Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. Definition of a Project & Operational Work. The PMO’s role is to ensure that the projects are financially viable and to raise an alert whenever there is a possibility or occurrence of a cost overrun. The PMO also keeps tab on the billing and other details that are concerned with the project. What is a Project – A project is a temporary endeavor undertaken to create a unique product, service or result. PMI bifurcates project management into different process groups and knowledge areas. This plan requires a buy-in from all stakeholders. Thus, the PMO’s function is to oversee the projects coming under its domain and act as a kind of monitoring agency for them. With the above definition of the project, one gets a clear idea on what a project is. A project is a temporary effort to create a unique product, service or result. rights reserved. Project management is a specialized career with its own concepts, skills, and tools. The term project may be used to define any endeavor that is temporary in nature and with a … All © Management Study Guide Project Management is not about managing people alone. Process groups include initiating, planning, executing, monitoring and controlling, and closing. Their job is on the overall bottom line for the division or the company and they drive the individual project managers. effectively working to coordinate and manage individuals to work towards a common goal or objective to complete a task This section helps to build the fundamentals and basic concepts of project management. It would be worthwhile to keep this definition in mind when categorizing projects and studying their role in the success of the organization. Similarly, the project manager drives the entire project team in pursuit of common goals. Project management concepts in this article can help you deliver project on-time and within budget. In the current scenario, there is a need for visionary leadership by the CIO’s in addition to the technical leadership. IASSC® is a registered trade mark of International Association for Six Sigma Certification. The project must create something unique whether it is a product, service or result and must be progressively elaborated. Considerations for Agile/Adaptive Projects, Agile Scrum Master Certification Training, PRINCE2® Foundation Certification Training, PRINCE2® Foundation and Practitioner Combo Training & Certification, Certified ScrumMaster® (CSM®) Training and Certification Course, Lean Six Sigma Yellow Belt Training Course, Lean Six Sigma Black Belt Training & Certification, Lean Six Sigma Green Belt Training & Certification, Lean Six Sigma Green & Black Belt Combo Training & Certification, ITIL® 4 Foundation Training and Certification, Microsoft Azure Fundamentals - AZ-900T01 Training Course, Developing Solutions for Microsoft Azure - AZ-204T00 Training course, Type of questions you can expect in PMP exam, PMI PDUs - Under new PMP Talent Triangle®, Career Opportunities for PMP Certified Professionals, Project Manager Role and Sphere of Influence. Hence, a group of related projects is combined together in a program. Privacy Policy, Similar Articles Under - Project Management, Bidding as an Essential Skill for Project Managers, Time/Material Billing & Fixed Cost Billing, Why Project Managers Should Not Overpromise and Underestimate at the Same Time, The Need for Person Independence in Software Project Management, The Importance of Ethics in Project Management, Why Most Projects Run into Problems and How to Avoid them and What to do about it, Why Project Managers Must Master the Art of Dealing with Disruptions, Why Project Managers Must Focus on Last Mile Connectivity to Ensure Success, How Project Managers Can Benefit from Knowledge Management Systems, Why Project Managers Must be Prepared to Deal with Disruptions of All Kinds, Transitioning to Agile? Technical leadership is the ability to spot trends in the technical space and leverage them for the success of the project. The project manager is like the Prima Donna and his or her acumen depends on how well he or she can leverage the strengths of the individual members while minimizing the impact of their weaknesses. Out of numerous terminologies associated with resource management, some are: 24. The Project Manager’s role is to ensure that the overall objectives of the project are achieved with the participation of each individual member. Resource allocation involves scheduling and assigning of resources for a project in the most efficient way possible. This involves choosing the right technology and being able to stay ahead of the curve with respect to new technologies. Used under license of AXELOS Limited. Good project management is based on having an understanding of basic project management. One of the most important project management concepts revolves around the term ‘resource’. Basic Concepts of Project Management. The plan should be realistic, time-bound and achievable. PRINCE2® is a registered trade mark of AXELOS Limited. As the definition implies, not every task can be considered a project. But, there needs to be a person who has the overall “big picture” or the collective vision to make the performance a success. The Swirl logo™ is a trade mark of AXELOS Limited. This is a framework in which portfolio, program, and projects are integrated with organizational enablers to achieve strategic objectives. A project management plan is created by a project manager. Read now. Program managers take the same view but at a much higher level. Project Management - Definition and Important Concepts Project Management is the art of managing all the aspects of a project from inception to closure using a scientific and structured methodology . Projects drive change and result in benefits. Consortium (ISC)2. A project has a definite start and end. Enter your email and we'll send you instructions on how to reset your password. Individually each of the artists knows what has to be done for his or her role. What Project Managers Must Know About This Hot Methodology, Overcoming the Challenges of Delivering Projects on Time and Without Cost Overruns, Project Management - Definition and Important Concepts. This is relevant in the context of the ongoing economic crisis where the accent is on cutting costs and improving the bottom line. A project management plan is created by a project … PMI®, PMBOK®, PMP® and PMI-ACP® are registered marks of the Project Management Institute, Inc. Certified ScrumMaster® (CSM) is a registered trade mark of SCRUM ALLIANCE®. CISSP® is a registered mark of The International Information Systems Security Certification Resource Allocation. All On the other hand, program visionary leadership is needed to control costs and effectively manage productivity increases and tighter integration of processes. rights reserved. Used under license of AXELOS Limited. This is similar to that of a pyramid where the CIO or the program manager sits on the apex and the project manager at the next level, project leads further down and so on. A group of projects is termed as a Program. ITIL® is a registered trade mark of AXELOS Limited. The difference between operational work and project work is that the operational work is always ongoing whereas project work has a definite end. Project Management is the art of managing all the aspects of a project from inception to closure using a scientific and structured methodology. Learn about key concept of project planning. A project has a definite start and end. The term project may be used to define any endeavor that is temporary in nature and with a beginning or an end. Program Management is defined as a department that centralizes the management of projects. There are several projects carried out in an organization and managing these projects independently becomes a challenge for the organization.

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