Fundamental Constituent of The Project Management Universe

Fundamental Elements of The Project Management Universe

Projects

Even a school going kids are talking about projects. Are these projects you are talking about? Yes and No. Before we seek an answer this question, let’s go back to the basic definition of projects. Project is a temporary endeavour to deliver product, service or combination of both. Put it differently, project is set of interrelated tasks planned and executed over a fixed period of time to deliver defined outcome within the constraint of time and cost to meet stakeholder’s goal(s).

Project Management Universe

 

The set of activities done by students in school or colleges in the manner described above are projects. Except they are amateurish in nature. In reality, the projects delivered in infrastructure, software, automotive, manufacturing, healthcare, etc domain are pretty complex in nature and complexity of such projects go beyond set of tasks and timeline.

Of course, these projects are temporary and not perpetual (or routine) in nature, hence they have a well defined start and end date/time and that’s the reason they need to have a well defined scope, allocation of budget and resources.

Project Management

That’s where the expertise and the experience matter the most. The experience and skill to plan, deliver expected results on time, within budget is crucial for businesses. And that’s how project management universe has evolved: it is about applying your knowledge, using your skills, tools and techniques, setting up and conforming to process so that projects can be delivered predictably.

Project Management Process Groups

As project management as a profession emerged to help business set processes of planning tracking, etc, professionals around the world felt the need to formalise it. Project Management Institute (PMI) is one such popular institution that has outlined project management guide through PMBOK ® Guide (Project Management Body of Knowledge). Project managers all over the world refers to this guide. PMBOK has identified common patterns, best practices and formalised project management process into five groups.

These project management process groups are

  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring and Controlling
  5. Closing

Project Management Knowledge Areas

On the other hand, it has also categorised project management into five knowledge areas such as

In the subsequent part of the post, we will touch upon project manager as a principle element of project management universe and its crucial role in holding everything together.

Additional readings about project management, leadership

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