As a standalone, Project Management refers to the experience, skills, knowledge, processes, and methods aimed at achieving the goal(s) of a project.

It involves critical planning, organizing, execution, and management of things as well as people. The aim of project management is to ensure that projects are concluded successfully. The project management basics can be summarized in four phases.

Phases/stages involved in project management

Even though it may appear tedious or complicated on paper, in reality, project management is a step by step process that guarantees projects are completed in time. It requires a series of logical stages to complete a project and achieve desired results and quality standards.

• Initiation Phase- It involves meeting the client (and/or stakeholders) to analyze and establish whether or not resources are available for the successful implementation of a project. At this stage, all the stakeholders should agree on the objectives and implementation of the project. Lack of clear objectives in the planning phase is a major contributor of project failures.
• Planning Phase- Developing the step to step details of what needs to be done during a projects life cycle.
• Monitoring and Execution phase- This involves the preparation of deliverables and gaining control of the progress of the project. To many people, execution is the most important part of the project cycle.
• Closing phase- It involves the review of finished contracts before full closure.

Examples of projects that often require project management

Projects refer to a series of activities needed to achieve particular goal. In essence, we deal with projects often in our day-to-day lives whether at home, work, or school. Some examples of common projects include

1. Construction, mining and quarrying projects

They usually involve industrial projects. What is common for such projects is that the fulfillment stage is conducted on a far off-site away from the contractor’s office.

Construction projects target to erect buildings, tunnels, roads, and bridges. As for mining, quarry and petrochemical management, the elements must be exposed to the site.

Projects of such stature bear special risks and often require huge capital investments, thorough management and tracking of progress as well as quality in the deliverables.

Projects of this magnitude may also be too complicated for one contractor to manage or risk managing. It is why the main players often act as a consortium at different phases of the project.

The communication is often laden with different specialists and complications may arise from this if the management is slack.

2. Manufacturing projects

These refer to the projects that aim to produce item(s) that have a special design and hardware. The final product may be a piece of equipment or machinery like ships, vehicles, aircraft, destroyers, submarines, etc.

Such projects are done in home-based environments or factories where the manufacturing companies practice spot on management.

In some cases, some projects may involve working away from the manufacturing plant. They may include installation, consumer training, service, and maintenance. Where the product is a complex product like an aircraft, different contractor companies may get involved at different stages. The companies involved may have overlapping international borders making communication and coordination a challenge between contractors.

The downside of massive manufacturing projects like this is that they attract high capital investments to run. Therefore it may be too complex for one contractor to see through the entire project to successful completion.

3. Management Projects

Every company regardless of the size will need management expertise at some point. Such incidences occur when companies have to relocate from headquarters, introduce or develop a new computer system, launch marketing campaigns and prepare for trade exhibitions.

Management projects also produce feasibility and study reports. An organizations restructuring or general coordination of company activities that produce measurable results.

The nature of managing projects is not openly discerned. Even though they may lack visible or tangible creation they are still dependent on their successful outcome.

For example, there are instances where an organization invests in a new computer system but fails to implement its use correctly. This may result in critical systems and operational breakdown that exposes the managers involved to public ridicule or professional discredit.

Therefore, effective project management should be executed with as much importance as you will a manufacturing project or a large construction and mining company.

4. Research projects

All research projects tend to follow the same principles regardless of whether it is an academic discipline or not. The intellectual deliverables cut across all subjects and disciplines. A dissertation must follow a predetermined format that includes the introduction, main body and have a conclusion.

A detailed research project must have a literature review, an investigation topic, and an analysis of research findings. 

Sometimes students encounter complex research projects that have multiple deadlines for different activities. The nature of such research projects may take many forms. There are tasks that must be performed consecutively. One task cannot begin until the previous is finished.

Other tasks can take place concurrently while others can be started without finishing the previous tasks but can never be completed without finishing the previous tasks. For example, you may analyze your data before you finish gathering the data.  

Research projects can be difficult when trying to establish the objective as the results may be unpredictable.

The objective of all projects

• Function

The end result must always satisfy the needs of the final user. If for instance, it is a race bike you are making, the objective will be to meet the standard safety protocols and performance of the race bike.

• Spend within budget limitations

It is important to complete objectives within the specified budget costs. Failure may lead to you having to charge more than your competitors with similar products.

• Time

Projects often are time-sensitive as the completion of one project may be tied to a launching date. If the project is to develop a car, then the completion date should coincide with the launch at the motor show.

The objectives of projects can be captured by the triple constraint, which is atrguably the single most important concept in project management. According to the theory, projects operate within the constraints of scope, time, and cost. A change in one of the variable will affect other variables. A project manager’s job is to balance the trade-offs of the various variables. The triple constraint is also referred as the project management tiangle and triple triangle.

In the end, all successful projects are judged by the success of each stage of the project’s life cycle. However complicated a project may appear, you should always determine your depth by laying out a solid plan that will be executed on time.

All factors considered. Project management is not a single entity like a tool or a person. Instead, it is a practice. Like all practices, the more you do them the more you become knowledgeable and a master of the practice.

The field of project management is wide and contains a plethora of concepts from project initiation to the project closure stage. Silvica has selected 21 questions from Module 1 questions of Australian Institute of Project Management. The answers are relevant to students and enthusiasts of project management 

1)            What Best defines a project?

A) A temporary endeavor undertaken to create a unique product, service or result

2)            List some three Characteristics of a project

a) Constrained by limited resources

b) Planned, executed, and controlled

c) Creates a unique product or service

3)            What is the ideal project structure?

1. a) There is no ideal structure

4)            What are included in the five PMBOK process group include?

a) Initiating

b) Planning

c) Executing

d) Monitoring and controlling

e) Closing