Summary on Project Management Basics (Part 1)
Today I’ll be writing a brief summary of what project management is.
This blog will be a series of blogs that will explain some facts on project management. They’ll be short but concise and hope to inform you quickly about some facts based on the Project Management Institute’s (PMI) PMBok (Project Management Body of Knowledge) guide.
Definition of a project
A project, by PMI’s definition is, a temporary endeavor undertaken to create a unique product, service or result. Projects have a temporary nature so, they have a definite beginning and end.
Project ending
A project ends when one of the following conditions have been met.:
The project’s objectives have been achieved, the objectives will not or cannot be met, funding is exhausted or no longer available for allocation to the project, the need for the project no longer exists, the human or physical resources are no longer available, or finally, the project is terminated for legal cause or convenience.
Why do projects?
Projects enable business value creation and net quantifiable benefits from business endeavors done through projects. The benefits can be both tangible or intangible. Some examples of tangible things would be: monetary assets, stockholder equity, utility, fixtures, tools and market share.
Examples of intangible items would be goodwill, brand recognition, public benefit, trademarks, strategic alignment and reputation.
Why Manage projects?
Projects help parties to meet business objects, satisfy stakeholder expectations, be more predictable, increase changes of success, deliver the right products at the the right time, resolve problems and issues, optimize the use of organizational resources and the list goes on and on.
What happens when projects are badly managed?
Poorly managed projects or lack of project management can lead to missed deadlines, cost overruns, poor quality, rework, uncontrolled expansion of the project, loss of reputation for the organization, unsatisfied stakeholders and failure in achieving the objects for which the project was undertaken.
There’s more to project management
Project management is a strategic competency in organizations because it enables them to tie project results to business goals, compete more effectively, sustain the organization and so on.
There you have it. Some project management based while not paying a single dime. That’s it for today! Thanks for reading!