What Is Project Management?

what is project management

Project management is the ability to plan and organize the resources of a company by working on a particular task, event, or assignment. The task can be an ongoing project, or it may be a one-time project. It involves the project planning, initiation, execution, monitoring, and closing of a project. The resources that are needed to be managed include finances, technology, and intellectual property.

The fields that usually involve project management are engineering, construction, healthcare, and information technology (IT). These fields have some complex projects that are needed to be organized by a project management team.

Besides, many other fields also need project management for sustaining their goals and objectives related to the project. The field of project management focuses to keep a check on all the processes related to the project starting from its planning till its completion. 

This article covers:

What are the types of project management?

There are different types of project management depending on the requirements of a company. The types are as follows:

1. Waterfall Project Management

Waterfall project management is common project management with linear steps with the progress that flows in one direction. This is why it is named waterfall project management. 

A sequence of tasks and timelines are very important in this type of project management. The working team keeps on growing as you move from simple smaller tasks to the larger complicated ones.

2. Agile Project Management

Agile project management is a parallel process of monitoring and improving tasks and project deliverables. It does not follow a sequential process for the project management rather it focuses on ongoing activity. The computer software industry used this methodology for the first time. It is an interactive and ongoing process with twelve core principles of the Agile Manifesto. By using the approach you don’t need to restart the whole process rather find and correct the errors right on the spot. 

3. Lean Project Management

Lean project management is the approach that saves both time and resources. It focuses on creating more value for customers by using fewer resources.  

You can use any one of these types for managing your projects depending on the need and demand of the project. It will help you achieve project objectives.

What are the benefits of project management?

Project managers play an important role in the organization to sustain the activities and monitor the ongoing tasks of a company.  Every project manager should know their role and the importance of their duty towards the organization. It is very hard to plan, execute and then monitor a task without having a project manager by your side.

Good project management skills will help you a lot to manage your business. A company can never achieve its project goals until it has a strong project management department for tracking and controlling the projects of an organization to complete a successful project.

What is project management software?

Project management software is the best option for you to fulfill your project management needs, from planning to execution and to completion. It helps you to manage and navigate all the factors such as time, money, documents, employees, resources, clients and stakeholders, invoices, reports, and more all from a single platform.

You can find different project management tools and software that help you solve your project management-related issues. You will find the solution to all your project management problems from simple to complex ones.  

A perfect project management tool must have the following features:

  • Issue management
  • Task management
  • Time management
  • Cost management
  • Resource utilization
  • Collaboration
  • Reporting
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