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Blog AuthorVaibhav
PublishedOct 09, 2024
Views2,244
Read Time10 mins
Table of Content
Project management is a process where planning and efficient use of an organization’s resources are utilized to complete a specific task or an event. Nowadays, the demand for project management is higher in the IT industry. Project management comprises components, such as planning, implementation of a plan, monitoring, and closing. The above-said components help a project manager to successfully deliver a project within a deadline.
The IT industry usually handles several complex projects based on the market’s needs. Undoubtedly, they deliver the results because of the efforts of a project manager. It clearly shows the benefits of project management, and how this concept still has its essence in the digital world, where most of the tasks are performed by an AI.
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Project management is a process of completing a task or an event with team coordination and utilization of limited resources. In addition, planning, implementation, resource allocation, team leadership, and time management are the key factors of project management.
Project management is very important for handling projects in an organization. It enhances the skills of a project manager and gives the vision to handle any situation as per the demand. Most importantly, the need for project management is increasing with time. Most companies are looking for project managers as they smartly handle projects, which ultimately gives enormous profit to the firm.
Making a team of engineers or people with different skills is always challenging because of a clash of thoughts. During the initial phase of a project, a manager needs to plan everything, including resource allotment, task distribution, and many more. Here, the professionals might have different opinions on the plan. A manager has to consider their views and convince them to work with teammates.
So, here, leadership quality plays a crucial role, and project management teaches how to fit all in a single frame. Undoubtedly, leadership quality is a skill, but project management is a process that polishes this skill over time.
Project management enhances work efficiency and that job is performed by a manager. He/she divides the work among the respective team members based on their skills and specifies a deadline. The aim of this process is to complete the entire task within a deadline to increase the overall output.
Such an act performed by a manager enables every team member to perform the task as per their solace. They also get complete freedom from the manager, and thus, they deliver the utmost output. Moreover, to solve any issue, a manager is there, so they work without any worries. This approach fosters their growth and development and teaches them to tackle any challenges without getting stressed.
Quality is the key element in any project, and in most IT industries, you will find QA/QC engineers who check the quality of the product. They work under the project manager, who examines the quality of a product and analyzes the report submitted by the QA/QC engineer. And if everything is up to the mark, then only he/she approves the product.
Companies widely know the project management purpose as it focuses on quality rather than quantity, as the former matters a lot, and every firm wants quality work. So, a detailed quality methodology is adopted by a manager to ensure that the delivered project fulfills the quality standards.
Also Read: What is a War Room in Project Management?
In any project, money matters a lot, so a certain amount of budget is allocated for it, and the manager needs to utilize it precisely. But, in a practical scenario, many financial problems take place during the execution of a project; as a result, overspending occurs. So, a proficient project manager who is well aware of financial matters handles such a situation effectively. So, you can say that project management enhances skills to handle financial matters during a project.
In a project, organizing everything, including a budget, team coordination, strategic planning, and communication with clients matters a lot. All these processes take place simultaneously, so organizing them in a proper manner is the role of a project manager, and he/she enhances such skills through project management courses and training. So you can say that project management benefits the manager a lot as he/she understands the value of time, team, and others.
Project management methodologies evolved with time. In the late 20th century, CPM and PERT methods were popular, but later on, advanced methods were introduced based on business needs. Now, let’s see the insights of the evolution of project management methodologies.
In 1950, project management came into the light, and during those days, it was applicable to engineering projects. After 19 years, a Project Management Institute was set up whose prime role was to administer project management Certification training. Since then, the popularity of project management has increased, and after the advancement of technology, it has totally revolutionized.
CPM and the PERT were introduced in 1950. CPM was used to schedule any project activity, whereas PERT (Program Evaluation and Review Technique) was used to complete the project in a short period of time by considering three factors (time, resource and performance).
Late in the 1970s, the world understood the benefits of project management, so manufacturing management tools were introduced to increase productivity and manage the manufacturing units. After considering project management benefits, many tech giants put their hands on this field to develop smart management tools for industries.
During 1990, the rise of computers took place, which dominated the markets and made the management process simpler. During that period, various project management techniques were introduced, such as Scrum and Agile. Both these project management techniques are still in use, and they are very useful in handling any project in any industry.
When the 2000 era came, it almost changed everything because it was the time of the Internet, and most companies were familiar with the benefits of project management. That brings a revolution in project management techniques because of the introduction of cloud management tools. It enabled users to work from anywhere on any system as the data were secured in the cloud that can be accessible from any region.
Today, everyone is surrounded with electronic gadgets that made project management much simpler and now the users can access a lot of project management tools in a single device to get the final result. In addition, such tools are very useful for firms as they made the task simpler and give the results in no time.
Project management comprises a set of elements, and each of them has equal importance. The manager applies these core elements to a project to complete it within a deadline. So, let’s look at those components in detail.
The base of project management is setting a goal, as it enables you to manage your team smoothly. To set a goal, you must measure it, either quantitative or qualitative. In addition, the goal should be practical in nature so that your team members can achieve them within a timeline.
Time plays a crucial role in the business world and in the country’s economy as it shows the potential graph of demand & supply. In project management, I learned that time is everything and focused on executing my plans on time and kept monitoring the same as my sole objective was to complete the given project in the prescribed time.
As stated earlier, finance equally plays an important role in any project, so setting up cost and monitoring them is crucial. On the off chance that your real cost goes ahead than the estimated cost, then it will be marked as a cost management failure. So, you need to consider every factor while managing the costs.
Being a former project manager, when I was dealing with engineering projects, my focus was on BOM (Bill of Materials) as it showed the real cost that is spent while purchasing raw materials. This approach helped me to cross-check my estimated cost and real cost.
Managing available resources is a tough task as you need to carefully allocate the same on a regular interval of time to successfully complete a project. So, you need to plan precisely about the resources allotment, and if any unforeseen situation arises, then ensure to change your plan and reallocate the resources again.
Quality management is the root of project management and fulfills the need of project management as it helps a project manager deliver quality goods or services to clients. Quality is not just a term; it’s a feature that you add to your delivered goods or services so that the clients do not raise any questions about the final output. So, while handling a project, ensure that you coordinate with the QA/QC engineers, get their detailed report, and thoroughly check the same.
In any project, risk comes parallelly with time and major one arises when you are running out of time. In that situation, the client will put pressure on you to finish the work, but practically at that moment, it’s not possible. So, you need to handle that situation precisely and for that use smart communication and increase your team working hours to finish the project.
In resource management, you get the resources, and your job is to allocate them to your team in an efficient manner. But procurement management enables you to deal with vendors or suppliers to get materials at an affordable price.
When I was studying project management, I got to know about the Agile methodology, which focuses on handling the project by dividing a big project into mini-projects. When I applied this method during a project, then I divided tasks into chunks and assigned them to the team members; this made my task easier and enabled me to monitor them effectively. So, scope management is a process that throws light on the division of tasks into chunks.
Also Read: Creative Project Manager
Project Management is highly demanding because the manufacturing industry and IT companies are growing exponentially. It helps the firm to get the desired output in the specific time period, and there are several benefits of project management, which make it a must for an individual to get PMP training. PMP certification delivered by PMI authorized training partner gives a vision to the candidate to apply management skills in companies to boost their growth. Moreover, through PMP certification training, you get an opportunity to work on live projects, and that helps you to understand the business world effectively.
Also Read: Project Management Roles And Responsibilities
There are several benefits of project management; the prime one is it polishes the skills of an individual and helps him/her to know the management techniques required to deliver the utmost output. In addition, project management helps several manufacturing and IT companies to grow their business by keeping the goals aligned.
Executing project management tools & techniques in any project will give the desired result within a time frame. Moreover, it enhances the work output and also improves the skills of team members as they get free-hand to complete tasks.
Project management tools are very useful as they reduce time and help managers complete projects before the deadline. In addition, these tools help them easily assign and monitor the tasks of team members.
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05 Jul 2019
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