Project Management
Learning Goals
- Define project management and outline its 5 phases.
- Understand the importance of project management in the modern economy.
- Learn about integrated approaches and network techniques.
What is Project Management? (PYQ 2021)
Project management is the application of knowledge, skills, and techniques to execute projects effectively and efficiently. It deals with planning, scheduling, controlling, and monitoring complex, non-routine activities to reach predetermined objectives while constrained by time, cost, and performance.
The 5 Phases of a Project Life Cycle (PYQ 2020):
- Initiating
- Planning
- Executing
- Monitoring / Controlling
- Closing
To handle complex scheduling, managers use Network Techniques like PERT (Program Evaluation Review Technique) and CPM (Critical Path Method) (PYQ 2021).
Why is Project Management Important?
- 1Step 1
Products are becoming obsolete faster. Speed-to-market is a competitive advantage, making cross-functional project teams essential.
- 2Step 2
Customers want cheaper, high-quality, customized products. PM ensures that time, cost, and quality are balanced perfectly.
- 3Step 3
Organizations are downsizing to stick to core competencies, requiring highly efficient project teams to do more with fewer resources.
An Integrated Approach
A modern project management environment requires an integrated approach.
- Strategic Integration: Connecting projects directly to the company's strategic goals. Projects shouldn't exist in a vacuum.
- Process Integration: Combining the technical side (planning, scheduling, logic) with the socio-cultural side (creating a temporary social system of professionals to get the work done).
Knowledge Check
What is Project Management? (PYQ 2021)