Project management is a detailed part of an organization’s work
Project management is usually thought of as being associated with IT, but this is a misconception. Project management is needed for executing any kind of project, defined as a temporary allocation of resources to carry out a specific task. In carrying out a task of any dimension, big or small, project management is the key facilitator, because without planning, the project can go astray, leading to loss of resources and revenues.
So, what is project management all about? Project management can be defined in simple terms as the optimal utilization of resources needed for carrying out a predefined task in an orderly and organized manner. Project management ensures the successful completion of all the functions that go into accomplishing a goal.
Getting project management right is important to save on resources and accomplish tasks effectively
Since organizations, no matter what business they are in, have to reckon with competition; they need to thoroughly plan their project management. Project management helps them to stay focused and reach the goal without repetition of work or loss that would accrue otherwise in terms of time, resources, etc.
The importance of project management can be understood from the fact that the Project Management Institute (PMI) was established almost half a century ago, in 1969. It was created out of the realization that project management skills were critical for a wide range of industries from pharmaceuticals to construction. Nearly three million professionals have benefited from this nonprofit institution.
The parts and elements of project management
The PMI has identified five process groups as being part of process management:
o Initiation
o Planning
o Execution
o Monitoring and control
o Closure
These groups combine with nine project management processes to complete the project:
o Integration Management
o Scope Management
o Time Management
o Cost Management
o Quality Management
o Human Resource Management
o Communications Management
o Risk Management
o Procurement Management
Want to understand how these factors work to make project management successful? Want to derive from the PMI’s wisdom and experience in building a thorough project management structure into your organization?

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