Project Management: The Definition Of Project Management

1. Definition of Project Management

Nowadays, projects are being carried out all around us. It does not matter if you are hiring a new employee for your company or building a new house, every single project requires a manager to ensure its prosperity and fulfillment. A person that is paying attention to every single detail and step of the plan from the beginning to the end of the project. In other words, project management is about getting things done. It is about knowing what you want to accomplish, the way it is going to be achieved and the time needed for its completion. It is the absence of obstacles and the avoidance of failure. A successful project calls for individuals with the right knowledge and skills. With shared efforts, a well-managed

It has some degree of risk and uncertainty. It is defined in time with date of inception and completion. The cost and resource constraints are specified as well. A project is expected to deliver a set of minimum results which have been already determined.

3. The Project Management Triangle

Managers use the PM triangle in order to be able to consider and evaluate the possible problems and difficulties that may arise when the project is being carried out. No matter the size of the projects, constraints are apparent. The three main constraints of every project are time, cost and scope of the project and they are known as the PMT.

3.1 Time - this is one of the most sensitive and crucial factors since time is uncontrollable. Every project may take a different amount of time to be completed. The accomplishment of various assignments depends on bunch of aspects such as the number of employees working on the project, their knowledge, participation, skills and so on. If the project fails to meet the deadlines that can create some unfavorable consequences. In most of the cases organizations do not succeed in terms of time only because they do not possess the needed

It incorporates series of deliverables that have to be taken care of by the project team. A good project manager will be able to control both the scope of the project together with any changes that may occur concerning the time and cost aspects.

4. Project life cycle

Stages or phases are indeed of enormous importance for project managers. The sequence of phases throughout which a project undergoes is also known as project life cycle. By thinking in terms of stages, the manager can make sure that the deliverables at the end of each stage meet the expectations and the team working on the project is accurately prepared for the later phase. Every single project has a beginning, intermediate part composed of tasks that bring the project towards finalization, and successful or unsuccessful end. A typical project usually has five major phases - initiation, planning, execution, control and closure. All together these steps form the path a project goes through its beginning to the end and are generally referred to as "life cycle".

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