Project Management Definition

BUSINESS PROJECT MANAGEMENT

INTRODUCTION

Project management is a composite activity with multiple dimensions. Depending on the type and class of project, this management activity can be very complex. To begin with, we should be clear on what we mean by project management - not in terms of the traditional definitions but in terms of the scope of this management activity.

In a nutshell, project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about

CONCEPTS OF BUSINESS PROJECT MANAGEMENT

The classic project management processes: initiating, planning, executing, monitoring/controlling and closing.

1. "The Initiating Process Group consists of those processes performed to define a new project or a phase of an existing project by obtaining authorization to start the project or phase." – A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fourth Edition

2. "The Planning Process Group consists of those processes required to establish the scope of the project, refine the objectives and define the course of action required to attain the objectives that the project was undertaken to achieve." – PMBOK Guide

3. "The Executing Process Group consists of those processes performed to complete the work defined in the project management plan to satisfy the project specifications." – PMBOK Guide

4. "The Monitoring and Controlling Process Group. Those processes required to track, review and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes." – PMBOK

"The Closing Process Group consists of those processes performed to finalize all activities across all the Process Groups to formally close the project or phase." – PMBOK Guide

However, a simple 6 step approach was observed to have been used in the project management carried out to achieve the huge success of the construction contract.

Principle 1: Vision and Mission

In order to be successfully executed, every project or initiative should begin with the end in mind. This is effectively accomplished by articulating the Vision and Mission of the project so it is crystal-clear to everyone. Creating a vision and mission for the project helps clarify the expected outcome or desired state, and how it will be accomplished.

Principle 2: Business Objectives

The next step is to establish two to three goals or objectives for the project. Is it being implemented to increase sales and profit, customer loyalty, employee productivity and morale, or product/service quality? Also, it's important to specifically quantify the amount of improvement that is expected, instead of being vague.

Principle 3: Standards of