Project management has become more and more significant in today’s competitive market place. Industries are looking out for ways to meet set objectives as well as introduce innovative products and services that meets the demands of varying consumers and customers. In today’s post, we take a closer look at project management. But before that, let’s get a clearer definition of what a project is.
What is a Project?
A Project is a set of inter-related activities which is completed over a period of time designed to achieve a specific objective. (World Bank & Cambridge Int. Dic, 1997). Project can be defined as sets of measures with predetermined objectives, specifically in order to identify solutions for developmental problems. In summary a project can be considered as a series of activities and tasks that:
- Have a specific objective to be completed within certain specifications.
- Have a defined start and end dates
- Usually have funding limits.
- Utilize human and non human resources (i.e. money, people, and equipments).
- Are multi functional( i.e. consists of several activities and tasks)
How does one define Project Management?
Project Management is defined as ‘the application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholder’s needs and expectations’. Successful project management can then be defined as having achieved the project objectives within time, within cost, at the desired performance or technology level, while utilizing the assigned resources effectively and efficiently and lastly accepted by the customer
Objective of Project Management
Below are some of the objectives of managing a project;
- To coordinate the various inter-related processes of the project.
- To ensure project includes all the work required, and only the work required, completing the project successfully.
- To ensure that the project is completed on time and within budget.
- To ensure that the project will satisfy the needs for which it was undertaken.
- To ensure the most effective use of the people involved with the project.
- To promote effective communication between the projects team members and key stakeholders.
- To ensure that project risks are identified, analyzed, and responded.
In our next post, we share with you the project life cycle and steps in managing a project. Thanks