Every business team has to achieve a goal or bring a solution to a problem within a given deadline. The goal of project management is to help business teams like these achieve their goals. This is mostly done with the help of a project manager who is responsible for managing the team to meet the goal. The manager plans and organizes the resources to move the team toward the completion of the project.

In this article, you will learn some of the essential details about project management. In addition to that, we will also discuss the major types of project management. Furthermore, we will share with you the steps of project management. Finally, you will learn project management with the help of a simple explanation. Hence, to learn more about this business term, read on through to the end of the article.

What Is Project Management?

According to the Forbes Advisor,

“Project management uses processes, skills, tools, and knowledge to complete a planned project and achieve its goals. It differs from general management because of the limited scope of a project, concrete deadlines, and specific deliverables.”

To complete a project, it is essential to balance the time of the team members involved as well as the limited financial resources provided by the organization. Although it can be a daunting task, the project manager is specially trained for such situations. The manager knows that projects can be accomplished by taking small steps at a time with the help of special tools and methods.

However, depending on the situation, the types of project members, the project manager’s choice, and the need for the project, there can be different project management styles. It is up to the project managers to decide which project management style to use to complete a particular type of project. We have discussed some of the major styles of project management in the next section.

The target of applying project management functions is to achieve a higher efficiency in the team, with the use of best practices, so that there is a higher rate of success for the project.

The Major Types Of Project Management

According to Investopedia,

“Every project usually has a budget and a time frame. Project management uses a type of triage process to keep everything moving smoothly, on time, and on budget. That means when the planned time frame is coming to an end, the project manager may keep all the team members working on the project to finish on schedule.”

The type of project management option to choose depends on the project manager. The manager chooses the style based on experience, theories, early examples, and recommendations of experts. The decision is taken on the current situation of the project. Here are some of the major types of project management models you must know of:

1. Waterfall Model

In this technique, the manager ensures that one task is completed before the start of the next task. Here, the team of employees completes the job that is first in line. They cannot proceed to the next job until the whole team completes their individual jobs in hand.

2. Agile Model

This is the opposite of the waterfall model, where the completion of the tasks is independent of the successor and the previous tasks. Hence, the team is able to work at their own pace and incorporate the right changes as per the need. They basically go with the chain of events.

3. Lean Project Management

In this project management process, the job of the team is to bring more out of the project while ensuring that the cost is reduced. Apart from that, the manager also ensures that there is a minimal amount of waste and that the end product is satisfactory for the customer.

What Are The Steps Of Project Management?

As per the views of an article on Wall Street Mojo,

“An important factor beneath managing all project management tools is the role of a project manager. A project manager functions like the centralized hub in a hub and spokes model, who leads the project execution with day-to-day tasks and long-term vision.” 

Hope you have already understood the importance and role of the project manager. Now, it is time to learn the major steps of project management (in order):

Step 1: Initiation

Here, the manager assigns specific tasks to the members or asks each member to volunteer based on skills and capabilities.

Step 2: Planning

Here, the team makes a schedule together for the project’s completion. They also chalk out the communication and other strategies in this phase. Here, the manager, along with the team, sets standards for the project as per the budget.

Step 3: Execution

The main work starts here. The team works as per the plan and follows the steps. The members might work independently or together on each task of the project. They follow the procedure agreed upon in the last two steps.

Step 4: Monitoring

The project manager monitors each member and the tasks carried out by each of them. This is to ensure that the project is on track and is moving as per the schedule. In most cases, the process happens side-by-side with the execution phase.

Step 5: Closing

This phase includes the completion of the project. The manager ensures that the project is completed as per the standards agreed upon. Furthermore, the assessment of the contributions to the project is done after this phase.

Check out this YouTube video: Project Management Tutorial: 12 Years of Experience in 45 Minutes

Wrapping Up

When you are about to start a project, it is important to plan for the project and keep everything in place, which can ensure that the project is on track. The project manager’s job is to oversee the project to ensure that the project is moving at the right pace towards success.  However, it is up to the project manager to choose the project management style as per the needs. 

Hence, project managers need to have a good idea of the steps and the different types of project management options. Do you have any more points to add regarding the best practices of project management? Share your views and ideas with us in the comments section below.

Read Also:

• 10 Asset Management Best Practices For Businesses
• Top 10 Remote Work Management Tools For Your Business
• Beyond The Desk: The Evolution Of Field Service Management In Modern Business
• Everything You Need to Know About Project Management and Sustainability Initiatives in the Energy Sector
• Risk Management Careers: A Comprehensive Guide to Top Risk Management Jobs