Project management is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets.
Project Management is defined as "the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of a particular project." The process of directing and controlling a project from start to finish may be further divided into 5 basic phases:
1. Project conception and initiation
An idea for a project will be carefully examined to determine whether or not it benefits the organization. During this phase, a decision making team will identify if the project can realistically be completed.
2. Project definition and planning
A project plan, project charter and/or project scope may be put in writing, outlining the work to be performed. During this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed.
3. Project launch or executionResources' tasks are distributed and teams are informed of responsibilities. This is a good time to bring up important project related information.
4. Project performance and controlProject managers will compare project status and progress to the actual plan, as resources perform the scheduled work. During this phase, project managers may need to adjust schedules or do what is necessary to keep the project on track.
5. Project close
After project tasks are completed and the client has approved the outcome, an evaluation is necessary to highlight project success and/or learn from project history. Projects and project management processes vary from industry to industry; however, these are more traditional elements of a project. The overarching goal is typically to offer a product, change a process or to solve a problem in order to benefit the organization.