Project Management – Processes, Components and Approaches Defined
What is project management?
Project management is the application of processes, approaches, knowledge, skills and expertise to achieve the project objectives. It usually involves planning and deployment of a company’s resources to achieve a specific task, event in a timely manner. It involves managing personnel, finances, technology and intellectual property as a one-time activity.
Definition of Project Management:
Wikipedia defines Project Management (PM) as
Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.
It seems the definition of Project Management almost as same as how different projects change. Instead of establishing the “best” definition of project management, let’s focus on how exactly project management is approached.
As the earlier defintions seems to suggest, Project Management has various Processes and the components associated with these processes and various approaches to actually implement these processes.
Processes in Project Management:
Usually in Project Management, irrespective of the approach there are usually some processes. They vary from project to project but typically there’s 5 or 6 processes in general. Here’s a list of processes generally used in PM
- Monitoring and Controlling
Depending on these Processes, you can come out with some core components which defines how a project is implemented.
Components of Project Management
These components are implemented using five components namely Communication, Collaboration, TeamWork, Resolution and Celebration which are the major areas in any Project Management.
1. Defining why the project is needed;
2. Capturing project requirements, specifying quality of the deliverables, estimating resources and timescales;
3. Preparing a business case to justify the investment;
4. Securing agreement and funding from the organization;
5.Developing and implementing a management plan for the project;
6. Leading and motivating the project delivery team;
7. Managing the risks, issues and changes on the project;
8. Monitoring progress against plan;
9. Managing the project budget;
10. Maintaining communications with stakeholders and the project organisation;
11. Provider management;
12. Closing the project in a controlled fashion when appropriate.
Project Management Approaches
There are a number of approaches to initiating, implmenting and completing project activities depending on the project type and organization decision. There are also several extensions to project planning, for example based on outcomes (product-based) or activities (process-based).
The various approaches are
- Phased approach
- Lean project management
- Iterative and incremental project management
- Critical chain project management
- Product-based planning
- Process-based management
- Project production management
Projects and project management processes vary from industry to industry; Project Type (Project/Product). The end goal is typically to create a product, change a process or to solve a problem in order to benefit the stakeholders.
There are various project management methodologies and frameworks that are use by project managers all over the world. Some of these methodologies might be traditional and some modern with each methodology excelling at different aspects of Project Management. All these methodologies same the same phases but only different in how they approach it.
Here are some of the top Project Management Methodologies and frameworks that are used all around the world.
1. Waterfall Project Management Methodology
2. Critical Chain Project Management Methodology
3. Agile Project Management Methodology
4. Kanban Project Management Framework
5. Scrum Project Management Framework
6. Lean Project Management Methodology
7. PRINCE2 Project Management Methodology