Project Management
Business environments are dynamic and fast moving in order to achieve some new task, a project is normally set up and a plan draw up to ensure success. This process requires appropriate skilled professionals. Project management can be defined as a (formal) discipline of organising and managing resources (e.g. manpower, equipment, etc) in such a way that the project is completed within defined time period, scope, quality and cost constraints. It can be found in many fields including IT, engineering, construction etc.
Project management is the typically the responsibility and remit of an individual project manager. This individual does not engage directly in the activities that produce the end result, but rather strives to maintain the progress and productive mutual interaction of various parties in such a way that overall risk of project failure is minimised. The duration of a project is the time from its start to its completion, which can take days, weeks, months or even years.
Activities behind project management
Project management is composed of several different types of activities such as:
- Planning the work or objectives
- Analysis & design of objectives and events
- Assessing and controlling risk (or Risk Management)
- Estimating resources
- Allocation of resources
- Organizing the work
- Directing activities
- Tracking and reporting progress
- Forecasting future trends in the project
- Quality Management
- Identifying, managing & controlling changes
- Project closure
- Communicating to stakeholders
As a maturing discipline, project management has evolved a number of standards including PRINCE2, Hermes, Total Cost Management Framework, Capability Maturity Model, ISO 9000 etc.
Many large organisations may have their own in-house project management offices manned by admin support staff and permanent project staff. However, SME would not usually have the resources but instead hire on a ad-hoc basis.
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