Project Management Explained: Five Important Aspects of Managing Projects

Planning and Control Using Oracle Primaver P6 Versions 8.1, 8.2 and 8.3Project management is the act of doing a step-by-step process in order to manage and produce a project that is successful, on time and within budget.

According to the Project Management Institute (PMI), project management therefore is the “application of knowledge, skills and techniques to execute projects effectively and efficiently.

It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets.”

The organization has developed a book solely dedicated to giving the project management professionals a guide to a successful and standardized project. Fortunately, these steps can be summed up into five simple steps: planning, budgeting, execution, monitoring and control, and closure.

  • Planning

Not just in project management, planning is considered to be the most important step in achieving a goal. Planning includes the courses to take or the step-by-step moves to execute in order to come up with the desired results. All other processes involved in project management should be included in the planning phase. It has often been tested and proven that a good project is a result of a good planning.

  • Budgeting

Budgeting comes next in the list of important aspects to consider in project management. In this phase, the materials and cost of the overall project is taken into account, making sure that it would meet the budget allotted for the said project without compromising the quality of the overall project itself.

  • Execution

The third process in an effective project management is the execution. Once all aspects of planning have been taken into consideration, it is now time for the execution of all of the steps involved. Execution is the most crucial step when it comes to project management as this step would define if the project is a success or otherwise.

  • Monitor and Control

Monitoring and control is an aspect often overlooked in project management. However, this should not be the case as monitor and control is the longest-running phase in project management. This should start from when the planning phase of the project management to ensure that everything that is covered during planning will meet the project objectives and goals as well as double check that everything else is executed according to plan, such as the costs, resources, and duration. In other words, monitor and control should check the quality and quantity of the project and ensure that everything is on track.

  • Closure

Closure is the last step in project management. This is where the project team would decide based on the outcomes of the other phases of the project management if the project was a success, a failure, or otherwise. This is also where the team members would discuss several points for improvement and other observations recorded during the whole duration of the project. Thus, closure is also a very important phase in project management as this would help make future projects even better than the recent one, with lessons to apply such as the do’s and don’ts in implementing a project.

Managing projects effectively is never an easy job, but if you keep these five important aspects in mind, you are better equipped to have a successful project that not only benefits you and the company but also the audience or the consumers who patronize your projects.

Eastwood Harris produces project management training materials and online training courses on Primavera P6, MS Project, PMBOK and Prince2.