Management

Project Management: What Is It? – Major Types, Examples, And More

Project Management

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 to 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.

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The Major Types Of Project Management

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.

What type of project management option to choose depends upon 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?

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 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.

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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 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 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.

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Soumava Goswami

A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

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According to Indeed.com, “Project deliverables are specific measurable end results that you’re aiming to produce at specific points during your project. Your biggest project deliverable is typically the final product, service or report you’re trying to create, but large projects often include smaller project deliverables throughout the process.” While milestones and goals are general in nature, deliverables are specific, well-defined, and quantifiable. Deliverables are essential since they help to determine how to balance the project’s bigger picture with the small things of the project. For example, let the project be the creation of software. Then the deliverable is the implementation of the computer program. The job of the program is to improve the computational efficiency of the company’s work processes. Deliverables can also be a training program, both in-person and online. It can also be the design samples for the products in the development of the process. In various other cases, there are instruction manuals available with deliverables as well. Read More: The Best Risk Mitigation Techniques For Your Business Project Deliverables - Why Are They Important? According to Upwork.com, “It’s vital to have clear, agreed-on deliverables before beginning a project. Otherwise, a project might not meet all the client’s or stakeholder' needs, and your team could end up wasting a lot of time and money. It’s up to you as the project manager to document—in detail—each deliverable required in the project scope and the processes that your project team will follow.” It is really important for the project manager to clearly define the project deliverables. With the help of these deliverables, the project manager can help segregate the stages of the project. The project manager helps to keep the project on track with the time and budget. To do this, the manager develops the right types and amount of deliverables so as to complete the process. When it comes to tracking the deliverables of the project, you can do that with the help of a variety of tools. There are many software available online. You will need to ensure that the software you are using is industry-specific. With the help of these software systems, you can have a record of the various project milestones, costs, delivery dates, and approvals of the project. What Are The Major Types Of Project Deliverables? The following are the major types of project deliverables that you must be aware of: 1. Tangible And Intangible Deliverables The first types include tangible and intangible deliverables.  A Tangible deliverable example can be a situation where your company builds a new office to create space for more workers. This is because all the workers did not fit in the old office. An example of an intangible deliverable can be a situation where the company is creating a training program for employees to learn the workings of a new software. 2. Internal And External Deliverables Internal deliverables are the ones that the company requires to complete a project or provide the result of the project. These deliverables are internal to the company and are not exposed to the customers. An example is when a company creates a new factory to produce more goods to meet the needs and demands of the market. On the other hand, external deliverables are made for customers. An example of these kinds of deliverables includes the products that are coming out of the new factory to meet new demands in the market. What Are The Project Requirements For Deliverables? According to Investopedia.com, “When a project is initiated, there will be a contract drafted that will list expectations, timelines, and the types of deliverables to be provided. These contracts can be drafted internally with different departments within an organization for project deliverables and with external clients for product deliverables.” When you start a project, you must ensure that the project has a clearly defined goal, mainly about the end result of the project that the team needs to achieve. Furthermore, you, as a manager, must lay out the project timeline and milestones with various project deliverables that the project needs to meet. While creating project deliverables, you will realize that every project has its different set of requirements, which the team must complete in the given timeline. The type of project also determines the type of deliverables to plan. Project types can be based on process, phase, product, or critical change in the product and services. Furthermore, there is also a need for the statement of work. This is basically a document that the project manager must create at the start of the project. This document helps outline all the factors of the project, which multiple parties must agree upon to set the expectations. Read More: What Is Risk Management? – Find Out How To Manage Risks in Business Final Thoughts What are deliverables in project management? - You can understand from this article that the deliverables of a project are basically the result of the project that is quantifiable. The project team is supposed to provide deliverables at various steps of the project.  It is the final deadline or the milestone of the project which the team offers as a result. Having deliverables for your project will help your project stay on course, and as a project manager, you will be able to allocate time and resources better. Do you have anything to add regarding project deliverables? Share your thoughts and views on deliverables with us in the comments section below. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? 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