Project Management: Basic Concepts and Phases

What is project management and why is it important?

To most people, project management is a topic that is difficult to define because of its broad scope. Project management is basically a process to achieve a team or an organization’s desired goals and results. But what makes it special? Project management is not defined by a single practice but by a wide array of tools and techniques. It can be a difficult idea to grasp especially if you’re new to it.

Project managers are present in all industries. It goes to show that project management is essential in any field. The work of project managers makes a very significant impact to the company. They are capable to making big changes because of their tasks and responsibilities. Project managers are extremely adaptable in high pressure situations because of the dynamic nature of their work. They are also excellent communicators who can collaborate well with different types of people. Even if you are not a project manager, it still pays to have some knowledge and skills in project management.

Project management is unique because it is comprised of five unique stages that are organized to flow smoothly and achieve optimum results.

Initiation

A project begins with a concept or an idea. It is then developed into a project charter. However, this is not as simple as it may seem. There are still feasibility studies that need to be done. It has to be determined that the project is feasible before it gets approved for the next stage.

Planning

Alright, so what happens once the project charter is approved and you’re good to go? It’s time for project planning. Many crucial things happen in this phase. First, the scope and budget are determined. The scope lays the framework for the project. The budget is one of the most important factors too because it is one of the parameters that needs to be closely followed. The work schedule is also determined in this phase. Just like the budget, the schedule is one of the key aspects that should not be compromised in the project. Another thing that takes place in the planning stage is risk management. It is a vital process that should not be overlooked. In addition to that, a communication plan for the stakeholders has to be developed. For more additional tips and interview help. Please visit Deniz Sasal Youtube channel.

Execution

Next up is project execution. This is the part where the plans are launched and implemented. The success of this phase relies on everything that was laid out in the second stage. In this phase, a great deal of quality and KPI tracking is done.

Monitoring and Controlling

The fourth phase is monitoring and controlling. Basically, this is the stage where the project performance is assessed. Were you able to meet your goals and objectives? Are the stakeholders satisfied with the results? Were you able to follow the schedule and budget?

Closure

The last phase is closure. This is all about reporting. This is also the stage where you determine the successes and failures of the project. These assessments can be beneficial in the future projects that you will endeavor.