Project Management Concepts

If project content is allowed to change freely, the rate of change will exceed the rate of progress. - Anonymous

The business world is developing at a fast pace, with the composition of new working methods and management theories. Those working at higher levels in the management should be well aware of the methods of planning and development of a process. One of the most important concepts essentially required in the corporate world is project management.

As the name indicates, project management is the act of managing all available resources properly to complete a set task in a specific period of time. The person who is handed over this responsibility is referred to as a project manager. There are certain elements concerned to a project and its management. These are the resources available and required, proper allocation of resources, the time set for deliverables, and most importantly the budget limit for the same. The project manager has to first study all the requirements put forth by the client, access the resources available at present, and determine what all resources would be required. He then has to manage the resources according to his management expertise, plan the project, and execute it within the deadline of deliverables. In the following, we have discussed in short about the life cycle of a project, which is a primary part of project management concepts: the four functions of management.

Life Cycle of a Project

Project Concept Stage: The very first stage is the project concept, wherein the initiation happens, the project is decided to work upon, and there are rough ideas brainstormed.

Project Planning Stage: After the conception stage follows the project planning phrase which includes devising a plan with the help of graphs, statistics, charts, research figures, etc.

Project Controlling Stage: In this stage, the manager makes arrangements for the resources to work and ensure that the project is carried out as planned to meet the deliverables.

Project Execution Phase: Here, the finalization of the project is done and the output is handed over to the client. This is when the project moves to a final closeout phase.

Project Management Software

ApplicationS which are used for the planning, scheduling, and recording details of projects are known as project management software. It can be many add-on applications combined together or just one software to manage all aspects and stages. The main role of the software is to enable the manager to schedule work to be done as per the time of deliverables. It also does the job of providing needed information by professionals working on the project. Some of the most recommended applications are Clarizen, @task, Tenrox, Project Insight, and Celoxis.

Project Management Certifications

Project Management Institute (PMI) is a professional institution that has certain awards for experts. The most popular and recognized certification is Project Management Professional (PMP). There are many professional credentials such as Certified Associate in Project Management (CAPM), Certificate in Applied Project Management, Certificate in International Project Management, PMI Scheduling Professional (PMI-SP), PMI Risk Management Professional (PMI-RMP), Program Management Professional (PgMP), and many others. This is very valuable along with work experience in advancing in the career.

These are some fundamentals of project management concepts. Be it a big or a small project, the project manager is responsible for getting the work done in due time and within the decided budget.