Project management is the application of processes, methods, knowledge, skills and experience to achieve the project objectives.
A project is a unique, transient endeavor, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it achieves the objectives according to their acceptance criteria, within an agreed timescale and budget.
A key factor that distinguishes project management from just ‘management’ is that it has this final deliverable and a finite time span, unlike management which is an ongoing process. Because of this a project professional needs a wide range of skills; often technical skills, and certainly people management skills and good business awareness.
The core components of project management are:
Why do we use project management?
Project management is essentially aimed at producing an end product that will effect some change for the benefit of the organisation that instigated the project. It is the initiation, planning and control of a range of tasks required to deliver this end product. Projects that require formal management are those that:
Investment in effective project management will have a number of benefits, such as: