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What Is Project Management

We shall get the definitions out of the way, so we understand the whole concept at length.

Project management refers to applying processes, knowledge, experience, skills, methods, and dedication to achieve certain project goals or objectives within the set timeline and according to the proposed budget.

Management is an ongoing process, but where a project is involved, it means that there is a specific timeline tied around (beginning time and ending time) within the available resources or budget.

A project is a planned activity undertaken to achieve specific objectives; these objectives could be outputs and benefits either unique or have been in existence before. To consider a project successful, it must have met the set objectives within the specific timeline and according to the proposed budget.

What makes a project unique is that there could be different operations, but all aim to accomplish a single goal and meet those specific objectives. Examples of projects could be like; construction of a road, developing certain software, expanding sales, relief plans, and many others, basically anything that is time-bound, on a budget (with resources), and of course, to be met. Additionally, projects have a timeline, and therefore, they end; such kinds of projects exist in different aspects or walks of life, whether business, health or construction, and many other fields.

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While project objectives and goals are determined by clients, stakeholders, sponsors, or principal investigators, project managers apply project management methods and knowledge to create a plan for the project that enables the entire team to meet project objectives or goals within the estimated timeframe budget, and scope.

Project management has several components, and some of these are;

  • Determining why a project is essential

  • Noting project requirements, identifying the necessary deliverables, budgeting for resources, and setting a timeline.

  • Making a business plan to give an appropriate rationale for the investment

  • Agreeing and identifying the sources of funding

  • Preparing a management plan

  • Coordinating the project team

  • Planning for risks and any other issues that might come up on the project

  • Monitoring whether the plan is in line with the proposed project

  • Administering and supervising the budget

  • Enhancing the flow of communication between different project stakeholders and managers

  • Empowering management

  • Appropriately ending the project with objectives met

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Project management has key areas of emphasis, and these are;