Created: 22 July 2021

The Ultimate Guide to Project Management

Do you know what project management is and what it entails? Read our ultimate guide to learn everything that you need to know about it.

Keyword(s): project management

Finding it hard to keep your project organized and delivered on time?

Delivering quality projects on time is a major factor in company growth. It helps you maintain customer satisfaction and cash flow. A good project management system will help you achieve your goals and more.

Read on to learn more about good project management practices.

What Is Project Management?

The first thing you need to know in starting is the what and the why's of project management. Project management is the effective use of specific knowledge, skills, and tools to achieve goals. It's a practice of the application of techniques to carry out a company’s identified goal.

From the planning to the execution of business project-aligned goals, it develops productivity. It also improves project transparency.

Project management is important to the company's general strategic plan and objectives. Not only that, but it also helps in developing effective team communication. It raises the efficiency of resource management and gets better clientele satisfaction.

Having a successful management strategy also lessens risks. It helps you increase team flexibility and adaptability.

Five Phases of Project Management

A complete project management process goes through five phases. All these provide different tasks. They also need certain work behavior and skillset to get successful, well-rounded results.

These are the five phases of project management.

1. Initiation

The team starts by determining what they expect to achieve by doing the project. This is also where they do integration management to develop a project charter. In the initiation phase, the team also checks on the needs and feasibility of the project.

The main goal of this phase is to identify stakeholders and get their approvals to move on to the next phase. The team will also begin making their business case, documenting their project needs. The team will also determine the rough time and resource estimates they need for the project.

2. Planning

The second phase of project management is planning. Planning takes a lot of time to complete as it holds most of the process in pre-project management. In this phase, the project managers begin detailing the project management plan.

In the planning phase, the project leaders define the scope of the project. They create the work breakdown structure and gather necessary documentation requirements.

Sub-teams are also created on the needs of the project. This will range from human resources, communications, risk management, procurement stakeholders.

The main point of this phase is to make detailed projects, communication, and budget plans. In planning, the team completes the major components of their project plan.

3. Execution 

The execution phase is where the project team gets proper coordination and guidance for the project. Excellent communication skills are essential for this phase.

This ensures a swift project execution while following the approved plan. This phase covers the procurement and proper allocation of resources.

4. Monitoring and Control

In the fourth phase, the project’s time, cost, and performance get compared in stages. The team then makes necessary adjustments to the project’s activities and resources. This will help keep the plan on track.

The main goal of the fourth phase is to see the project’s progress and ensure that it follows the approved plan. This helps avoid the prolonging of the project timeline and any deadline interruptions.

5. Closure or Completion

Closure or completion is the last phase of project management. This phase focuses on finalizing the project and reviewing the project outputs.

The transitioning period of this phase is also called the project closeout phase in the project management cycle. 

In this phase, the team both celebrates and reflects. The output in this phase consists of approved project results. As well as notes of learning and improvement for similar projects in the future.

What Makes a Successful Project Management

Well-made projects become levers for companies to develop new products and services. They help transform in-company transactions and produce higher value for customers.

Knowing that successful projects are the main forces of company innovation is the key to understanding project management. To get successful project management, you must remember these seven things.

Correct framework

Finding the right framework or methodology is important to your project's success. The management framework you will be using must suit your industry and project’s scope and team structure.

Transparency culture

Transparency and accountability are crucial in the project management process. Your team needs to know your goals and plans to be aware of what they can contribute.

Performance levels will rise because everyone is aware of the plan and its goals. They are also clear of their responsibilities, making them accountable for them. It will make the project easier to manage and quicker to finish.

Realistic scope

A detailed scope of the project is often a big hurdle for many project managers. To avoid scope creep during a project, include stakeholders and create a team of experienced workers. Having them in the first phase of the project is essential.

Accurate and predictable schedules

A realistic timetable and deadline are important to keep your team productive. In planning, make sure to build a schedule with breathing rooms. This will help you when unforeseen issues pop out.

Effective resource management

Having effective resource management is important in project management. Your team should make good use of your resources to maintain the speed and budget range of your project.

Stakeholder engagement

Stakeholders are the people financing the project. They are either the main client, an internal executive, or a product manager.

Engage and keep them involved in the whole project management process. This will lessen the risks of your project going off-course.

Upgraded project management software

Successful project management must-have is a project management software with a practical, scalable, and transparent system. It should also be easy to access and use.

A Quick and Definitive Guide on Project Management

Project management is a practice that uses knowledge and skill to deliver more effective and efficient results. Knowing the proper process and understanding the factors to make it successful is necessary. This will help your team know what to focus on and adjust.

Looking for the skills you need to make it possible? Contact us today and check out the project management skills you can learn now.