Project work was an easy way of earning credits or receiving a higher grade during our schooling years. However, dull topics and dismissive team members were some of the minor issues faced while completing projects.
This is nothing but a stepping stone to the bigger, more complex and high risk – high rewards projects we face in our professional lives now.
What is a project?
A project is an undertaking carried out to achieve certain objectives. Most projects have a defined timeline (short term or long term), resources to be allocated (financial, expert knowledge and raw materials) and a desirable result (profits, the existence of a new asset, etc).
Why is Project Management important?
Project management seeks to answer the critical question of how to complete a high-stakes project within a given time-frame and predetermined budget.
The most crucial aspect of any project controls. Projects have a multitude of complex facets that require constant control to ensure there are no deviations or delays that can cause immeasurable losses.
According to a 2018 Pulse Of the Profession[1] report by the Project Management Institution, organisations that undervalued the importance of project management reported an average project failure rate of 50%.
Father of Modern Management
Henri Fayol, a French engineer published in 1916 one of the earliest written comprehensive modern management theories that would continue to remain relevant more than a century forward – Administration Industrielle et Générale.
Based on Fayol’s own experiences, this book explains the six primary functions of management – Forecasting, Planning, Organising, Commanding, Coordinating and Controlling.
This will become the base for modern practices of project management.
Stages in Project Management
The 4 stages in Project Management are:
1. Initiation
The stage defines the very beginning of the project. What is the project about, why was it accepted and what are the goals to be achieved needs to be documented.
A feasibility study complete with cost, time and profits generated due to the project forms the basis in this stage.
2. Planning
This stage involves dividing the large project into smaller sub-projects and plotting how each sub-project will be completed. It also involves estimating resources, potential pitfalls and recruiting the appropriate team members to drive the project forward.
Each step of the project process needs to be documented for further discussions.
3. Executing
This is the actual enforcement of the prepared plans. A bulk of physical, human and financial resources are used up in this stage. Constant monitoring, control and updates are required to keep up with changing real-time business environments and their impact on the on-going project.
4. Closing
This indicates the end of the project. Results need to be compared with forecasts, any deviations need to be accounted for and explained and experiences need to be carefully recorded for future use.
The final stage will determine how successfully the project was managed.
Project Management brings a unique set of skills and mature experiences to ensure the project is successful with the best possible results at the least cost and time.
Any task you have ever done is a project on its own. From organising an event to building an underwater sea tunnel, projects are entrenched in every field of life. Transport, infrastructure and product/ asset manufacture are some of the areas where project management techniques are most professionally used.
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