Definition
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.
What is a project?
A project is a unique, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it achieves the objectives according to their acceptance criteria, within an agreed timescale and budget. Time, cost and quality are the building blocks of every project.
Time: scheduling is a collection of techniques used to develop and present schedules that show when work will be performed.
Cost: how are necessary funds acquired and finances managed?
Quality: how will fitness for purpose of the deliverables and management processes be assured?
Project management processes fall into five groups:
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
Project management knowledge draws on ten areas:
- Integration
- Scope
- Time
- Cost
- Quality
- Procurement
- Human resources
- Communications
- Risk management
- Stakeholder management
All management is concerned with these, of course. But project management brings a unique focus shaped by the goals, resources and schedule of each project. The value of that focus is proved by the rapid, worldwide growth of project management:
- as a recognized and strategic organizational competence
- as a subject for training and education
- as a career path