What is Project?
A project is defined, a temporary endeavor carried out to achieve a specific aim.
It can also be defined, a solution that promises benefits especially, financially financial benefits.
Purpose of project
The fundamental purpose of the project is either to save money or make money.
To availing the opportunities and solve the problems of people and society, projects are plan and execute.
Characteristic of projects
An activity that is:
- Temporary having start and end date
- Bring changes
- Have unknown elements that are necessary for task creation
A project involves the implementation of knowledge, skills, tools, and techniques to project activities to meet project requirements.
Process of Project management
There are the following process of Project Management
- Identify and frame the problem/ opportunity
In this stage, we identify a basic need that is quantified concerning factors like size, shape, and extent. To note these factors and their measurement requirements document is prepared. The requirement document has articulated the need in as many details as possible.
- Identify and Define the Best Project Solution
In this phase best working team with special skills required for the project, development is selected. In this stage, the best possible alternatives are identified. To identify reasonable alternatives solutions, the team may use brainstorming or similar creativity techniques. After that involving all these possibilities best possible solution is proposed.
- Identify task and resource requirements.
Once the solution is identified next step will be to identify tasks and resources. It is also known as scope management. All the task and their way of completion are determined.
- Prepare the Control Schedule and Resource Allocation Plan
The project schedule consists of two phases. First, a network and logical diagram are prepared to display the sequencing of the task. Second, the length is the time to complete each task, is estimated.
- Estimate Project Costs and Project Budget preparation
In this step variety of methods are used to estimate the cost required for project development. Overall project cost is allocated to individual elements of the project, so a budget is created for each work element. During project execution, this project budget is used to monitor and control the cost expenditures.
- Analyze Risk and Establish Stakeholder Relationships
This is the best time after identifying work, prepare a schedule and estimated cost, to find out and deal with anything that might cause a threat to the successful completion of the project. This process is called risk management, where we identify potential problems. In this regard, action is taken to reduce the probability of the problem occurring or to reduce the impact on the project if it does occur.
Risk analysis is a continuous process that analysis risk over the development process of the project.
- Control and communication as needed during execution
This step is the time taken. During project execution, people are carrying out the tasks, and progress information is being reported through regular team meetings. This information is used to maintain control over the direction of the project and take the correct action
- Manage to an orderly closeout
This is the stage of developing a punch list. A punch list is defined as a restively small list of tasks that the project team needs to complete to finish the project. The project manager keeps his team active and focuses at this critical time.
A person with a diverse set of skills such as leadership, management, risk handling, customer relation, finance controlling, and technical skills, responsible for
- Closing out the project
Role of project manager
A project manager directs all the activities that are required for the meeting of the project objective successfully. Such as
- Risk management
A project manager identifies the potential risk and resolves them as soon as possible. They protect the project from threats to reduce the problem.
- Solve problems
A project manager provides alternative approaches to solve problems that arise. Also, guide the sponsors.
- Keep track and report of project progress
- Communicate all the stakeholders to the project
The key roles of project manager
There are the following key roles of project manager
- Role and activity planning
- Organizing and motivating the project team
- Time management
- Cost estimation and budget development
- Ensure customers satisfaction
- Analyze and managing project risk
- Monitoring progress
- Managing report and documentation
Importance of project manager
No matter how complex and the demanding project is, you need a person who will reliably and consistently maintain efficiency and productivity. Research has shown that 89% of high performing organization has a project manager. This profession is most demanding. A project manager is responsible for the successful journey of business. Business owners need a leader with the right skills, the right vision, right technical skills, know-how to face the tough challenges, and also that person ensures projects are completed successfully according to schedule. That person is the title of project manager.
IT Project Management
It is the process of controlling processes and activities that are related to IT projects. An IT project management deals with IT infrastructure, information systems, or computers. Read More…