An Overview of Project Management

The ultimate purpose of project management is streamlining every process involved in a project to appropriately utilize the resources and skills to build a world-class business presence of the company.

The project management professionals help the customers as well as their company management to get their work done and gain profit.

Every organization works on various projects to run its business. The projects can be based on banking, IT, construction, exports, etc.

Companies carefully monitor every project to successfully run their business and build credibility. This is where project management comes into the picture.

The project manager works as the captain of a ship and manages to produce the deliverables within the stipulated time and allotted budget ensuring good quality.

From requirement analysis to final deliveries and invoicing, the project manager is involved in all the phases of the projects.

By developing a precise understanding of the requirement, availability of resources, limitations, constraints, cost, and time-line, a project manager regularly reviews the progress of work, shares feedback, and help the companies to achieve the goals.  

An Overview of Project Management

What is Project Management?

The complete project management process is understanding project requirements, calculating limitations, foreseeing issues, identifying alternate methods, managing schedule, reducing cost, maintaining quality, communicating messages, reviewing progress, sharing reports, delivering products, receiving payment, and documenting the whole process. 

Project management professionals are the face of any business and they develop a rapport with the customers to develop the companies’ business.

The project management steps are:

• Developing project knowledge,
• Identifying project scope,
• Setting the project goal,
• Preparing a project plan, and
• Executing the process.

Project Portfolio Management

All the top-level executives, project managers, business development managers, and shareholders use the project portfolio to understand the scope of their business. 

A project portfolio presents the business perspective of projects including their scope to bring the business to the next level.

The ultimate purpose of the project portfolio is performing ‘risk and reward’ analysis.

Being the centralized project management system, Project Portfolio Management (PPM) helps project managers to plan the resources, schedule, cost, limitations, etc.

The PPM system aids everyone involved in the projects can easily access the updated status and plan for the subsequent process.

With PPM, the project managers can easily measure the performance of the contributors and identify extraordinary skills. PPM also helps the project managers to find the skill gap and avoid issues well ahead of the schedule.

Proper prioritization of processes, management of schedule, cost, and avoiding issues are the advantages of implementing PPM in an organization.

Project Management Report

The project management report is used for summarizing and presenting project status. The report tracks project status from the initiation stage to final delivery and project closure.

The project status report (project schedule plan in other words) holds details of client schedule, in-house project plans, and availability of freelancers.

A macro-level view of project management report holds details of quarterly, half-yearly and annual revenue details.

Using project projection data, revenue forecasting and the skill-set requirement for the next financial year is calculated. 

Project Manager Skills

Project managers are highly skilled and are capable of handling issues, risk management, and cost and budget management. Effective communication skills are also essential for project managers.