The first step to becoming an effective project manager is to know and understand the fundamentals of project management. Below we’ve compiled some basic information to give you some context about what goes into project management.

 

What is Project Management

Project management is essentially the process of managing a project from start to finish. Project managers guide a project through what is known as “The Project Life Cycle,” which involves initiating, planning, executing, monitoring, and closing a project. Most importantly, these professionals must organize and manage resources in the project in order to complete it within a desired time frame and budget. 

 

Which Industries Use Project Management?

Many different industries require or can benefit from project managers and project management skills. Construction, manufacturing, information and publishing, finance, IT, and healthcare are just a few industries that utilize project management.

 

  • Plus- project managers are in demand! According to the Project Management Institute2.3 million new project management employees will be needed each year to meet global talent demands by 2030.” Combined with an average annual salary of around $115,000, project management seems to be an increasingly excellent career choice.

 

What are the Benefits of Project Management?

Project management has many benefits for individuals and organizations alike. 

 

  • Improves project efficiency
  • Increases productivity 
  • Reduces cost
  • Greater project completion and success
  • Improves communication
  • Increases customer satisfaction

 

Some Fundamentals of Project Management

Here are a couple of fundamental aspects of project management to get you oriented with the practice.

 

Goals and Objectives

The first step in managing a project is to set goals and objectives. Typically, you’ll set larger goals and then break them down into smaller tasks, known as objectives. 

 

  • It can be helpful to establish SMART goals and objectives for your project. SMART goals and objectives are designed to be clear and measurable for the best outcome for the project. To qualify as a SMART goal, the goal should be: specific, measurable/quantifiable, achievable, relevant to the project, and able to be finished within the time constraints (time-bound). 

 

Schedule and Budget

Creating a schedule and budget are vital steps to take in the beginning of your project. 

 

  • Creating a schedule will help keep the project on track from start to finish. Establishing timelines for each task within the project is a great way to ensure that each task is finished and each milestone is reached on time. 

 

  • Likewise, it is essential to establish and stick to a budget throughout the duration of the project. Be sure to provide both an overall budget and cost analysis for each task within the project. 

 

Work Breakdown Structure (WBS)

Another essential initial step in managing a project is to create a Work Breakdown Structure (WBS). A WBS is a hierarchical, organized list of the tasks you will need to finish in order to complete the project on time. The WBS is arguably the most important tool you can use for project management. It combines scope, cost, and the schedule in order to keep the project aligned and organized. 

 

  • Most Work Breakdown Structures are deliverable-based, meaning that they show the relationship between deliverables (products, services or results) and the scope of the project (work that needs to be done). 

 

  • Work Breakdown Structures can also be phase-based. A Phase-based WBS “typically breaks the first level down into five elements (initiation, planning, execution, control, closeout) and then identifies deliverables within those phases.” 

 

  • The type of WBS you should use is based on the project. Every project is different, so whichever style of WBS is most clear and manageable for the given project is the right choice. 

 

Resource Allocation and Management

In this step, you identify what resources you need for each task. Then, you will consider the cost and risk in using and acquiring the resources. 

 

  • “Resources” could be anything from materials and supplies, to equipment and personnel. The resources you will need will vary greatly depending on your project. 

 

Monitor Resource Utilization 

It is always important to monitor your resources throughout the duration of your project. By monitoring your resources, you’ll be able to tell whether a resource is overused or underused in order to optimize the project. 

  • Regular meetings with employees and stakeholders can help you make sure that everyone is up-to-date and that the project is on track.

 

Quality Control and Risk Management

Another important aspect of project management is effective quality control and risk management. From the start of the project, you should monitor risks associated with different projects. Once you identify the risks, you should mitigate them and use quality control measures to prevent future risks. 

 

  • Some risks could include: scope creep (uncontrolled growth in a project’s scope), unexpected costs, cost overruns and delays. 

 

 

Taradigm Offers Project Management Training

Ready to start your project management career or take your existing project management skills to new heights? Taradigm offers several different training options that will teach you everything you need to know about the most popular project management software. 

 

Taradigm offers project management training courses in Oracle Primavera Cloud, Primavera P6, and Microsoft Project

 

 

 

  • Looking for private or one-on-one lessons? We’ve got you covered- contact us to get started.

 

  • Contact us here if you have any questions about our training.

 

 

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