Project management involves the company’s resources, plans and organization to accomplish specific tasks. It may involve one-off projects or ongoing activities and managing resources, including personnel, finance, technology, etc. Delivering projects on time and within budget is key to gaining an edge in today’s competitive global business environment. [Wrike, n.d]
In general, project management can be understood as analysing a problem, creating a plan to solve the problem, and then executing the plan until the issue is resolved. It sounds simple, but there are many things to do at each stage of the implementation process. [Wrike, n.d]
The project management landscape continues to change as competition grows, projects are delivered quickly, and new technologies (artificial intelligence and automation) are updated. [Wrike, n.d]
Types of Project Management
Many different types of project management have been developed to deal with different projects in different industries.
- Waterfall Project Management: Each project task must be completed before the next task begins, and the plan is linear, flowing in one direction like a waterfall. So, paying attention to the task order and timeline is essential. [Labarre, 2021]
- Agile Project Management, first used in the IT industry, is an iterative process focused on continuous monitoring and improving deliverables. Agile project management does not follow a sequential, step-by-step approach. The phases of the project are done in parallel by members of the team. This approach allows you to find and correct errors without one mistake affecting the entire project. [Labarre, 2021]
- The Lean Project management method avoids wasting time and resources, and its main idea is to create more value for customers with fewer resources. [Labarre, 2021]
Critical Skills of Project Management
- Effective communication. From the start to the end of the project, the staff involved constantly communicate to ensure that the project can be completed smoothly and on time. According to one survey, poor collaboration can lead to low productivity and missed deadlines, with 28% of employees citing poor communication as the main reason for failing to complete projects on time. [Joubert, 2019]
- Scheduling and time management. Scheduling is a core aspect of project management. However, if you are good at managing multiple timelines and anticipating risks before they arise, you will increase your chances of delivering a successful project. [Joubert, 2019]
- Technical Expertise. An understanding of popular project management software can have a positive impact on project work. These programs are often used to plan, organize, and communicate with teammates while managing resources, budgets, and schedules. Project managers must also evolve in today’s world, learning how to lead projects to completion using the latest technology available successfully. [Joubert, 2019]
- Risk Management. Risks are uncertain things, so it’s easy for people working on a project to ignore them. But by analysing and understanding the likely positive or negative impact on the project if the risk does occur, the project manager can plan to avoid significant problems that could derail the project. [Joubert, 2019]
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Reference List:
Joubert, S. (2019). 7 Essential Project Management Skills. [online] Northeastern University Graduate Programs. Available at: https://www.northeastern.edu/graduate/blog/essential-project-management-skills/.
Labarre, O. (2021). What Is Project Management? [online] Investopedia. Available at: https://www.investopedia.com/terms/p/project-management.asp.m
Wrike. (n.d.). Project Management Basics | Project Management Guide. [online] Available at: https://www.wrike.com/project-management-guide/project-management-basics/.