Project management is the process in which methodological approach is applied in the planning, guiding, and implementing a project from the start to the finish. According to Project Management Institute, there are five stages that are involved in a project. These stages include initiation, planning, executing, controlling, and closing (A guide to the Project Management Body of Knowledge (PMBOK guide). Project management techniques are used in the management and implementation of different types of projects. It is a process that is used to control the complex components and procedures of projects. It is a temporary task that is used to achieve a product or service that is unique (Larson, & Gray, 2013). A project has its beginning defined and has an end time. There are resources that have been defined in the entire working of the process.
Defining the project
Defining the project is like defining the scope of the project. In this definition, there will be the need to define the timeline that will enable the project to be achieved. The definition of the project will also entail ensuring that the resources of the project and the objectives have been defined well. In this process of defining the project, the work that will have to be done in the project will be achieved. Once the resources have been defined, the work that will have to be done to achieve the project will be known.
Estimating the time and cost
The process of estimating the time of a project is one of the essential skills of project management. The rationale for time estimation is that it sets the deadlines for the projects and will enable the project managers to include the deadlines and planning made easier. Another reason for time estimations is that it enables the project to be priced well and on time. To have correct time estimation of a project, one of the methods is to understand the outcomes of the project (Larson, & Gray, 2013). There should be a detailed list of the tasks that will have to be achieved by the end of the project. In the process of time estimation, there should be time that is allowed for such activities as meetings, accidents, holidays, breakdowns for equipment, and rejections from quality control.
Cost estimation is one of the initial tasks that has to be performed first. The process of estimating the cost will have to be an accurate one, reliable, and with utmost transparency. These factors are important small-scale projects because of the limited costs that are associated with the establishment of the project (Larson, & Gray, 2013). When standard techniques of cost estimation are used, it will be possible to check the detailed aspects of the tasks.
Developing a schedule
It is a significant aspect of project management. It is used to ensure that the project has been completed on time and with the right resources. The right time will be used to achieve the project. It is in these aspects that the project will have to be developed with the right schedule. Before scheduling is done, there is a need to understand the tasks that will be performed in the course of the project.
Managing risks is a significant part of the project management. It helps to respond to the risk factors in a project. It used to respond to risks in the best interest of a project. It is a proactive process of undertaking risks. This will make sure that the future events will be managed well and in a manner that will enable projects to be achieved. Risk management will reduce the likelihood of an event occurring, but will also help to reduce the impact that the event will cause when it does occur.
A guide to the Project Management Body of Knowledge (PMBOK guide), fifth edition (5th ed.). Newtown Square, Pa.: Project Management Institute.
Larson, E. W. & Gray, C. F. (2013). Project management: The managerial process (6e). New York, NY: McGraw-Hill.
If you are the original author of this essay and no longer wish to have it published on the SuperbGrade website, please click below to request its removal:
- Strategic Management Practice in the Modern Business Environment
- Research Analysis Result for Ballarat City Council
- Essay on Business and Management Forecasting
- Paper Example on Acquisition Management
- The Things That Eat Up Time and Dealing With Them
- Leadership Styles and Characteristics
- A Proposal on How to Dispose of Company Computers