Key Project Management Concepts

Project management involves the process of planning, securing and organizing resources to achieve organizational goals for a particular project. A project is defined as a period of time dedicated to completion of numerous small deliverables. Each aspect of the project should be completed within a specified budget.

Project managers overcome constraints associated with scope, budget and time. There are key project management concepts that should be explored to gain a full understanding of the field and how it can benefit business owners. Here are several key project management concepts to help people understand the role of project managers in business.

Key Project Management Concepts and Definitions

Project Goals and Objectives. Project goals and objectives must be defined by the project manager. The project manager discusses these goals and objectives with key influencers within the organization. Once the goals and objectives are defined, project managers determine and assign tasks based upon the ability of the team.

Scope Management. The project manager is solely in charge of the scope of the project to avoid confusion. Confusion is reduced when all communication regarding a project originates with the project manager. The scope simply describes the work to be completed and the decisions to be made to complete the project according to the time schedule and budget.

Risk Management. Risk management is a responsibility of project managers. It helps businesses mitigate risks associated with project events. Project managers identify the risks in the project by brainstorming. They analyze risk and devise plans to mitigate risk.

Stakeholder Management. Stakeholder management is a part of a project manager’s responsibility. By creating positive relationships with stakeholders, project managers can ensure goals and objectives are met for the intended project.

Project Plans and Scheduling. Project plans and schedules are primary responsibilities of project managers. These documents define how the project will be managed and guided. The schedule simply describes the timeline of the project.

Project Resource Management. Project managers must assign resources to different phases of the project. Resources may consist of people, finances and other resources.

Real World Project Management Application

Project managers are found in numerous industries. Project managers may be found managing the design of an electronic device or managing the design of a building. For instance, a company may be designing a cellular phone. A project manager would determine the semiconductor devices needed to complete his or her phase of the project.

They would manage the design phase of the project to ensure the specifications are correct prior to manufacturing. Project managers would speak to stakeholders to ensure their goals and objectives are met during the design. Budgets, schedules and material acquisition are the responsibility of project managers.

Key Issues in Project Management

Project management is ineffective when members of the team develop different agendas than the project manager devised. It is often difficult to determine how long a project will take if it has never been done before. Project managers often under-budget or over-budget time required to complete a project. Frustrated designers may develop different schedules or fall behind as a result. Realistic schedules are instrumental in keeping team members motivated to complete projects.

Unclear instructions and poor team construction are also two major issues in project management. When the scope of the project is unclear or the people on the team do not have the necessary skills to effectively complete the project, problems develop and projects are not completed according to schedule.

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