unit – 1
Project Management, Objectives & Importance
A Project is a set of tasks that must be completed within a defined timeline to accomplish a specific set of goals. These tasks are completed by a group of people known as the project team, which is led by a project manager, who oversees project planning, scheduling, tracking and successful completion. Besides the project team, projects require resources such as labor, materials and equipment. Retailers, for example, may pursue projects that improve the way they track order fulfillment. Projects are not homogeneous. Each project is different in itself.
Project Manager
A professional who plans, organizes, and manages a project from start to finish. They are organized, goal- oriented professionals who use innovation, creativity,& collaboration to lead projects that make an impact.
What Are the Characteristics of a Project?
Here are the main Objective of a project.
1. Any Project Needs a Project Manager and a Project Team
One of the most important characteristics of a project is that it’s a team effort. While the structure of project teams might change from one organization to another, projects usually involve a project manager and a team of individuals with the necessary skills to execute the tasks that are needed.
2. Require funds
Every project needs funds to reach the endpoint. Without adequate funds, no project can be successfully implemented. Cost estimation is one of the essential factors for any organization. So, calculating in advance the required funds for the project will be very impactful.
3. Life Cycle
Each project has a life cycle with different stages like start, growth, maturity, and decay. A project has to pass through different stages to get itself completed. Let’s consider an example where the project is related to software development then you can say SDLC will be the life cycle of the project where you will see many stages like planning, defining, designing, building, testing, and deployment, etc.
4. Risk and Uncertainty
The project is generally based on forecasting. So risk and uncertainty are always associated with projects. There will be a high degree of risk in those project which are not properly defined. Only the degree of control over risk and uncertainty varies with the project being conceived based on information available.
5. Uniqueness
Each project is unique in itself, and it’s having own features. No two projects are similar even if the type of organization is the same. The uniqueness of the project can measure by considering the many factors like objectives, features of the project, application of the project, etc. Time, cost, and quality are the building blocks of every project.
Time: scheduling is a collection of techniques used to develop and present schedules that show when work will be performed.
Cost: how are necessary funds acquired and finances managed?
Quality: how will fitness for purpose of the deliverables and management processes be assured?
The diverse nature of projects
Projects come in a wide range of shapes and sizes.
A project can:
- Be big: Like the construction of the Hoover Dam, take years to complete, and have a humongous budget.
- Be small: Like your weekend project of installing a pathway in your lawn
- Involve many people: Like planning a wedding
- Just yourself: rearranging the photos in your wedding album
Project Management
Project management is the process of planning, organizing, & managing a project to achieve a specific goal within a set time, budget & scope. Project management is a process that allows project managers to plan, execute, track and complete projects with the help of a project team. To do so, they must use project management principles, skills, methodologies and tools to lead team members through each of the project management steps which are known as the project lifecycle. Project management is made up of five key components: initiation, planning, execution, monitoring and controlling, and project closure. In addition, you’ll need project management software to plan, execute and track projects.
Importance of Project Management?