Project Management Fundamentals: Everything You Need to Know

project management fundamentals

In this Project Management Fundamentals, I will introduce you to the concepts of project management. We will learn project management basics, that is, from initiating a project to its closure. Furthermore, we will explore that:

Project management is about:

  • How well you plan, organize, and execute projects;
  • Coordinating and managing resources—people, time, and budget ensure projects are completed successfully;
  • How it delivers value to the stakeholders.

Project management aims to:

  • Deliver projects on time
  • Within budget and
  • To the expected quality standards.

To achieve this:

  • The project managers use their skills in project planning, risk management, scheduling, budgeting, and communication.
  • Also, the project managers build relationships with stakeholders.  Stakeholders are customers, team members, suppliers, etc.
  • Additionally, the project managers ensure that all are aligned and working towards the same goals.

Why project management is important?

For project managers, it is really important to be good at project management. It is the foundation for achieving the project goals. When project management is carried out effectively, we can ensure that the resources, like time, money, and manpower, are efficiently utilized. Being proficient in project management ensures that we complete our projects smoothly and thereby maximize our potential for success. For example, a project manager, with good leadership and communication skills, can guide her team through the intricacies of a project throughout the project life cycle.

On the flip side, poor project management results in substantial losses, both in terms of finance and resources. Deadlines are missed, scope creep grows, resources are misallocated, and communication falls apart. As a result, the cost of our projects increases and we might also get things done less effectively. Further, when proper oversight and coordination are absent, our projects encounter delays, budget overruns, and quality issues. Ultimately, this affects the organization’s bottom line and holds back its overall success.

Summary

In summary, project management is a multidimensional discipline. Therefore, it requires careful planning, execution, and monitoring of projects to ensure successful outcomes. It enables organizations to achieve their strategic objectives and deliver value to their stakeholders.

Next up, we will have an overview of project management https://edulecon.com/project-management-overview/

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