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Project Management Concepts

Project Management

Project Management

Project Management
Today, the information explosion coupled with shrinkage of time has made the rate of change unprecedented. Time has become the most crucial strategic weapon to be the market leader. ‘This should have been done yesterday' is a kind of syndrome we are all familiar with. In this scenario it is becoming more and more important to manage all our projects on time and within budget without compromising quality.

Project Management
Project Management is the art and science of managing a project. It can also be termed as Dream or Change management. We can say that project management is the art and science of converting 'vision' into reality and 'abstract' into concrete. Worldwide, the discipline of project management is regarded as the most efficient way of introducing changes, which is most crucial both at business and personal levels.

The use of project management is so advantageous that it is becoming one of the fastest growing disciplines worldwide.

Project Management
Project management discipline is used to: Successfully manage all projects irrespective of their size or complexity. It involves the use and application of specific knowledge, skills, tools and techniques to project activities to meet the aims for which the project was undertaken.

Project Management
Project management achieves all this by following those procedures and processes which involve: - making a plan to achieve project objectives/goals and following this plan. - managing everything that is required to achieve project objectives safely within agreed upon time, cost, quality, technical and other performance criteria. - using the most appropriate tools and techniques to plan, monitor and maintain progress of the project. - using persons knowledgeable about project management to manage the project with the competing demands of scope, time, cost, risk and quality in the project.

Project Management
Project team members have to manage all the different persons such as the client, the customer and the contractor who are directly or indirectly involved with the project (all the project stakeholders. This can be a difficult task as different stakeholders have different expectations from the project.

Project Management
Modern project management encompasses both the 'hard' side and 'soft' side of managing projects. The hard side deals with the tools and techniques used in managing projects The soft side deals with the people and project teams involved in carrying out project activities. Project management provides a basic understanding of how we should address project uncertainties in a planned manner through planning, executing, controlling and closing and various issues throughout the project's life cycle. As the project progresses project management provides the 'single point of integrative responsibility' that is needed to ensure successful delivery of the project's aims and objectives. To properly carry out a project from initiating to closing, we require specific knowledge and skills related to project management. There are various bodies of knowledge today that have organized the basic project management knowledge areas in different ways.

Project Management
Project management Knowledge Areas These are: Integration Scope Time Cost Quality Human Resource Communications Risk Procurement These are widely recognized as the basis of the project management discipline. Let us look at each of these 9 Knowledge Areas

Project Management
Project management Knowledge Areas Integration

Integration management are the various processes and methodologies used to integrate all the knowledge areas of project management and the various phases of the project life cycle. A Project can thrive only when good integration processes are available to a project manager to effectively integrate all the project elements.

Project Management
Project management Knowledge Areas Scope

Scope management deals with the various processes and methodologies used to ensure that complete identification of the deliverables required completing a project is done in a methodical manner. Remember “Scope” is the basis for “Time” and “Cost” in the Project Management Triangle Scope, the basis for time and cost estimates plays the most crucial step in achieving the project objectives without tears.

Project Management
Project management Knowledge Areas Time

The effective planning and accomplishment of activities' timing and phasing is a central skill of project management. Time scheduling/phasing comprises specifying the processes required to ensure timely completion of the project.

Project Management
Project management Knowledge Areas Cost

Cost Management is the process of estimating the proper cost that should reasonably be expected to be incurred against a clear baseline, understanding how and why actual costs occur, and ensuring that the necessary response is taken promptly to ensure that actual costs come under budget.

Successful cost management on a project is forward-looking.

Project Management
Project management Knowledge Areas Resource

Human Resource management concepts help you to understand the various processes and methodologies that are used to ensure the effectiveness of a good team leader and effective team members. Human resource management is the nuclei of effective project management. The common denominator is effective project leadership and team functioning, as it is the men behind the machines who make the difference.

Project Management
Project management Knowledge Areas Quality

Quality management concepts help you to understand the various processes and methodologies used to ensure full compliance of quality policy and guidelines in completing a project. Quality is taken as understood and thus everyone has to meet the quality standards to be in the game of business. Quality can never be compromised for a long and sustainable business competitive edge. Remember Quality applies to everything in Project Management: Commercial, Organization, People, Control, Technical, etc.

Project Management
Project management Knowledge Areas Communications

Communications management is the various processes and methodologies used to establish smooth information flow and communication mechanism throughout the different phases of the project life cycle Just as the project life cycle is fundamental to structuring the process of project management, communication is fundamental to making it work. Effective communication with all stakeholders is absolutely mandatory to project success.

Project Management
Project management Knowledge Areas Risk

A risk in a project is an uncertain event or condition that has a positive or a negative effect on project objectives if it occurs. Risk includes both threats to the project's objectives as well as opportunities to improve those objectives Risks are present in all projects, whatever their size or complexity and whatever industry or business sector. Risk management concepts help you to understand the various processes and methodologies that are used to identify, quantify and develop strategies to respond to project risks.

Project Management
Project management Knowledge Areas Procurement

Procurement is the process of acquiring new services or products Procurement management concepts help you to understand the various processes and methodologies used to ensure the complete mechanism of soliciting and procuring the relevant services or products from the suppliers. Effective procurement management is when there is an alignment of vision amongst the suppliers and buyers to work together in improving project performance

Project Management
So in this section, we have seen the concepts of the 9 Project Management Knowledge Areas

These form the basis of the project management discipline.

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