Project Management

As outlined by PMI (2014) a project is Unique Operation, yet a particular set of operations intended to achieve a single objective and it has a defined starting and end in time. According to Management help (2014), project can be defined as a time effort that produces a specific result.

Tutorials point (2014) stated that Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Project Management is significant because it will guarantee that triumph of the project and it serves to optimise resources. According to MPUG (2014) Project management can be defines as the method of joining components of a project while it could be ether in designing a new product, service or a marketing campaign.

Project management processes fall into five categories according to PMI (2014);

1.     Iteration
2.     Planning
3.     Execution
4.     Monitor and Control
5.     Project Close/Completing the Project

Iteration

In this stage project manager defines a list of project aims, scope (technical, operational, financial and socially) and the outcome of a specific set of activities. It is a vital aspect to explain the targets and the goals of the project to be archived throughout the project in order to produce a successful project. An alternate essential goal of this stage is to declare the roles around members to the project and the responsibilities appointed to them (Project Office, 2008).

Planning

This is the stage where the layout of the project has been developed which consist of all activities or tasks, how the tasks are related, how long each task will take, and how each task is tied to a specific deadline. The method of planning the work load will make sure all resources needed are available when it requires (PMI, 2014).

In the stage of Planning, Project management knowledge draws on nine areas as per PMI (2014). Those are nine areas are Integration Management, Scope Management, Time Management, Cost Management, Quality Management, Risk Management, Procurement Management, HR Management and Communication Management.

Execution

This is the stage where tasks organized in the Work Breakdown Structure becomes active and throughout this time the resources assigned to the project gets occupied with the heavy utilization of them. In this stage of a project the skills which is created by a project manager is greatly helpful for the accomplishment of the project which are communication skills, coordination skill and managerial skills. The project manager should measure the execution in every phase of execution of project (Project Office, 2008).

Monitor and Control

The primary goal of the monitoring and control stage is to observe and correct the problems with the implementation and design. Once the project is determined to be effective, controls are established to guarantee proceeded achievement (Tutorials point, 2014).

Project Close/Completing the Project

This is the final stage of the project which is involved getting the outcome accepted by the client. In this stage an assessment is needed to highlight project success and learn from project history (Projectinsigh, 2014).

Importance of the Project Management

Golden Triangle of the project management (Haughey, 2011) is used to explain the importance of the Project Management. The essential idea is to deal with each of the three acknowledges (Cost, Scope and Time) are because if one perspective is moved the other perspectives will immediately change. For example if client ask for additional functions at the mid of a project, then the time and cost will also increase.

                

                    Source: Project smart

In the end of project management lecture I understood the importance of the project management and also the processes involve in project management and how that knowledge can apply to my Final Year Project.             

References

Haughey D. 2011. Understanding the Project Management Triple Constraint. [ONLINE] Available at: http://www.projectsmart.co.uk/understanding-the-project-management-triple-constraint.html. [Accessed 3 January 2014]

Management help. 2014. All about Project Management. [ONLINE] Available at:http://managementhelp.org/projectmanagement/index.html. [Accessed 3 January 2014]

MPUG. 2014. What is Project Management? [ONLINE] Available at: http://www.mpug.com/Pages/WhatisProjectManagement.aspx#.UP4hbieTw_N. [Accessed 3 January 2014]

PMI. 2014. What is Project Managementstitute? [ONLINE] Available at: http://www.pmi.org/About-Us/About-Us-What-is-Project-Management.aspx. [Accessed 3 January 2014]

Project Office (2008). The five critical stagers of effective project management, [Online], Available: http://www.projectoffice.co.za/en/project-management/49-project-stages [Accessed 3 January 2014]

Projectinsigh. 2014. 5 Basic Phases of Project Management. [ONLINE] Available at: http://www.projectinsight.net/project-management-basics/basic-project-management-phases.aspx. [Accessed 3 January 2014]

Tutorials point. 2014. Project Management Processes. [ONLINE] Available at: http://www.tutorialspoint.com/management_concepts/project_management_processes.htm. [Accessed 3 January 2014]