Project Management's Benefits for Your Business Explained

What is Project Management? 

Project management is the process of organizing and managing resources and time to achieve a goal, namely the completion of a project. Project management has end goals and final deliverables that must be met in a timely manner and within a specified budget. Project management can encompass an entire project from conception to completion, or it can be the direction of a single project within a larger goal. 

Each project generally has a project manager or a team of several project managers who oversee the moving pieces of the project, delegate tasks and ensure that the project is completed on time and within budget. 

What is a Project Manager? 

Project managers play a starring role in an organization's success. They research, plan, monitor, and direct and complete projects from start to finish. Project managers manage teams of people, resources, budgets and deadlines. They are responsible for the entire project’s outcome. A good project manager will plan, budget and delegate tasks appropriately to ensure that a project has a positive outcome. 

Project Management Types 

There are several different types of project management methodologies to complete a project. Some are relevant to software development 

• Waterfall project management is a traditional methodology that is linear and sequentially-based. It requires tasks be completed before moving onto the next task or phase of a project. 
• Agile project management is a framework that is inclined to a more responsive, quicker and flexible way of working. It is iterative and incremental in response to changing requirements.
• Scrum is a type of Agile project management and is a proven framework for collaboration that releases products in intervals so that changes can be made quickly without waiting for a final product release. This allows products to move through development more quickly and with results that meet client goals. Scrum masters and project managers keep teams of certified engineers and developers on target and continually deliver results.
• Lean project management focuses on reducing waste and increasing value. Lean methodologies choose to focus primarily on key processes that continuously have a positive impact on value. This is achieved by optimizing separate technologies, assets and verticals.
• DevOps is a methodology that is both lean and agile with a focus on delivering applications and services quickly with development and operations. Product evolution and improvement is also moved at a faster pace than traditional processes. 

Phases of Project Management Planning 

There are several phases of a project’s life cycle. According to the Project Management Institute— the world’s largest nonprofit membership association for the project management profession, there are 5 cycles for project management. 

• Project Initiation
• Project Planning
• Project Execution
• Project Monitoring
• Project Closure

What does each phase of the project mean: 

Project Initiation 

This is the start of a project and the moment to define the project itself. The purpose or reason behind the project will also be stated at this point. 

Project Planning 

This phase involves goal setting and road mapping so that the team working on the project will have a clear direction. Goals should be S.M.A.R.T: Specific, measurable, attainable, realistic and timely. This increases the probability of success. 

Project Execution 

This is the broad swath of time when work begins. Kick-off meetings will start delegating the jobs that need to be completed and the time frames for doing so. In this phase, any deliverables are created.

Project Monitoring 

During this phase, the progress of the project will be monitored by a project manager. Teams will be held accountable for deliverables by certain deadlines. Project managers can use key performance indicators (KPIs) to tell if the project is on target.

Project Closure 

As the name indicates, this is the final phase in the project management process according to the PMI. Here the project is terminated. Often there’s a meeting with project managers to assess what went well and where improvements could be made from future projects. 

Final Thoughts 

The role of project managers and the overall process of project management is vital to the success of projects within an organization. The managers and the process of management make sure each of the moving parts work together and that budget constraints and deadlines are met. 

About Pixel506 

Pixel506 is an innovative digital marketing agency that helps companies with strategies, technology and design. Our experts offer project management services and can do a full review of your company's processes, as well as offer advice on how to improve them. Feel free to contact us if you want an organized process to accomplish your goals in a timely manner and within your budget. 

Key Takeaways

• Project management is the process of organizing and managing resources and time to achieve a goal, namely the completion of a project. 
• Each project generally has a project manager or a team of several project managers who oversee the moving pieces of the project, delegate tasks and ensure that the project is completed on time and within budget. 
• There are several methodologies for project management.
• Project Management Institute says project management is a 5-phase process that ensures the completion of a project.