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What is Project Management? Everything You Need to Know

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Project management is one of the most critical parts of any business.

It has become a method of controlling and supervising projects.

Project management is how to manage an organization’s tasks successfully, and this is typically done in several different ways, depending on the type of project.

Project management employs contract management and top-down tracking techniques to communicate progress easily among all members involved with the project.

It also requires scheduling deadlines for all milestones set by senior members responsible for successful completion within a given time frame.

What Is Project Management?

Project management is a method of managing the tasks and resources of several individuals within an enterprise to accomplish a specific goal.

Many different variables come into play when trying to manage multiple tasks and subtasks that are all interrelated.

Project management software helps organize data, assign tasks, and ensure everything is done on time and within budget.

It also involves putting together a team of companies and individuals who can provide the proper human resources for the job, which includes engineers and specialists in different areas.

To decide on the best project management software for your company, you should use specific criteria to evaluate how much it will help your company.

These criteria might include ease of use, cost-effectiveness, scalability, and compatibility with existing systems.

You can also try out your options, such as alternatives to Asana, and evaluate the user experience offered by different software.

Example of Project Management

An example of project management is when a company chooses to upgrade the efficiency of its factories by implementing a new assembly line.

This project is considered multifaceted and complex due to the number of areas that require monitoring while developing.

The project manager must oversee each step, ensure that each task is completed on time and within budget, and ensure the entire assembly line has no errors.

Project management helps in this process by tracking any problems or issues along the assembly line before they become severe obstacles to its completion goal.

What Are the Different Types of Project Management Methodologies?

There are various facets to project management, which can differ drastically based on the strategy, methodology, sector, or project manager themself.

Some project management approaches can be better suited for your company than others.

To select the ideal style for your team, consider your firm’s specifics.

Here are some of the numerous project management techniques.

1. Waterfall

Waterfall project management involves moving from one phase to the next until completion.

The method starts at the very first phase and ends with validation before going on to the next stage.

There is no expectation that the set procedure or the roles and duties of each team member will change throughout the project.

The other name for this method is traditional project management.

When To Use

Use the waterfall project management approach when you need high levels of predictability.

The waterfall methodology is frequently employed in projects with rigorous requirements and expectations or in projects where there aren’t many modifications expected to the project plan.

When timeframes or other variables require a project to have a predictable end or when you must complete one stage before the next can start, such as when you’re in the process of building a house, the waterfall approach might be helpful.

2. Agile

The agile approach to project management tends to be better suited when you need a more flexible pathway.

Agile’s flexibility means it can be implemented in various ways, depending on your preferences, changing circumstances, and sometimes even changing goals during the project.

It’s also good if your business relies on frequent changes in direction.

Agile project management reduces the time needed to complete a project by breaking the overall goal into smaller, more manageable parts that you can work on concurrently.

When To Use

The agile management approach is best for projects that frequently call for innovation, teamwork, and adjustments.

Agile is most effective for projects with some instability or where it won’t be possible to know every aspect upfront.

Due to many expected changes, agile project management is particularly well-liked in the software development industry.

Use an agile strategy when you introduce a new product and you won’t be entirely aware of potential pain points until the project’s conclusion.

3. Scrum

The scrum approach to project management is a type of agile methodology that relies heavily on short deadlines, regular and white-knuckle sprints, and ensuring the completion of each part of the project in a certain amount of time.

Scrum is suitable for agile projects that you must finish in a shorter amount of time.

When To Use

Use the scrum approach when you need a quick turnaround on your project.

You can also use this for tasks with frequent updates or when the requirements or specifications change frequently.

Scrum can benefit software development projects or products where you expect regular update releases.

4. Kanban

Managers may view and arrange their team’s workflow using the kanban approach.

Kanban, another agile methodology, strongly emphasizes removing irregularities and wasted effort to boost productivity.

Kanban allows team members to concentrate on one helpful activity at a time by breaking large projects into manageable, smaller tasks.

A Kanban board makes it simple for all team members and the project managers to see assigned tasks and progress in real-time.

Each process stage gets its column on a Kanban board.

When To Use

Kanban works well for projects with multiple tasks to be performed simultaneously because it visually displays tasks.

You can use the approach in conjunction with other techniques like Scrum.

5. Lean

This methodology strives to minimize the time, effort, and money that goes into building a project.

It prioritizes quality and practicality over time or effort.

Lean is most useful for projects with large amounts of waste and inefficiencies.

The focus of lean principles is on value from the client’s viewpoint.

You should first map out your entire project to identify areas where you can create value and reduce waste.

The lean approach to project management involves reducing waste from as many areas of the project as possible.

Rather than striving for minimal defects in your product or service, lean focuses on eliminating any defects rather than limiting their presence.

When To Use

Employ the lean strategy when there’s a significant overhead with your current business practices or long cycle times in areas like support or marketing.

When you want to cut costs, accelerate schedules, and boost customer satisfaction, using a lean project management might be a valuable strategy.

6. Six Sigma

Like lean principles, this method aims to improve products and processes by eliminating defects.

Six Sigma seeks to strengthen your team’s products and services.

This strategy emphasizes prioritizing risks and reducing costs through a series of techniques referred to as DMAIC (define, measure, analyze, improve, and control).

When To Use

Use six sigma project management when the importance of reducing defects outweighs the importance of minimizing delays.

This approach can help companies build processes that don’t require them to have strict budgets or deadlines.

The strategy works best when your project calls for consistent, high-quality results and when you want to reduce waste as much as possible during production.


Project management using the PRINCE2 methodology (Projects in Controlled Environments) emphasizes structure and organization throughout the project’s lifespan.

Before beginning a project under PRINCE2, it must have a business justification that includes a thorough cost evaluation and baseline criteria.

The project gets divided into phases with adequate time for quality control and reflection, and team members’ roles and duties are well defined.

The PRINCE2 project management methodology emphasizes a planned and managed process while still allowing for adjustments as needed.

Team members can learn from the project and apply these new lessons to future projects by taking the time to reflect on each stage.

But the meticulous approach frequently necessitates much documentation and might be slower than other project management techniques.

When To Use

Use the PRINCE2 technique when your project has significant planning and can afford to slow down during its execution.

You can also use it when you want to be fully aware of risks and areas for improvement throughout your project.

What Are the Basic Phases of Project Management?

A project’s life cycle has five distinct phases.

Well-implemented steps can help evade challenges in project management, such as poor communication and financial setbacks.

vector graphic showing an illustration of project management related icons and elements

1. Initiation

The initiation phase begins with a company’s decision to create a project.

It considers the project’s lifecycle, the company’s capacity to manage it, and the potential challenges of bringing the venture to fruition.

You must create a business case and provide a broad definition of the project at the initiation stage by ascertaining the project’s need and establishing a project charter.

The project charter is a crucial document that includes information on the project’s limitations, objectives, project manager selection, budget, anticipated timeline, and more.

However, a project charter does not include any technical details that get worked on during the planning phase.

Determine the crucial project stakeholders or the people who will be involved in the project once you have the objectives and scope.

List the stakeholders’ responsibilities, titles, impact, and communication requirements.

2. Planning

The planning phase sets goals, identifies resources and procedures for success, and looks at risk analysis.

Team members can help identify areas where they anticipate problems down the road, giving way to more accurate estimates of time and cost throughout this phase.

An intelligent project manager sets the proper goals and milestones to complete projects and manage stakeholder expectations.

Before starting any project management activity, you must clearly understand the ultimate goal.

Doing this ensures everyone works toward that particular objective.

Unclear goals hamper success in project management.

Think beyond the typical needs, budgets, and schedules as projects become more complicated.

The project scope gets established during the planning phase.

Changes may occur if the project’s scope calls for it, but the project manager must approve them.

Project managers develop a work breakdown structure (WBS) that divides tasks into manageable portions.

A thorough project timeline that is part of the planning stage includes each deliverable.

Project managers can create a project communication plan and a communication schedule with the pertinent stakeholders using the project timeline.

Through risk minimization, the project manager must extrapolate historical data to find potential project management risks and create a plan to reduce them.

To prevent bottlenecks and project delays, you must make a few tweaks to the project by having a change management plan.

Scope Creep occurs when there is no functioning change management strategy, which poses severe issues for the project team later.

It is, therefore, best to minimize the likelihood of unanticipated changes.

3. Execution

Once your objectives are clear, you may begin working on the project management procedures.

The execution phase takes the strategies and plans from the planning phase and makes them a reality.

It involves organizing a team, setting tasks, and clarifying roles.

Your team does the actual work throughout the project execution phase.

It is your responsibility as a project manager to create effective procedures and closely monitor the development of your team.

The project manager has to uphold productive stakeholder collaboration during this phase to ensure that everything proceeds smoothly with the project and that everyone is in agreement about decisions.

Choosing to use project collaboration solutions, such as alternatives to Trello, can assist you in execution.

They’ll boost team production and efficiency and help to simplify your project management.

4. Monitoring and Controlling

The monitoring and controlling phase begins once you start tracking progress and continues as you work to make improvements based on your findings.

The stage runs concurrently with project execution to guarantee the timely completion of goals and deliverables.

The analysis of results from this stage might lead to changes in your project documents or processes during your next project cycle.

To assist your team in monitoring their progress, use project management software with time tracking and metrics like return on investment (ROI).

Establishing critical success factors (CSF) and key performance indicators (KPIs) will enable you as the project manager to ensure that no changes occur to the original plan.

The project manager is also in charge of quantitatively tracking the time and money spent on the process during the monitoring phase of the project.

This tracking is crucial for current and future projects since it guarantees that the project stays within its budget.

5. Closing

Once all objectives are met, and the project is complete, you need to take the necessary steps to fulfill obligations and close out your end of the deal.

The project management process ends at this stage.

The project closure stage signals the project’s conclusion after the last delivery.

The project manager is also in charge of ending these contracts and completing the relevant paperwork.

After project completion, most teams have a reflection meeting to discuss the project’s successes and problems.

The conference is a practical way to guarantee ongoing development inside the business and boost team productivity in the long run.

This phase’s last responsibility is reviewing the entire project and writing a thorough report covering every aspect.

9 Successful Project Management Tips That You Can Apply

Successful project management requires planning, direction, and the right skill sets.

A project can begin with a plan but not end that way.

Learn how to handle changes in your project to ensure it ends up as expected.

Let’s look at the best tips you can apply in project management.

1. Ensure Clear and Effective Communication

The most crucial aspect of project management is communication.

You must ensure that everyone shares your vision and agrees upon all activities and deadlines.

A skilled project manager knows how to foster participation and a high collaboration culture and keep conversations rational.

The project manager must hold regular team meetings to ensure everyone understands the deliverables and deadlines.

The project team should use these sessions as a forum to voice any issues or suggestions.

The meetings keep key stakeholders informed of any changes or new developments and regularly provide project reports.

Considering other people’s perspectives will encourage workplace collaboration and make it easier to see when someone else has a better concept or when you are in error.

2. Set Goals for Your Project

Creating an effective project plan means setting realistic and attainable goals.

An overly ambitious objective can result in a failed project, while a goal that is too small may not give you enough ambition to get the job done.

A clear understanding of roles, responsibilities, and objectives is crucial to success.

Failure to define these aspects properly may mean you spend time and effort in the wrong place.

As the manager, you must ensure you pass clearly defined expectations to your team.

The scope of projects rarely yields the results you expect.

Based on feedback and analysis, it is up to you whether you expand or shrink your efforts.

Communicate this effectively with your team, so they understand what to do and the period before completion.

3. Use the Appropriate Tools To Monitor Progress

An essential element in project management is learning about a given task’s scope, schedule, and costs.

Project management tools can help you monitor these details over time and provide alerts to potential problems.

Many software apps on the market can help you stay organized and effectively manage projects from start to end.

Choose a project management software that can scale with you as you grow and provides the most suitable features for your project’s needs.

Scalable software means won’t have to change to another piece of software down the road.

The software should boost output, reduce waste, raise profit margins, and offer a more significant return on investment.

The project management software should be accessible on the preferred gadgets of your teams.

Finally, the software should boast a simple, contemporary design to reduce distractions that may arise from a cluttered dashboard.

4. Work With a Flexible and Collaborative Team

A successful project will require all team members to work together in a cohesive, harmonious environment.

Getting everyone on board and involved with the project is essential to collaboration.

Involve all interested parties in your projects, including staff, suppliers, customers, and anyone else who would benefit from the outcome of your efforts.

Choose a project team workforce with effective communicators who can work well with diverse individuals.

The team members ought to have a foundational understanding of project management techniques to offer a firm base when working on the project.

Additionally, they should be able to use project management tools to keep organized even under intense pressure.

5. Keep Your Project Team Members Motivated

A project team requires much commitment, dedication, and motivation.

You should deploy strategies to ensure your team is on the same page and can work together to complete the project successfully.

The first step to motivating team members is choosing people you trust who will dedicate themselves to working hard.

In addition, you need people who share a similar vision for the project.

Gratitude is due to team members who went above and beyond.

Do it in front of your group to motivate your team and demonstrate the benefits of hard effort.

Make sure you have a variety of routes for communication so that member-to-member communication is continuous and easy to access.

As the project develops, it will make your staff feel more backed.

Additionally, tell the project team that you have faith in their skills.

They’ll become more assertive and imaginative.

Establish a dialogue-friendly atmosphere where your team members can freely voice their opinions.

You’ll be able to recognize some team assumptions that might compromise the project’s quality.

6. Give Your Team Regular Feedback

Regular feedback to your team will help them perform better.

While negative feedback is helpful, most people need positive reinforcement just as much, if not more.

Sometimes, a lack of communication can be more damaging than criticism.

The key to giving feedback is knowing how and when to give it in a way that the recipient will fully understand.

Consider what the issue was and how you can avoid it in the future for future projects.

Documenting your progress on each project is a good way of providing feedback and ensuring your team understands the project’s objectives.

7. Solicit Disagreement and Debate

Many project failures are due to the unwillingness of team members to express concerns or give feedback.

Without commentary, it’s hard to know if there are any obstacles in your way.

To solicit disagreement and debate, you should encourage your team members to participate with their opinions and views.

You should also recognize that not everyone can be pleased all the time.

If you want to ensure everyone is on board for the success of your project, then everyone must have a say in creating it.

8. Be Flexible and Accept Change

The project management software should be able to accommodate change smoothly.

You should have a plan in place to deal with unexpected actions of your team members or external factors such as changing market conditions or technological advancements.

Your team’s flexibility is key to completing projects on time and within budget.

While having a strategy in place is essential, you must also be ready to adapt when things do not go according to plan.

Be flexible and open-minded and keep an open door policy so anyone can voice an idea, suggest a change, or even have a conversation.

9. Conduct Regular Project Reviews

A review is a way of providing your team’s progress and giving feedback.

Communicate project reviews regularly and immediately after meeting milestone-based events or deadlines.

You can use periodic reviews, which occur at set intervals throughout the life of a project.

Conduct a follow-up every time you complete a milestone and each time you meet with your team members as well.

Reviewing at regular intervals will help ensure that all team members stay focused on the project’s progress and objectives at all times.

Frequently Asked Questions

Here are some frequently asked questions regarding project management.

What is the project life cycle?

A project life cycle is the overall progression of a project from inception to completion.

It involves all the stages that occur between one milestone and the next.

These phases range from initiation to the closing of a project.

What do project managers do all day?

Project managers spend most of their time communicating with their team members and clients.

They establish a project’s objectives and then work on how to get those results.

Project managers always keep the schedule and budget in mind when making any project decisions.

Wrapping Up

Organizing a project team is essential for it to be successful.

Ensuring a successful project completion requires time, dedication, and motivation from your team members.

More importantly, it requires your trust in them.

Healthy relationships will develop if you give your staff full opportunity to show off their skills and abilities.

Reviewing progress with your team will help keep you up-to-date on the project’s progress and concerns that may arise later.

Finally, regular feedback is vital when conducting reviews with your project team and providing the necessary knowledge to keep the project on schedule and budget.

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