Project Management Essay

Submitted By praneethaditya676
Words: 3321
Pages: 14

Project Management
Introduction to Project Management

Project management is the application of knowledge , skill , tools ad techniques to project activities to meet the project requirements. Project management is accomplished by the application of 42 different logics. These logics are grouped and 5 process groups. Project management runs , revolves and rotates around these 5 Process Groups.
The 5 Process Groups are :
Initiating
Planning
Executing
Monitoring and Controlling
Closing
The Following are the factors which are a part of Managing a Project :
Identifying requirements
Addressing the various needs , concerns and expectations of the stakeholders as the project is planned and carried out.
Balancing the competing project constraints including , but not limited to :
Scope , Quality , Schedule , Budget , Resources and Risk
The other important aspect in Project Management is the Relationship among Project Management , Program Management and Portfolio Management. In Organizations which are mature , Project Management exists in a border context governed by program management and portfolio management . The relationship between all the three parameters is explained in figure 1.
The figure above shows interactions between Portfolio , Program and Project Management.
Portfolio Management : A Portfolio refers to a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.
Project Management : A program is defined as a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Projects are often utilized as a means of achieving an organization’s strategic plan. Projects are typically authorized as a result of one or more of strategic considerations such as, Strategic opportunities or business needs, Customer request , Technological request, Technical advance and Legal requirements. Another important factor in the Project Management is the Project Management office or PMO. PMO is an organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain. The primary function of a PMO is to support project managers in a variety of ways such as Managing shared resources across all projects administrated by the PMO , Identifying and developing project management methodology , Coaching , mentoring , training , oversight, Monitoring compliance with project managements standard policies via project audits. Developing and managing policies, procedures and Coordinating communication across projects are also few of the primary functions of a PMO. Operations are an organizations function performing the ongoing execution of activities that produce the same product or provide a repetitive service. Examples include production, manufacturing and accounting operations. Projects can intersect with operations at various points during the project life cycle at each closeout phase, when developing, upgrading or expanding a project outputs. Improvement of operations or until the divestment of the operations at the end of the product lifecycle. At each point , deliverables and knowledge are transferred between the project and operations for the implementation of an offered work. A role of a Project Manger is very vital and the benefits an organization. The Project Manager is a person assigned by the performing organization to achieve the project objectives. There is a difference between a role of a project manager and a functional manager. The functional managers usually focus on providing management oversight for an administrative area and Operations Managers are responsible for a facet of the core business. Depending the structure of the…