Nine Vital Components for the success of Project Management

Project Management refers to the process of planning, implementing, monitoring, optimizing and controlling the operations, resources, capital, and manpower of the project in order to reduce the cost of operation and increase the gains. Project Management is an intricate process that entails 9 vital components which need to be measured and managed properly to ensure that the project is on the track. These project management components are as follows:

1.   Integration Management

Integration management refers to managing the core processes or outline of the entire project. The process includes developing a project charter, defining the scope of the project, devising the plan of the project, producing deliverables, integrating change and closing the project.

2.  Scope Management

Scope Management refers to the process that checks whether the project is self-contained and ensuring that it is going on the right path. It refers to analyzing and defining the scope of the project, devising strategies, creating a breakdown structure of the work and verifying as well as controlling the scope of the project.

3.  Time Management

Time or meeting the deadline is the most imperative component of project management. The process of time management entails defining the timeline for each activity as well as entire project, sequencing the activities, estimating the duration and resources required in each activity and finally developing as well as controlling the schedules.

4.  Cost Management

Budgeting and costing are vital to effectual project management.  The component of cost management includes estimating the cost of the entire project as well as different activities, fixing the budget of the project and ensuring that the expenditure falls within the intended budget.

5.  Quality Management

Top-notch quality of deliverables is what guarantees the success of the project. This component of project management deals with planning quality parameters, monitoring the deliverables to ensure superior quality, and adopting appropriate measures to control the quality.

6.  Human Resource Management

This element manages all the factors that correlate to managing the manpower or human resources involved in the project. It implies to all the HR processes ranging from resource recruitment to managing the team.

7.  Communication Management

 Project managers are expected to communicate a lot with the vendors, staff, clients and other people to effectively manage the project. Efficacious communication is vital as it bridges the gap between the people involved in the project in any way. It gives way for clear explanations so that the final output is exactly the same as intended. The process of communication management embraces distribution of the information, reporting performance and communicating with the stakeholders.

8.  Risk Management

Identification of risk and planning strategies to tackle them effectively is vital to the success of the project. The project managers analyze the risk based on market trends. The process of risk management involves planning, identification of risk, analysis of risk and monitoring as well as controlling the risk.

9.   Procurement Management

Effectively managing the purchase process can reduce a lot of time of the project as well as it can even cut its cost. Procure management refers to planning the purchases, searching for sellers, comparing the prices offered by various sellers to find the least and finally administering as well as closing the project.

So, these were 9 components of project management. You can get accustomed to all of these by pursuing job-oriented PGD course in Project Management from MIT School of Distance Education. By virtue of being an online course, it is idyllic for anyone whether a fresh passout or experienced working professional.