Project Management is the administration of a temporary process of implementation to construct something new or unique. The process gets started with the approval of the customer or according to the contract formulated with the party in need. The project management process requires specific configuration which includes: Documentation of contract formed; Project plan; determination of project management tools, exchange of information to different team members who will work on a particular project. The proper management of the project is based upon planning, higher the effectiveness of plan high will be the success rate. The process of project management is as follows:
Introduction of the project: The project gets initiated when it gets approved from the customer or the time of initiation has come according to an agreement between parties to project contract. Before signing the contract, parties have to prepare two documents to sell the project undertaken to stakeholders or sponsors. The documents are as follows:
- Business Case: In Business case, the need to undertake the project will be justified. The justification will be provided by analyzing the return on investment by cost-benefit analysis.
- Feasibility Study: The feasibility of the project can be determined by evaluating the goals of the project, time deadline to complete and cost included. The feasibility report will list up all the resources required and determine the feasibility of acquisition and use of such resources. The analysis of feasibility will be done from a business perspective.
Planning of project: If the feasibility report is positive and it is viable to set the project and achieve the objectives within the appropriate time and budget, management will plan different phases of a project. The plan will provide directions to the team in the following areas:
- The scope of the project
- Definition of project
- Tasks to be undertaken
- Schedule of different tasks of the project
- The cost involved in the project
- The standards of quality required.
- How the project will be organized?
- Staff involved in the project, their role, and responsibility.
- Communication channels followed.
- The risk to undertake the project
- Procurement of resources for implementation of the plan.
Execution of project: Once the plan is successfully built, management will start executing the project. every member of the project team is responsible for their specific activity to achieve the overall aim of the goal. The project is continuously tracked and compared with the plan to ensure high quality and timely execution. The regular check is required as a project is deliverable in different parts as they get ready.
Project control: controlling is the process of evaluation of the project with adherence to the project plan, it is the supporting activity throughout the project. the successful output requires every step to be followed with proper standards determined in planning so that timely actions can be taken. Control process requires
- Analyzing of actual performance
- Compare it with standards
- Find deviations
- If positive, reward project team.
- If the deviations are negative, the team has to take corrective measures.
Analysis and assessment of the project: This is the final step when the project is at deliverable state. The final analysis and assessment of a project will be done to assess whether the actual project is according to the demand of the customer and will fulfill the purpose or not.