What is Project Management?

Project Management

Project Management is a well planned and organized effort to accomplish a specific one-time objective, for example, construct an airport.

According to the PMBOK Guide, “Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements”. It is the discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives. The major challenge a Project Manager faces while working on a project is to achieve all the project goals and objectives in the given scope, time and budgets. Another challenge is to optimize the allocation and integration of inputs necessary to meet pre-defined objectives.

Project Management is accomplished through the application and integration of the fourty-two project management processes grouped under the five process groups.

Project Management includes developing a project plan, which includes defining and confirming the project goals and objectives, identifying tasks and how goals will be achieved, quantifying the resources needed, and determining budgets and timelines for completion. It also includes managing the implementation of the project plan, along with operating regular ‘controls’ to ensure that there is accurate and objective information on performance relative to the plan, and the mechanisms to implement recovery actions where necessary.