Topic 5..

What is project management?
Project management is the application of skills, experience, knowledge, methods, and

processes to achieve the objectives of a project. It is the body of knowledge regarding
projects, i.e., planning, controlling, and reviewing.
According to The Association for Project Management Institute “Project management is the
application of processes, methods, skills, knowledge and experience to achieve specific
project objectives according to the project acceptance criteria within agreed parameters.
Project management has final deliverables that are constrained to a finite timescale and
budget.”
A project has a specific beginning and end. In other words, it is temporary. It also has
specific scope and resources. A project is also unique in that it is not a routine business
operation. The project has a unique set of operations that aim to accomplish one goal.
Who is a project manager?

A project manager is a professional who plans and organizes resources and personnel.
They must make sure they complete the project on time and within budget. They must also
ensure that the project meets the requirements of the business. When it comes to how
projects are managed, businesses will often need to consider everything from initial
planning and strategy, to execution.
Project managers exist in all industries and every type of organization. They may be
contractors, managers, employees, or independent consultants.
Wide range of project management tasks: As a project is unique, it typically includes

collaborators who do not usually work together. In fact, the collaborators often come from
different organizations, disciplines, and even countries. Examples of projects may include
the construction of a new bridge or building or developing software or even various web
sources, online apps etc. for an improved business process. A relief effort for a natural
disaster, or setting up a strategy to break into a new sales geographic market is also
projects.
If you want to complete a project on time, you need to manage it well. You also need to
make sure you are within budget. Not only must you work to meet deadlines but you also
have to make sure that quality does not suffer.
Project management, therefore, is the application of techniques, tools, skills, and knowledge
to make sure all project requirements are met.
As already mentioned, projects are separate to everyday business activities. They require
people to come together for a limited period to concentrate on specific objectives.
Consequently, effective teamwork is key to successful projects.
Stages of Project Management (Project Life Cycle)

The project life cycle includes the steps required for project managers to successfully
manage a project from start to finish. There are 5 phases to the project life cycle (also called
the 5 process groups). Each of these project phases represents a group of interrelated
processes that must take place. In general, the project management process involves five
stages:
 Initiation
 Planning
 Execution
 Monitoring
 Closing
Complex projects that are far-reaching in scope, resource-heavy, and are high in strategic
importance will require higher levels of project management knowledge. Having a basic
understanding of the project life cycle and the 5 phases of project management—initiating,
planning, executing, monitoring and controlling, and closing—will help project managers
achieve consistent and repeatable project success.
Initiating phase
The initiating phase of the project life cycle consists of just two separate processes: the
project charter and stakeholder register. The point of this phase is to determine the vision
for your project, document what you hope to accomplish, and secure approvals from a
sanctioning stakeholder.
Planning phase
The planning phase process group is where you build the project infrastructure that will
enable you to achieve your goal within your predetermined time and budget constraints,
starting with a project management plan, project scope, work breakdown structure and
more—and wrapping up with qualitative and quantitative risk analyses and risk responses.
This is your detailed roadmap—your blueprint for success. When you reach the end of this
phase of the life cycle, everyone on your team will not only understand the vision of the
project, they’ll also understand precisely what they need to do to reach the finish line on
time and within budget.
Executing phase
The executing phase is where the rubber hits the road—where most of the budget is
allocated and most of the project deliverables are produced. You take your project plan and
put it into action, whether that takes weeks, months, or even years. Villanova University
defines the goal of this phase as, “managing teams effectively while orchestrating timeline
expectations and reaching benchmark goals.” The executing phase often includes team
development, stakeholder engagement, and quality assurance activities, either on a formal
or informal basis.
Monitoring and controlling phase
The monitoring and controlling phase involves keeping an eye on the actual progress of the
project against your plan and taking corrective action where necessary. No amount of
perfect planning will exempt you from the need to be constantly vigilant with tracking and
reporting. You know what they say about the best-laid plans, after all.
Closing phase
The closing phase is the final phase of the project life cycle includes just one solitary
process, and it’s more than simply checking off the project as done. It’s essential to formally
close the project and secure a sign-off or approval from the customer, stakeholders, and/or
project sponsor. This process might include:
 Delivering the project
 Hosting a post-mortem meeting
 Archiving project records
 Celebrating or acknowledging the achievement
 Officially disbanding or releasing the team
The importance of this final step of the project life cycle can’t be overstated, especially as
more organizations are adopting the Hollywood model of work, where temporary teams
come together around a specific project, and then disband and regroup for another project,
much the way film crews operate. Every film production ends with a “wrap party,” and so
should every major work project.

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What is project management?

Project management is the application of skills, experience, knowledge, methods, and

Who is a project manager?

Wide range of project management tasks: As a project is unique, it typically includes

Stages of Project Management (Project Life Cycle)

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