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What is Project Management?

Read Time 5 mins | Written by: Ben Santiago

In the world of business, project management has become a crucial discipline helping organizations achieve their strategic objectives. But what exactly is project management, and why is it so pivotal in today's business landscape? 

 
 

At its core, project management is a set of tools and techniques used to plan, initiate, execute, control, and close a project. A project is a temporary endeavor undertaken to produce a unique product, service, or result. Developing a new software application, constructing a building, or launching a marketing campaign – each of these is a project. No matter the industry or type of project, the goal of project management is to ensure a project's objectives are achieved within the allocated time, budget, and quality constraints. 

The five phases of project management 

  1. Initiation: This phase is when the project's objectives, scope, and purpose are defined, and a project manager is assigned to lead the team. For instance, with a project to develop a new software application, initiation might involve defining a clear goal of what the software should achieve, its key desired functionalities, and target users. During this stage, a project charter is created to provide a high-level overview of the project. 

  2. Planning: This phase involves creating a detailed project plan – defining the tasks, timelines, resources, and budget required to complete the project. For example, in a building construction project, this could involve preparing detailed architectural plans, scheduling different construction phases, allocating workers and materials, and budgeting. 

  3. Execution: In the execution phase, the project team works to implement the tasks defined in the project plan under the guidance of the project manager. In our software development example, this phase is when programmers are coding, testers are testing, and designers are designing. 

  4. Monitoring and Controlling: In this phase, the project manager continually tracks the project's progress against the project plan created in the planning phase. As deviations occur, the project manager leads the team in identifying corrective actions to bring the project back on track. In a marketing campaign, for example, this phase might involve tracking the campaign's effectiveness and adjusting strategies based on the results. 

  5. Closure: Once all tasks are completed, the project is formally closed and a post-project review is conducted. In the case of a construction project, this may involve a final inspection, handing over the building to the client, and reviewing the project to learn from the experience. 

The role of a project manager 

The project manager is the driving force behind a project. They are responsible for leading the project team, managing resources, making key decisions, and ensuring the project objectives are met. For instance, in the software development project, the project manager might need to negotiate with stakeholders, resolve conflicts among team members, manage risks, and make critical decisions to ensure the software is delivered on time and meets the desired quality standards. 

Why is project management important? 

Project management brings order to chaos. It provides a structured approach to managing projects, reducing risks, and increasing a project’s chances of success. Project management helps organizations deliver projects on time, within budget, and to the required quality standards. Furthermore, project management enables organizations to align both internal and external projects with strategic objectives, ensuring all projects contribute meaningfully to business goals. 

In conclusion, project management is a critical discipline in the modern business environment. It helps to manage complexity, adapt to change, and deliver value to stakeholders. Whether you are launching a new product, implementing an innovative new system, or undertaking a business transformation, effective project management is key to your success. 

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Ben Santiago

Benjamin Santiago is a seasoned Senior Project Manager with extensive experience in managing high-stakes projects across multiple sectors. He has successfully led initiatives that enhance operational efficiency and shorten project timelines, particularly in the development of therapeutic solutions. Benjamin’s strategic planning and ability to coordinate cross-functional teams have consistently resulted in the successful delivery of complex projects on time and within scope.