Project Management
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project Management involves:
- Balancing the constraints of scope, schedule, cost, quality, resources, and risks
- Managing stakeholder expectations
- Coordinating resources and tasks
- Monitoring progress and addressing issues
- Ensuring successful project completion
The Importance of Project Management
Effective project management provides the following benefits:
- Meeting business and project objectives
- Improved stakeholder satisfaction
- Higher chance of project success
- Predictable outcomes
- Better change management
- Improved risk management
- Optimized resource utilization
- Effective resolution of issues and problems
Lack of proper project management can lead to:
- Schedule and cost overruns
- Scope creep
- Poor quality
- Unsatisfied stakeholders (e.g. unhappy customers, high attrition, etc.)
- Loss of reputation
- Financial losses (e.g. lost business opportunities)