Project management is the application of specific skills, knowledge, tools and techniques to deliver new initiatives or changes. It’s the science of organising all the components of a project. Project managers are given final deliverables which need to be met within a timescale and budget.
‘Project’ is defined as ‘a planned piece of work that is designed to find information about something, to produce something new, or to improve something’ in the Oxford dictionary.
The projects that these managers take on can be anything. Project management is used in a multitude of industries, it’s used for developing software, constructing buildings, relief after a natural disaster and more.
Example of Project Management
One example of project management is when Hack Reactor CEO Tony Phillips felt as his company expanded, his team was becoming more fragmented and he was no longer confident of all the small details that made people feel that care was being applied to their education were being monitored. A project management company took on his concerns – they standardised processes and ensured consistency of event types, emotions and feelings across the different Hack Reactor locations at the same time. The company made detailed process documentation available for easy access and Hack Reactor cut their operations in half and graduates are getting hired at a 98% rate.
5 Phases of Project Management
There are five basic stages of project management:
- Initiation
The stage where an idea gets turned into a goal. Project managers identify the reasons behind the project and the project goals. Thorough research is carried out to determine how they can solve the problem or requirement the business is asking for – why the problem is occurring and how they can fulfil their client’s needs.
Basically – they need to define the project goals and create a brief to present to their client.
- Planning
This is where project managers need to plan out the scope, estimation, processes, team roles, risk management, milestones, approval processes and how they’ll work with the stakeholder to meet their demands. This should encompass the beginning of the project right up until the end – from the execution to closure phase.
You might have heard the acronym SMART goals before in school – this is actually what a lot of project managers use to set specific goals. SMART is an acronym for smart, measurable, attainable, realistic and timely. By making sure their goals fit within this acronym, they’re setting themselves up for a successful project.
- Execution
The project has got the go-ahead and the project manager and team are now working to complete it within the required time and budget. A project manager guides the team whilst they collaborate, review, present and revise their work. The project manager is responsible for status meeting, communications, project updates, workload reports, budget management, resource planning, change management, risk management, quality management and internal reviews. They need to maintain consistent communication with the stakeholder to let them know how the project is doing and whether it’s running smoothly.
- Monitoring and Controlling
The monitoring and controlling phase runs alongside the execution phase, the phases don’t happen in order, this is to make sure the project objectives are met. The project manager needs to make sure everything goes according to plan, focussing on measuring the project progression and making sure no one deviates from the plan by establishing key performance indicators (KPIs). Their focus is on the budget, timeline, goals, quality and team performance. They make sure to prevent any chance of a disruption and tracks the effort of the team and cost of the project.
- Completion
The final stage of a project is the completion phase. When the project manager, team and stakeholders are happy with the project, the closure phase commences. The product is delivered, resources are freed, the team is rewarded and the contract with the stakeholders is ended. The project manager produces the final project report and discusses what went well and what didn’t in a meeting with their team members ready for the next project.
If you’re interested in project management services, PM Projen are one of the UK’s leading engineering consultancy & project management companies.
Content supplied by Piranha Solutions
