Project Management

Project management deals with conceptualizing, planning, organizing and managing supplies and resources to obtain the set goals for a target project. Project Management is made up five processes which include initiation, planning, execution, monitoring and closing. In some complex procedures, supplementary processes may be included.

The initiation process establishes the nature and extent of the project. This defines the success of the project since it is the deciding point for the business to go ahead with the project. This stage must incorporate the analysis of the project requirements and resources, review of the existing operations, budget requirements, as well as tasks on a pre-defined schedule. The planning stage comes after the initiation. The relationship between time, cost and resources must be defined here to calculate the amount of work that needs to be done as well the probable risk management issues. This stage must define the scope, people, deliverables, tasks to be done, estimates of the time and resources needed, risk planning and initial approval of the project.

Execution is actually working on the project. Coordination between people and resources must be done accordingly to make sure that the project is on the right track. Monitoring is where the execution is observed and where potential risks and problems are identified and corrected to keep the project on track as scheduled and planned. Performance measures are observed and controlled in this stage. Closing stage is when the project has been completed and is ended. This also covers archiving of files and project documentation for future references. Often the failure to come up with a good project management plan risks the successful execution of any project in relation to time, budget and completion. Many organizations outsource the project management requirements to a skilled professional, this is often the case in tender projects that have a finite lifespan.