What Is Project Management?

Project management helps teams track and organize their work within a project to achieve its goals. This process involves the application of various skills, tools and techniques, and the coordination of team members to meet project demands. Below, we explore the requirements of project management, its various types, and ways you can implement the process into your team’s workflow.

What is project management?

Project management is the process of planning, overseeing and executing a project to achieve its goals and objectives within the set budget and timeline. There are several roles and methods of project management, each designed to meet the specific project’s needs and improve efficiency. To make this process proceed more smoothly, project managers will often use tools or software to keep track of tasks and communicate with team members.

While project management has its fair share of challenges, the benefits are well worth it. Effective project management keeps a project on time and budget, with the flexibility to make adjustments and changes as needed.

Types of project management styles

There are several methodologies used in project management, each providing a different approach to cater to projects of varying scale and complexity.

Waterfall

The waterfall project management model takes a linear, strategic approach to projects. This straightforward style breaks a project down into sequential phases; each phase is only allowed to begin when the previous one has been entirely completed. This project management style is primarily used for well-defined projects that don’t require significant changes once they’ve started.

Agile

Agile project management allows teams to take an iterative, flexible approach to a project. This project management methodology encourages collaboration and feedback. Project managers typically use this style to break down projects into smaller, more manageable tasks. It’s great for projects that require adaptability as requirements change and evolve.

Scrum

Scrum is a version of the agile project management methodology. This approach places a further emphasis on incremental work. In scrum project management, team members focus on sprints, which are short iterations wherein team members deliver small pieces of the project efficiently and quickly.

Kanban

Kanban is another project management methodology under the agile framework. The kanban style emphasizes a visual system, where cards and boards are used to manage work and better illustrate the responsibilities of team members. This is a valuable methodology for projects that require a steady flow of deliverables.

Lean

The lean project management methodology focuses on efficiency. It operates on a cycle that is designed to raise productivity and reduce waste, which includes not only physical waste but also intangibles such as time and effort. This methodology is often combined with agile to improve workflows.

Six Sigma

Often used in manufacturing, the Six Sigma project management style emphasizes continuous improvement. Through statistical models, project managers can reduce errors in work and improve efficiency.

Project management roles

To effectively execute a project across multiple teams or departments, there are various project management roles that must be filled. These roles range from the project managers themselves to team members.

Project sponsor

The project sponsor provides necessary resources, such as funding, personnel or materials for a project. This person may be an employee at your company or an outside client. The project sponsor is typically responsible for final approval on deliverables.

Stakeholders

Stakeholders are those who have a vested interest in the project. They typically give information or instructions and ensure the project meets its intended goals and expectations.

Project manager

The project manager works closely with sponsors and stakeholders. Their primary goal is to oversee the project’s development and ensure things are completed on time and within budget. Project managers determine which project management methodology should be used, oversee day-to-day activities, set milestones and identify resources needed for the project.

Team members

Team members work on individual tasks within a project. Their responsibilities vary based on the project methodology and its requirements. Team members typically report to either a team leader or the project manager and complete deliverables within a specific timeframe.

Project management phases

The process of managing projects follows a life cycle, which consists of different phases from the inception of the project up until its completion. These stages can be further divided based on needs or complexity.

Initiation

Initiation is the first phase in project management. During this stage, the project team discusses the purpose of the project as well as general objectives and goals. It is during initiation that overall project feasibility may be debated.

Planning

The planning stage is when the project is defined in greater detail. The scope, specific objectives, deliverables, milestones and resources needed are identified during this phase. It’s also when the project manager determines which methodology will be used to achieve the desired outcome.

Execution

The project plan is put into action during the execution phase. Active collaboration is an integral part of this stage, as the team works toward moving the project to completion. Throughout this phase, the project manager tracks and monitors progress and identifies how to resolve issues.

Monitoring

Monitoring is the phase in which project managers track things at a high level — whether the project is progressing as planned, on time and within budget. Monitoring also requires managers to plan ahead and try to prevent any bottlenecks or disruptions as best as possible.

Closure

The final phase of project management involves handing over deliverables. These deliverables are then reviewed and approved by major stakeholders. Project closure serves as an opportunity for the team to wrap up loose ends and resolve issues that arise during the review process.

Project management software

To make project management easier and more efficient, many teams make use of project management software. At present, there is a wide variety of software solutions available. Some of these solutions are best suited for specific project management styles, while others can be customized to meet unique project needs.

Having the right software is critical to maintaining transparent communication and collaboration throughout the project life cycle.