Project Management, in a simple term, it means managing a project from end to end. It is how a person of authority sets up and supervises the resources that are available in order to finish a project they have taken. The person of authority who supervises the whole project is called the Project Manager. The Project Managers uses different techniques, methodologies, skills, and they have the required knowledge which will help the Project achieve the objective as per the criterion which has been agreed upon by all the parties.
The scope of the essential Project Management is covered in five different phases. They are namely Initialization, planning and development, project execution, project planning, project monitoring and lastly project closing. To successfully complete the given project, a project manager has to have a good understanding of these basic five phases of the Project.
- Initializing the Project
The first phase of the project as the name suggests is initializing the Project. A business case, i.e. the benefits or the reasons to do the project is presented, and then the Project is defined at the macro level. The project manager first does the feasibility study in order to know whether the objective of the project is achievable and thus can be launched. The people concerned with the Project is required to do the due diligence and give the go-ahead to the Project. The project manager then prepares a comprehensive document stating the objective of the Project along with it the project manager should mention the different requirement, the business case that was presented and the need of this Project in the business.
- Planning and Development of the Project
After the Project gets a go-ahead, and it is initiated, the project manager moves to the second phase known as the project planning phase of the project management. In this phase, the project manager prepares a roadmap which focusses on achieving the objective of the project in a systematic way. The project planning helps in streamline the process of the Project. Planning helps in the smooth running of the Project as every aspect of the project is taken into consideration, and the required solution is also provided in the project planning phase.
- Project Execution
The actual work on the project happens in this phase. There are many responsibilities which get done in this phase. In this phase, a team is developed for the Project; resources are assigned, the execution of the second phase is done now. The project manager manages the execution, tracking system for the progress of the project is set up, the status meetings are done regularly, the project schedule is updated as and when the planned task is finished as well as the project planning is modified as per the requirement of the situation during the execution.
- Project Monitoring
The third and the fourth phase of the project management go hand in hand in the process of project management. During this phase the Project is monitored proactively in order to know whether the project is going as per the planning, it will also help to know whether the Project is not going over budget and whether the quality of the Project executed till now is up to the mark. These are some of the things that the project manager would be aware of if the Project is continuously monitored and will help the Project manager decide the further course of action.
- Project Closing
This is the phase bring about the completion of the project, and the objective of the project is achieved. The team members are acknowledged for their efforts they have put in for the Project. The learning while completing the Project is shared with everyone for future reference. The final documents, any reports or any other relevant documents are handed over to the team who would be operating the Project regularly.
The MIT School of Distance Education has a program which has PGDM in Project Management. The curriculum of this course is designed as per the Project Management Institute (PMI) with the help of well know trainers and experts in the field.