Concept of Project management

Dr. Shruti Aurora

IMS, University of Lucknow
 Project
• Projects are temporary efforts to create value
through unique products, services, and
processes.
• Projects are amalgamations of tasks, activities,
and deliverables that must be structured and
executed carefully to achieve a desired
outcome.
• Each aspect of a project must go through
phases of initiation, planning, and execution.
 Definition of Project Management
The art and science of using experience,
knowledge, skills, tools, and techniques efficiently and
effectively to meet stakeholder expectations.

Project management is the use of specific

knowledge, skills, tools and techniques to deliver
something of value to people.

Project management is the application of

processes, methods, skills, knowledge and experience to
achieve specific project objectives according to the
project acceptance criteria within agreed parameters.
 Types of Project Management
1. Waterfall Project - ideal for longer, linear projects
having static goal & scope.
2. Agile Project management – iterations, suits to those
projects which require frequent innovation,
collaboration and modifications. Popular in software
development.
1. Scrum project management – completing work in short cycles,
teams have daily standups monitor by “scrum master”.
2. Kanban Project management - Divides project into smaller tasks,
allowing team members to focus on one actionable task at a
time. Kanban board is made.
3. Lean Project Management - avoid wasting resources,
idea is to create value.
 Project Life Cycle
1. Project Initiation/Scope Formulation Phase
2. Project Planning Phase
3. Project Execution Phase
4. Project Controlling Phase
5. Project Closing Phase
 Significance of Project Management
Managing project involves:
– identifying requirements
– establishing clear and achievable objectives
– balancing the demands of time, cost, scope, and
quality
– adapting to expectations of all stakeholders
project management is an approach to accomplish
project objectives within organizational structural
and resource constraints for internal projects. For
external projects, political, social, legal and
environmental constraints may also have to be
considered.
 Necessity of Project Management
Some of the reasons for deploying project
management practices are:
• knowledge economy
• increased competition due to free market
philosophy
• constraints of cost, time, and scope (quality)
• client focus
• resource constraints
 Bottom Line

Project management is an important part of

bringing different teams or different
departments together to achieve a singular goal.
 Strategic Alignment
• Projects are means to accomplish strategic
objectives and goals of organizations.
• An integration of several academic disciplines
such as accountancy, decision sciences,
economics, finance, and management.
• Uses systems approach in integrating these
disciplines.
• It will continue to grow.
THANK-YOU