Project management is about the planning and organization of resources of a company to execute a specific task. It can include an ongoing activity or a one-time project. Furthermore, it can also involve resources managed including finances, technology, personnel, and intellectual property.
No matter the organization, project managers often have almost the same job. They help to define the goals and objectives of the project. Also, they determine when and by whom the different project components are to be fulfilled. The project managers establish quality control checks to make sure completed components meet a specific standard.
Types of Project Management
There are various types of project management and some of them are discussed below.
Waterfall Project Management
This type is similar to traditional project management however it involves that each task must be completed before the other one starts. The steps involved are linear and progress flows in one direction like a waterfall, that’s why the name. Because of this format, attention to task sequences and timelines is crucial in this type of project management. Usually, the team size working on the project will expand as smaller tasks are fulfilled and larger tasks begin.
Agile Project Management
The computer software industry was among the first to utilize this methodology. Agile project management is a repetitive process with the foundation originating in the 12 core principles of the Agile Manifesto. It is focused on the ongoing monitoring and improvement of deliverables.
Agile project management does not stick to the sequential stage-by-stage method. Rather, the project phases are completed in parallel to each other by different team members in an organization. This strategy can find and sort out errors without having to restart the whole procedure.
Lean Project Management
This strategy is all about avoiding waste, both of resources and time. The main idea is to generate more value for consumers with fewer resources. When you manage a project with this approach, the goal is the same as the lean enterprise production principle. The sole resources used on the project will be the ones directly contributing to its successful completion.
Kanban Project Management
This methodology is highly intuitive and visual project management designed to enhance productivity and optimize workflow. At its core, this type relies on a kanban board which is a visual representation of the project and its status. Tasks are represented as cards that move through various stages of the workflow. They are often depicted as columns on the board like “to-do list”, “in progress”, and “completed”.
As the task progresses, team members move these cards across the board. It will offer real-time visibility into the status of each task and the completed project. Visualizing work in this way, Kanban enhances collaboration, efficiency, and transparency. It will allow teams to identify bottlenecks, prioritize projects, and maintain a smooth workflow.
Six Sigma Project Management
Te Wu, CEO of PMO Advisory, said, “This is often considered more of a process improvement tool. However, the Six Sigma strategy can still be utilized in project management. This is a data-driven and rigorous strategy for process improvement that focuses on reducing variability and defects within organizational processes.
Six Sigma uses a structured methodology named DMAIC: Define, Measure, Analyze, Improve, and Control. The Define phase is where project goals and objectives are clarified. Moreover, key metrics are created to measure process performance. In the Measure phase, the relevant data is collected and managers analyze process performance against established metrics to find areas for improvement.
The Analyze phase identifies the root causes of variations or defects via statistical analysis and data-driven techniques. The Improve phase aims to implement targeted solutions after root causes are understood. It helps to address the identified problems and improve process performance. The control phase includes establishing controls and monitoring systems to support improvements over time. It will ensure that processes remain stable and continue to fulfill the desired performance levels.”
Scrum Project Management
Scrum is a famous agile framework structured to improve team collaboration and provide value iteratively. This methodology breaks down project work into manageable units known as Sprints. These sprints often last between one to four weeks. Each sprint starts with a planning session where the team chooses a set of tasks from the product backlog to finish during the sprint. Once the sprint begins, the team works in collaboration to achieve the sprint goal. They may also hold daily stand-up meetings to talk about the progress, address challenges, and adapt as required.
Throughout the sprint, the team aims to provide incremental value. At last, the team performs a sprint review to demonstrate the finished task to stakeholders and gather feedback.
Steps of Project Management
Different project management frameworks may find more or fewer steps. In general, there are five stages of project management.
Step 1: Initiation
The initiation step serves as the origin of the project. In this phase, an idea is brought up into a clear vision. It includes brainstorming, refining the project concept, and feasibility studies to align with industrial goals and stakeholder needs. Projects are defined with the scope of work and the expected outcomes.
Step 2: Planning
Planning is the step where the blueprint for the project is established. It includes breaking down the project into manageable tasks, arranging them logically, estimating resources, and creating a detailed project plan. It often entails some kind of resource allocation task. Resource allocation makes sure that the necessary people, budget, and materials are available when required. Risk management identifies possible threats when those resources may not be attainable in the right quantity or time.
Step 3: Execution
The execution step is where the project plan becomes live and the team swings to action. Tasks are fulfilled and the team members collaborate to bring the project deliverables to fulfillment. The team implements quality assurance processes to verify that project deliverables fulfill certain quality standards. This step is the period of intense activity as the project progresses visibly towards its goals.
Step 4: Monitoring
Once the project is in motion, the monitoring step includes tracking project performance against the plan. It identifies any issues or deviations and takes corrective measures to bring the project back on course. Project managers use this phase to overcome any obstacles that may come up.
Step 5: Closing
This phase marks the peak of the project journey. Finally, the loose ends are tied and accomplishments are achieved. The final deliverables are provided to the end-user or customers. Plus, any administrative tasks like contract closure or financial reconciliations are fulfilled. It is often a good idea to cross-examine “lessons learned”. It will help to implement better project management techniques or processes in the future.
Conclusion
Project management is a crucial part of bringing different departments or teams together to reach a singular goal. To create a product, someone must design it, someone must build it, someone must test it, someone must market it, etc. Rudy Bush, Founder at Wiringgerman, said, “The project managers help define the goal of the project and create a timeline for how and when that project should be achieved. In this way, product testers and marketers will know what to expect and when to expect. Furthermore, with a good project management plan, the project runs smoothly from the beginning to the end.”