Project management entails keeping track of the project’s progress and efficiently allocating resources to achieve the desired result. A project has an end date and, in some cases, one of several objectives. A project manager is a person who helps with the project process. Project management includes tasks such as project planning, monitoring, closing, controlling, and executing.To successfully complete a project, one must understand ‘what is project implementation.’
How Can Project Management Help?
Project management improves your chances of meeting pre-determined goals. You can assess the importance of a specific project to an organization and allocate business resources accordingly. Project management assists in accurately defining a project’s scope, budget, and process.
Project Characteristics
A project’s key characteristics are as follows:
A project has a defined goal with an end date and is usually temporary.
Every project is one-of-a-kind and is undertaken solely to achieve a specific goal. When the goal is met, the project process comes to an end.
A project can also cross-organizational/firm boundaries.
Unfamiliarity surrounds a project because it may introduce a new process into a company/organization.
A project failure results in the loss of assets or other resources that you have put at risk.
Nature and Properties of the Project
A project’s nature is optimistic. It has a goal that will result in the improvement of a company/individual. One of the characteristics of a project is that it is finite and must conclude with the achievement of the goal. The key characteristics of the project discussed in the preceding section are also project properties.
The Life Cycle of a Project
A project process is divided into five major processes, which are referred to collectively as the project life cycle. A project goes through all of these processes before coming to an end when it achieves its goal. The phases of a project’s life cycle are as follows:
Initiation
It is the process of kicking off a project by naming it, defining its purpose, and so on. The stakeholders learn about the importance of the project and decide to start it.
Planning
This process analyzes project risks and costs. A project roadmap is created, along with a deadline. Only during this process are resources assigned to a project. Questions such as “How much does a project cost?” In this stage, project managers/stakeholders seek answers to the questions “What does the project consist of?” and “What is the project type?” More information can be found by clicking here.
Execution
Before this process, tools for project management and modes of communication are identified, and the project plan is executed. Project planning and execution are critical stages in achieving project objectives.
Controlling and monitoring
Monitoring and controlling are performed to ensure that the project is on track.
Closing
When a project achieves its goal, it is closed, and all project data is recorded for future reference. In a closing meeting, teams get together to discuss the project’s events and profits. In this process, questions such as “what is project evaluation?” are raised, and a project is evaluated.
So far, we have learned about the lifecycle of a project in the article “what is a project?” Let’s take a closer look at the different types.
Case Studies of Successful Projects
Here are some examples of successful projects:
In 2016, the UIDAI (Unique Identification Authority of India) was established. This project began in 2009 with the goal of bringing India’s 1.23 billion citizens under the world’s largest biometric system, Aadhaar.
When American Airlines merged with US Airways, they encountered issues with technology overlapping. They implemented a project to adapt to the changes and capitalize on their employees to improve the business in order to manage this change. This project greatly aided their development.
That brings us to the end of the article “what is a project?”
