Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project management is accomplished through the appropriate application and integration of the project management process groups. These process groups consist of:
• Monitoring and Controlling, and
The project manager, along with the project team, is responsible for accomplishing the project objectives.
Managing a project typically includes:
• Identifying requirements,
• Adapting the specifications, plans, and approach to the different concerns and expectations of the various stakeholders, and
• Balancing the competing demands for quality, scope, time, and cost.
Project managers deliver projects while balancing the requirements of the scope, schedule, quality, and budget. The relationship among these factors is such that if any one factor changes, at least one other factor is likely to be affected. For example, if the schedule is shortened, often the budget needs to be increased to add additional resources to complete the same amount of work in less time. If a budget increase is not possible, the scope or quality may be reduced to deliver a product in less time for the same budget. Project stakeholders may have differing ideas as to which factors are the most important, creating an even greater challenge. Changing the project requirements may create additional risks. The project team must be able to assess the situation and balance the demands in order to deliver a successful project.
Project management processes are iterative because of the progressive elaboration that occurs throughout the project's life cycle. Progressive elaboration involves continuously improving and detailing a plan as more specific information and more accurate estimates become available. Progressive elaboration allows a project management team to manage to a greater level of detail as the project evolves.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.