What is a project?

Projects are the backbone of the modern economy. Regardless of your role within a firm, you will interface with simple to complex project activities on daily basis. Everything that you touch and use came through a successful project.

Managing projects under tight deadlines and budget is seen as crucial to the success or failure of a firm. Even though project management is very common and ubiquitous, however, it is often misunderstood across individuals and organization.

The Concept of Project Management 

So, what is project management?

Project Management is both an art and a science of getting things done. An art because there is no one definitive answer for how to best manage a project, and a science because there are well-developed techniques and process that can help significantly to complete a project successfully.

Need more clarity ?  Ok then, let me explain it with an example.

A simple example of Project Management

Ted is a telecom engineer who lives his life with passion, grace, and a sense of purpose. Last Monday, Ted’s mom expresses her interest in getting the best smartphone to enhance her social networking skill. Ted happily agreed to provide her with the perfect smartphone.

Finding the right device for the woman who carried him for nine months takes a great deal of research.

Ted initiated a quick discussion with her mother to ascertain key requirements like what kind of websites does she use while using mobile? iOS or Android? What are her favourite colours? When she wants the phone to get delivered? What app she would use? What is the budget for the phone? What accessories she would like?

After having a detailed understanding of specifications and thorough planning, Ted decided to buy the smartphone from an online retailer. Ted did some research over the internet and find out the best seller to by smartphone.

Ted went online mobile shop and executed the smartphone order with the best network service plan along with accessories. He was monitoring the shipment status on daily basis. However, it took five days for the shipper to deliver the package to his home address. There was a bit confusion over the home address and Ted coordinated with the delivery guy to clarify it.

Finally, the mobile phone arrived on Sunday morning. Ted outfitted the phone with a screen protector, activated the network SIM and installed all apps as desired by his mom. Also, Ted taught her mother how to create a Twitter account and follow someone.

After devoting his whole Sunday, Ted made the phone ready to use in all respect and handed it over to his mother. Finally, the mission success was celebrated as a closing ceremony with Ted’s favorite pizza.

That is how Ted bought the perfect smartphone for the most favorite people in the world – his mother.

Does Ted’s story sound familiar? If it does, you are not alone. Ted’s story is the story of every successful project professional.

Did you notice that Ted has effectively used his soft (Art) & hard (Science) skills to manage this critical project?

How do we formally define a Project?

There are several definitions of a project and they all point towards the same meaning.

According to the Project Management Institute(PMI), a project is defined as a “temporary endeavour with a beginning and an end and it must be used to create a unique product, service or result”.

As per the Association for Project Management (APM), “a project is a unique, transient endeavour undertaken to bring about change and to achieve planned objectives”.

Wikipedia mentioned that contemporary business and science treat a project (or program) as any undertaking, carried out individually or collaboratively and possibly involving research or design, that is carefully planned (usually by a project team) to achieve a particular aim.

Remember, a project is a series of tasks that need to be completed to reach a specific outcome under given constraints.

The nature of a project is temporary and a project is undertaken to produce a unique output. Output can be a product, service, or result. Once you deliver the final deliverable, your project will cease to exist because its objective has been achieved.

A project has a definitive start and end: It cannot continue forever. It has to end when the objective is achieved or it is terminated. It is not like operations where a specific set of activities are performed continuously and every time the same output is produced.

For example, designing a new car model is a project however manufacturing the same car in a production plant is an operation.

What are the operations?

Operations are the ongoing execution of activities and they follow an organization’s procedures to produce the same result or a repetitive service. Operations are permanent in nature.

Production, manufacturing, and accounting are examples of operations. Similar to Project, There are many definitions of operations. Some are as follows:

• • Operations do not produce new things, but they are necessary to maintain and sustain the system.
  • Operations are used to run regular business models, achieve the goals of the business, and support the business.
  • Operations are different from projects, which are known for their uniqueness.
  • Operations are permanent, and their only constraint is to make a profit for the organization.

A project should not be confused with an operation. Project is a temporary endeavour whereas Operation is an ongoing work effort.

Ok, now let’s define Project Management too.

The definition of Project Management

Project Management Institute(PMI),says that “Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements”.

According to Association for Project Management (APM), “Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters”. Project management has final deliverables that are constrained to a finite timescale and budget

Wikipedia defined “Project management is the process of leading the work of a team to achieve goals and meet success criteria at a specified time”. The main challenge of project management is to achieve all of the project goals within the given constraints.

The primary constraints of a project are scope, time, budget, also known as triple constraints.

The triple constraint (project management triangle), refers to the boundaries of time, scope and cost that apply to every project. The project management processes are responsible for meeting these constraints and controlling project schedule, cost and scope.

What is PMI and Why do we care?

Hmmm…. Let me tell you the other part of Ted’s story.

After successfully buying the perfect smartphone for her mother, the next morning Ted returned to the same old boring office. At the coffee stand, Ted got an opportunity to have a quick chat with his gentle boss. While chatting with his boss (Mike), Ted spilt his weekend ordeal and explained about his mini-project. After the discussion, Mike informed Ted that the company is planning to provide a smartphone to all of its 10000 employees. Management believes this will boost employee morals and increase their productivity.

After hearing about Ted’s weekend experience, Mike was assured that Ted is the right person to complete this work and decided to assign the job of acquiring 10000 smartphones to Ted. Also, Mike mentioned that the company want this project to be completed before Christmas.

Ted realized that, basically it is the same activity that Ted performed for his mom, but now it has to be performed on a large scale. Now, Ted would need a team of experts and professionals who can perform the project tasks through well-defined process and practices. This brings Project Management Institute(PMI) and other similar organizations into the picture.

Project Management Institute(PMI) is a leading not-for-profit professional membership association for the project management profession. The association aims to provide tools, network, and best practices to those who seek help to successfully manage their projects and portfolios. It started in 1969, and currently, the resources and research programs by PMI are helping more than 2.9 million professionals working in almost every country to excel in their respective profession.

Project Management Institute(PMI) develop standardize project management information, process, guide and practices that are used worldwide to achieve the best results.

Do you know what are the five project management processes?

The five Project Management Processes

Did you notice that Ted has applied all five project management process to complete his project?

Initiation

This is the starting of your project when you must prove the project has value and is feasible. This stage includes creating a business case, to justify the need for the project, and a feasibility study to show that it can be executed within a reasonable time and cost.

Planning

The main deliverable of this second stage is the project plan, which will be the guide for the execution and control phases. The project plan must include every component associated with the execution of the project including the costs, risks, resources and timelines.

Execution

The third stage is project execution, which is where the majority of the work happens. This is the phase where you complete the project activities and milestones to produce the deliverables to the client’s or stakeholder’s satisfaction by following the plan created in the previous stage.

Monitoring and Control

The fourth stage is project monitoring and control, It involves monitoring the progress and performance of the project to ensure sure that it stays on schedule and within budget. Quality control procedures are applied to guarantee quality assurance.

Project Closure

The fifth stage is project closure, in which the final deliverables are presented to the client or stakeholder. Once approved, resources are released, documentation is completed and everything is signed off on.

Project Lifecycle, Phase & Process

-Most, if not all, projects go through phases that vary with the size, length of the project and complexity of the project. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project life cycle.

There is no standard or guidelines for the project lifecycle model. Each industry uses its own variations and the project lifecycle model may vary from project to project even in the same industry. The naming convention of the phase is mainly defined based on project characteristics. One industry may name the first phase as the concept phase whereas another may name it the initiation phase.

The lifecycle provides a high-level view of the project and the phases are the connecting links to accomplishing it till completion of the cycle. A project phase is marked upon the completion of one or more deliverables. However, there may be possibilities where two or more phases are progressing in parallel.

Following is a typical example of a project lifecycle for a Software Development & Civil Infrastructure project.

These projects have different type of lifecycle. Are there any different methods of managing projects? Can we apply the same project management process to all projects? 

What are the types of project management methodology?

Well, there is no one-size-fits-all methodology that can be applied to every project. These processes provide benefits especially if chosen correctly to match an organization’s requirements and project goal.

According to the Project Management Institute(PMI), a methodology is defined as “a system of practices, techniques, procedures, and rules used by those who work in a discipline. Lean practices, Kanban, and Six Sigma are project management methodologies examples”. Their aim to assist project managers with guidance throughout the project, and the steps taken to complete the tasks.

Different methodologies have different strategies that aid in managing project issues.

No Matter what methodology you follow for your project, effective project management can always be broken down into four P’s: People, Product, Process and Project.

People

People are the primary resource on every project. A well-managed team can greatly increase the chances of success. A typical project management team includes the project manager, project planner, project controller, contract manager, site Manger, quality manager, finance controller, business analysts, sponsors and other stakeholders.

Product

As the name implies, this is the deliverable of the project. The project manager should define the product scope to ensure a successful outcome, avoid schedule and cost risks. Product scope should be based on contract specification and become the basis for defining the project scope of work (SOW).

Process

Project managers and team members should have a methodology and plan that outlines their approach to complete the scope of work. Without any clearly defined process, operating rigour & procedures, team members will not know what to do and when to carry out project activities. Using the right process will increase the project execution success rate and help the team to focus their effort on the project objective.

Project 

This is where the project manager’s roles and responsibilities come into play. Project Manager guide team members and perform integration management across various functions. The project manager must delegate tasks and help team members when needed. Ultimately, the project team collectively strive to accomplish all goals as defined in the project scope.

While there are plenty of project management methodologies, I’ve narrowed down it top eight for you.

Why Project management is so important?

I often hear people asking why project management is essential. If you have also wondered why project management is essential, read on to understand better.

Projects are often complex and involve numerous stakeholders, having a project management team that can lead the initiative and keep everyone on the same page is critical to any organization success. Handling projects tends to be an intimidating task. It requires a thorough understanding of project scheduling, planning, reporting, tracking, and the importance of project management.

Project management provides leadership and vision, motivation, removing roadblocks, coaching, and inspiring the team to do their best work for completing the project.

The absence of project management can lead to chaos in the organization, which gradually induces higher rates of failure, uncertainty, and stress. In other words, project management is a key driver of organizational strategy. So if you aren’t applying PM practices to your initiatives, you are missing a crucial opportunity to grow.

How Project Management help the organization?

The main advantage of project management is that helps you to manage your projects effectively, enabling you to resolve problems more quickly. It takes time and money to manage a project, however following good practices can provide the following benefits.

Apart from stimulating firm growth and improving transparency, there are several advantages of project management as following.

Strategic alignment with business

One of the most important reasons to use project management is to align projects with business strategy. Mark Langley, the president and CEO of PMI cautions, “If your organization is not good at project management, you’re putting too much at risk in terms of ultimately delivering on strategy.”

A clear focus on project objectives

A lack of clear goals was the most common reason for project failure in 2017. Project management help organizations hone in on their priorities and define their project objectives. Without a project manager to oversee the project plans and task breakdowns, many teams may not notice potential risk factors as they arise.

Strict Process Management

 Project management is a proactive process that seeks to help the right people do the right tasks at the right time. Without a set project management method, many teams tend to work reactively—handling issues as in fire fighting mode. A pre-determined process through the project lifecycle gives the project a clear path. 

Continuous Oversight

Project management methods ensure that organizations gain control over on-going projects and make sure they are on the right track and within the stipulated budget. Project deliverables should be managed well so that you do not lose track of the progress of the project.

Consistent Communication

No project plan is complete without a solid communication strategy. Communication in project management is an extremely important aspect that can have a significant effect on the performance of a team. A study found that communication breakdown was the main cause of failure for 57% of the studied projects.

Effective Project Planning

With a solid project plan, you can ensure that you have got an agreement with the client’s requirements, get all stakeholders on the same page, and flag risks in advance. Planning a project right from the start of the project lays the foundation for the successful completion of the project. 

Better Quality control: Quality control is an essential component of project management. Your project could meet all parameters for time and budget, but if the quality standards aren’t met, the project will be deemed a failure. Team members are under enormous pressure to complete the project on time. Project management procedure helps in identifying and rectifying the root cause to maintain the quality standards.

Cost Reduction: Based on the project scope, some projects may incur high costs. So, it is essential to keep track of the budget. Incorporating project management strategies eases the budget overrun risks. In 2018, according to PMI, 9.9% of every dollar invested was wasted due to poor project performance—that’s $99 million for every $1 billion invested.

Effective Resource Allocation: The biggest resource any project managers have at their disposal is the team members. Project teams consist of people of different backgrounds and departments and they might have other commitments. Through proper project planning, you can ensure that they are available when needed. Similarly, other resources like the budget, tools, machinery, and others can be arranged effectively to avoid project delays during the execution.

Higher Productivity: The field of project management is interconnected with being productive. Through proper utilization of resources and having an efficient system in place, a team can easily get more work done in a shorter amount of time and increase productivity.

Better Risk Management: Projects are continually exposed to various internal and external risks. Project risk management makes you ready for potential ‘what-if’ scenarios that may occur. This means that you are somewhat prepared to tackle any unforeseen occurrences that may negatively impact your project. By figuring out smarter and efficient risk management, you can ensure that each prioritized task is optimized to give you maximum output at the lowest cost.

Return of Experience: As a project manager, you can’t afford to make the same mistake twice. It’s also key to do more of what went right and less of what went wrong. And, projects generate a tremendous amount of knowledge. Properly recorded documentation allows you to keep track of all activities, enabling the team to learn from successes and failures. The learnings from a project can be applied to all future projects. It’s also a great tool to estimate costs and project timelines. Project management serves as a knowledge asset to a company and helps to build on both experience and knowledge.

Improved Customer Satisfaction: Retaining clients is considered more important than acquiring new ones and a guaranteed way of doing it is by offering unparalleled services. An effective set of operations that focuses on quality and efficiency, would naturally leave the clients feeling satisfied. This means that they would return with more business in the future.

Now you know, what is a project? What is Project Management & Why it is so important for any organization? Having understood these critical component, let’s find out about the showrunner for any project the “Project Manager”.

Project Manager – The Showrunner

Project managers are organized, passionate and goal-oriented individuals who understand what projects have in common, and their strategic role in how a organization succeed.

According to PMI, “Project managers are change agents: they make project goals their own and use their skills and expertise to inspire a sense of shared purpose within the project team”. 

Project managers are found in every kind of organization -as employees, managers, contractors and independent consultants. With experience, they may become program managers (responsible for multiple related projects) or portfolio managers (responsible for selection, prioritization and alignment of projects and programs with an organization’s strategy).

What exactly does a Project Manager do?

Broadly speaking, Project Managers are responsible for planning, executing, monitoring, controlling and closing projects for an organization.

They are accountable for the entire project scope, project team, resources, and the success or failure of the project. Project managers serve the team but also ensure clear lines of accountability.

Project Managers are responsible for the day-to-day management of the project and must be competent in managing the key aspects of a project, i.e. scope, schedule, budget, risk, quality and resources.

Behind every successful project, you’ll find a highly skilled project manager that keeps project teams on task and productive.

Sounds very familiar work activities, right? Does it mean that anyone can become a Professional Project Manager?

How do I become a Professional Project Manager?

The gap between a Project Manager and a Professional Project Manager can be filled by Project Management Certifications.

Project Management certifications help you to acquire professional accreditation of project management knowledge & practices. A certified professional may not be essential for an organization to manage a project, but the involvement of a certified project manager can make a difference of ten folds.

The average certified project manager has undergone various rigorous training & curriculum related to project management. As a result of these certifications, the project manager is eventually capable of handling a wide variety of challenges and preset tasks to a specific industry.

Are you looking to certify as a Project Management Professional? I have listed down the topmost project management certification courses.

Best Project Management Certifications

Adding a Project Management Certification to your credentials list shows that you have the know-how to plan, schedule, budget, execute and close a project.

The nature of the certification, in turn, determines how the skills of a certified Project Manager can be applied to a specific industry or project.

• Project Management Professional (PMP)
• Certified Associate in Project Management (CAPM)
• Certified ScrumMaster (CSM)
• CompTIA Project+
• Agile Certified Practitioner (ACP)
• PRINCE2
• Certified Project Director (CPD)
• Certified Project Manager–IAPM
• Certified Six Sigma Black Belt (CSSBB)

By now, you must have realized that there are two pillars of project management : People, and Process. There is one more, the last but not the least “Tools”.

What are the best Project management tool & software?

Well, knowing about the project, people & process is not sufficient for successful project management. In the modern world, you would need one more element, which is Project management tools and software.

Project Management today is completely different from what it was decades ago. With the introduction of different cloud-based project management tools, project teams are no longer bound by geographical location or tedious departmental regulations.

Project management tools centralize all data and allow users to track progress, assign tasks, and give speedy feedback easily.

Project management software helps project managers, teams, and individual contributors to complete tasks, organize client requirements and manage time, budget, and scope constraints very efficiently. It plays a crucial role in project monitoring & controlling.

Project management tools are expanding their functions and crossing boundaries with their combination of features for efficient project management.

These business application and tools provide benefits especially if chosen correctly to match an organization’s requirements. Any organization that wants to stay ahead of the competition needs to have the right tools.

This is just the tip of the iceberg !!!

Any serious Project Management Professional knows that we’ve just touched the tip of the iceberg. Project Management is a massive endeavour made up of disciplines complex enough to offer lifetime research.

Conclusion

Project Management is both an art and a science of getting things done. It is basically the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

To manage a project, a team of experts and professionals is required who can perform the project tasks through well-defined process and practices. Institute like PMI, APM etc. provide standards and best practices to those who seek help to successfully manage their projects and portfolios.

Throughout the lifecycle, a project follows the five management processes including initiation, planning, execution, Monitor and Control, and closure. The lifecycle of a project can be broken down into several phases which become the roadmap for completing a project. Different methodologies along with different strategies are followed to manage project issues.

The three-pillar of project management: People, Process and Tool are the key ingredients for the success of any project, in the modern world.

Now tell me, What’s the biggest thing you’re struggling with your project right now that I can help you with? Let me know by leaving a comment below right now.

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