Learn different techniques of Project Management.Project: Project is temporary, unique activity undertaken to create the unique product, service or the result in order to achieve definable end product within specified period of time and performance parameters.
  • The temporary nature of product indicates the definite beginning and end.
  • The project end is reached when project objectives have been achieved or when the project is terminated.

Project Stakeholders: Any person who is directly or indirectly involved in the project
– Project Manager
– Functional Manager
– Operations manager
– Customer
– User
– Performing Org
– Sponsor
– Team members

Project Management: Project Management involves overall beginning and co-ordination of project from beginning to completion. It is aimed at meeting client requirements and ensuring completion on time within cost and demanded quality standards.

  • It is the use of knowledge, skills, tools and techniques to deliver the project goals within the given constraints.

Project Management Life Cycle:

A Project Management life cycle is a five-step framework planned to assist project managers in completing projects successfully.

It is simpler for a project manager to manage the project, when the project is broken down into various phases.  Each phase of the project management life cycle is goal oriented, having its own set of characteristics and contains some deliverables.

According to the Project Management Body of Knowledge (PMBOK), the Project Management life cycle should define the following aspects:

  • What work needs to be achieved?
  • Who will be involved in the team?
  • What are the project deliverables?
  • How to monitor the performance of each phase?

Phases of Project Management:

  1. Initiation:  It provides an overview of the project. It is the phase, where we understand project goals, do the feasibility checks and define the business value of the project.
    • Feasibility Study – Check if the project is viable from the economic, legal, operational, and technical aspects.
    • Identify Project Scope – Outline tasks, features, functions, deadlines etc.
    • Identify Project Deliverables – Defining the product or services needed.
    • Identify Project Stakeholders – Identification of project stakeholders
    • Develop Business cases – Creation of a statement of work (SoW)
  2. Planning:  During this phase, a lot of planning related to the project takes place. Overview of tasks and timelines needed to execute the project
    • Project Plan – It’s a blueprint of the complete project. It defines the list of deliverables, the time frame, dependencies, constraints involved along with potential risks.
    • Create Resource Plan – It provides information about required resources to accomplish a project.
    • Budget Estimation – It defines the budget/estimates for the project deliverables. Creating a budget plan helps the project managers to monitor and control the costs throughout the Project Management life cycle.
    • Gather Resources – Gathering resources like equipments, money, software solutions, and the workplace are an essential part of project planning.
    • Anticipate Risks – Creating a risk plan will help the project manager to identify the potential risks and mitigate them.
  3. Execution: Project execution is an important phase, where a project manager implements the project-related processes, assigns tasks to the team and allocates resources. The team focuses on achieving project goals and objectives as outlined in the project plan.
    • Team focuses on achieving project goals and objectives as outlined in the project plan.
    • A project manager continuously track the project progress and ensure that the milestones and deliverables stick to the project schedule.
    • A project manager manages the project communication with stakeholders.
  4. Monitoring and control: This phase measures the performance of the project.
    • The main goal of this phase is to check whether everything aligns with the Project Management plan, in terms of Scope, budget and timelines.
    • A project manager conducts review meetings and get regular performance reports.
    • Project monitoring activities allows project manager to take corrective actions, to deliver the quality work.
  5. Closing
    • This final phase of the Project Management life cycle phases is equally important.
    • At this stage, the final product is ready for delivery and all the activities related to the project are wrapped up.
    • On successful project delivery, a project maanger list takeways of project, strengths and weaknesses.


Criteria for Project Management:

  • Effort
  • Coordination
  • Modification
  • Changing Environment
  • Reputation

Project Management Office (PMO): It is an organizational structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

Projects and project management take place in an environment that is broader than that of the project itself. A project manager should understand the different organizational styles and cultures that may affect a project. The project manager needs to know which individuals in the organization are the decision makers or influencers and work with them to increase the probability of project success.

Project management success in an organization is highly dependent on an effective organizational communication style, especially in the face of globalization of the project management profession.

Check this page to know about the Project Management Questions and Answers.