● Team effectiveness:
Project management helps in creating well-defined goals for the project. These goals help the teamwork towards a direction, and it also increases their effectiveness.
● Workplace collaboration:
Project management enhances communication within the team. Good communication helps to keep the team focused.
● Overall efficiency:
The goal of a project is efficiency. Project management helps in achieving the overall efficiency expected from a project.
One of the important business tools is project management. This tool helps in the growth of your business. For the smooth running of your company, you must have an efficient project management strategy.
As a business owner, using the right project management strategy is essential. To ensure the smooth running of your business, having the right hands manage your business is vital. Thurman Co helps business owners use strategic project management practices to ensure smooth project execution. To get the best project manager, you should contact Thurman Co.