Project management is a system, or set of techniques or procedures, used by businesses in all industries. Project management can be defined as the approach a company takes when planning and carrying out a project. It consists of certain principles and tools, and is used in every stage of project planning.
Projects generally have five main stages: initiation, planning, executing, controlling and closing. Each stage is extremely vital for the success of a project, and proper planning and monitoring are the two keys that are essential to successful projects.
During the first two stages of project management, a company must define what the purpose, or mission, of the project is. During the initiation and planning stages, the company may determine how to delegate duties for the project within the office, what they want to achieve from it and why they are doing the project. These stages help companies determine whether or not a project will be worthwhile. In order to be worthwhile, it must offer value to the company. This value is generally defined during these preliminary stages of project management. To determine this value, many companies will make a list of the benefits and values they believe the completion of this project will offer. This is often a good way for a company to determine whether or not to even begin the project.
After a project is planned, the company must also look at risks involved and potential problems. The execution stage of a project occurs when the company begins the project and it is underway. Many times, during this stage, a project will incur problems or setbacks. This is where control plays a huge role in a project. Project managers must constantly be controlling and monitoring a project to ensure that the plans are working. They must also be willing to change plans if they are failing or are not as effective as planned.
Project management is vital for all types of projects. Proper planning can help companies find out if a project is worthwhile, and will help detect any possible problems or risks before work on the project starts. Good project management also aids in the effectiveness and efficiency of any project.