Fundaments of Project Management

Project Management refers to the art of applying tools, skills, knowledge and techniques to meet the requirements of a project. An endeavour that is made for the innovation of a new product or service with a defined start & finish and within a fixed budget is termed as a project. The management of the scope, budget, risk and schedule of a project to satisfy the objectives of the stakeholders is called Project Management.

Project Life Cycle

It doesn’t matter whether your project scope is limited or vast, undergoing the project cycle phase is obligatory. Starting from the initiation to the completion of project, every phase is significant which facilitates the project to keep on track. Basically, the project life cycle is divided into five phases.

  1. Initiation: The basic step of initiation of the project includes identification of needs, opportunities and risks associated with the project. It also aims at looking for different ways through which problems can be solved. While creating strategies for the project, the project manager must act more as a leader as he has to direct the team and exhibit effective decision-making skills.
  2. Planning: Planning refers to creating a blueprint and roadmap of the project. Under this phase, the project is divided into smaller tasks/activities.  A budget is established and timeline for each project is determined.

Different teams are assigned with different activities according to their capabilities. Every team needs to complete its activity within time and budget which ensures that project end goals are achieved after combining all the activities.

  1. Execution: Once the project has been approved and the plan is created, it’s time to put it into action. In this phase, activities are executed in accordance to the plan. Project manager manages the time framework, monitors the given budget and directs the team members regularly so that they do not go off the track. Moreover, the manager has to be in constant touch with the clients or stakeholders to provide them with project details at every level.
  2. Monitoring and Controlling: At times, certain factors may limit the effectiveness of the project. Furthermore, there might be bottlenecks in the project. In the phase of monitoring and controlling, project manager ensures project activities take place without any hindrance.    
  3. Closure: This is the end phase of the project life cycle which takes place once the project has been completed successfully and the deliveries are made. In this phase, the project manager examines project performance as well as team performance.
Project management verticals

Project management is a wide concept that is applicable at every step of the project from its initiation to its completion. It essentially looks into different areas including stakeholder management, risk management, communications, people management, integration, scope, time, cost, quality and procurement.

So, these were the fundamentals of project management. Project management professionals are paid well and they enjoy a lucrative career as they play a significant role in project completion. We offer PGDM and PGDBA courses in Project Management in order to train the aspirants to hold this crucial position. Our courses are equivalent to distance MBA but better than it as the syllabus is updated regularly to match with the industrial trends. So, if you want to enhance your employability, then pursue PGDM and PGDBA courses from MIT-SDE.