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Project Management

What is project management?

Project Management is the process of planning, controlling, and completing a project. It is a very important skill to have for businesses and requires great detail in order for a smooth and successful project.

A project is a precise and measured venture which can be examined in terms of its output, end results or overall positives. What separates project management from 'management' is the timed nature of the project at hand, with 'management' being a more continuous affair.

What are the main elements of project management?

There are a number of key and common components to project management, some of which include:

  • Determining of objectives: This is necessary in order to effectively measure the overall and continuing success of the project.

  • Evaluating needs: This is another crucial part of any project management task. The resources, including expenditure and materials, need to be forecasted beforehand in order to ensure, as much as possible, a problem-free project.

  • Securing funding and corporate backing: Receiving support financially from the board and support from executive management is another element of project management, helping to maintain momentum and stability of the project.

  • Managing risks and changes: By nature, project management cannot be undertaken without complications. The ability to adapt and resolve problems that present themselves during the project, and were perhaps not predicted beforehand, is another key skill involved in this form of management.

  • Ending the project in a controlled manner: Ensuring that the project is resolved in an efficient way and at the right time.

Why is project management important?

Project management is important to assert order and organization for a project. This is done by having a project management team that can relay the role, tasks, time-frame and resources to all those undertaking the project. - Strategic Alignment: Projects are important to further strategic goals, and, if done well, will help benefit business and organizational objectives in the longer term.

  • Pragmatism: Project management allows for realistic evaluation of what can be achieved thus aiding a business to set manageable goals and objectives.

-Risk Management: Linked to pragmatism, risk management is another benefit that comes with effective management of a project. This helps to reduce the probability for problems and allows for the successful mitigation of potential risks.

What is required to be successful in project management?

Project management requires certain skills in order to achieve objectives efficiently, for example:

  • The ability to work well under pressure: Project managers need to be able to cope with the pressure of a project and its time constraints

-Adaptability: They also need to be able to adapt to changing plans and new problems that present themselves.

  • Emotional Intelligence: Project managers need to have the people skills required to motivate and control their team.

If you would like to find out more about project management, please refer to the links below:

Introduction to project managament

More information on why project management is important in business

An overview regarding what project management is

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