Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria within a specified time. The primary challenge of project management is to achieve all of the project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, quality, and budget. The secondary — and more ambitious — challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.
The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are clearly established they should influence all decisions made by other people involved in the project — for example, project managers, designers, contractors, and sub-contractors. Ill-defined or too tightly prescribed project management objectives are detrimental to decision making.
Project management involves the planning and organization of a company's resources to move a specific task, event, or duty towards completion. It typically involves a one-time project rather than an ongoing activity, and resources managed include personnel, finances, technology, and intellectual property.
Project management can be applied to almost any type of project and is widely used to control the complex processes of software development projects, engineering projects, construction projects, and many other types. The methodologies and principles of project management are standardized by organizations such as the Project Management Institute (PMI), which also offers certifications like the Project Management Professional (PMP).
Key components of project management include:
- Project Initiation: This is the first phase where the project is defined at a broad level. This is the time where the project is proposed and the feasibility is tested.
- Project Planning: This phase involves setting goals, defining roles and responsibilities, and creating a project plan that outlines the tasks, timelines, and resources needed.
- Project Execution: This is the phase where the project plan is put into motion and the work is performed.
- Project Monitoring and Controlling: This phase involves tracking the project's progress, managing changes, and ensuring that the project stays on track in terms of budget, time, and quality.
- Project Closing: This is the final phase where the project is formally closed and the final deliverables are handed over to the client. This phase also includes post-project evaluation to assess what went well and what could be improved.
Project management requires a blend of interpersonal skills and the ability to apply knowledge, skills, tools, and techniques to project activities to meet the project requirements. It is a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets.