Project Management Introduction

Project Management Introduction:

Project Management as a concept is broad and includes a lot of aspects that are technical. The different aspects that are dealt with in PM, leads to one end or one goal; which is the achievement of the predetermined objectives. Recently, Project Management became a well-established approach to managing and controlling the introduction of new initiatives or organizational changes.

To start up with, we need to define what a project is. A project according to the British standard is defined as “A unique set of coordinated/inter-related activities, with definite starting and ending points, undertaken by an individual or an organization to achieve predetermined goal(s); within specified schedule, cost and performance parameters considerations.” Or in other words we can say, it is a temporary attempt undertaken to make a unique product or service.

After that, we should move on, to defining what Project Management is. Project management, then, is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets.

Recently, in the business world; the best defined type management is known as the contingencies management i.e. situational management or project management.

However, when deciding on a project, we need to identify a very important concept which is the project life-cycle. This concept isn’t too far from a product life-cycle.

Project life-cycle Product life-cycle

Project definition Product idea

Project planning Product development

Project execution Product growth and maturity.

Project termination Product decline.

During the project life-cycle many skills requirements are needed i.e. a variety of highly skilled labor is needed plus a highly skilled project manager is required. A project has key decisions that have to be made, these...