What is Project Management?

In simple terms, project management is a process of matching the goals and expectations of the project. It also includes implementation of various project strategies to optimize and track the progress of the project and achieve the deliverables within the specified time, money and resources.

Project Cost and Profit

Typically, a project management could be called as a necessary investment which helps to effective optimize the process of the project. This, in turn, results in saving the cost of the project and building the reputation by ensuring timely accomplishment. Thus, most of the methodologies and strategies of project management insist on efficiency, quality and performance.

A project and its characteristics

First of all, let us examine the actual definition of the project. A project is nothing but an activity which that needs to be carried out in a specified time period using the allocated resources to deliver something profitable to the company. Following are typical characteristics of a project,

Time Limitations – every project is bound to have finite time limitations before which the deliverables needs to be accomplished.

Resource Allocations – Ranging from professionals to be engaged in the project to technical equipment, all the essential resources required to accomplish the project is assigned to the project.

Roles and Responsibilities – The roles and responsibilities involved in the completion of the project are distributed to the respective professional to streamline the progress of the project.

Deliverables – Before the commencement of the project, the end-goal and the deliverables are determined and focused throughout the execution of the project.

How a project management should be?

An effective project management activities and approaches should concentrate on using the resources allocated to the project efficiently and making sure that the roles and responsibilities achieved by the project people to successfully produce the deliverables at the specified time.