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.

Read More: What Is a Franchise, And How Does It Work? – Examples, Benefits & More

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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Leadership Traits: 10 Top Qualities Of Effective Leaders

Leadership Traits: 10 Top Qualities Of Effective Leaders 

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Revolut Makes Your Financial Management Journey Easy

Revolut Makes Your Financial Management Journey Easy

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In 2019, it was reported that the company had failed to properly screen transactions for sanctions violations. Thus, it did not report suspicious transactions to regulators. This increased the stakes of the shareholders to a considerable extent. 2. Data Privacy Concerns Revolut has faced criticism over its handling of customer data. In 2019, it was reported that the company had temporarily disabled its systems to verify the identity of new customers.  Thus potentially exposing their personal information. Managing remote employees can become easier for you. 3. Workplace Culture There have been reports of a toxic workplace culture at Revolut. Thus, there are allegations of long working hours, high staff turnover, and poor treatment of employees. Ensure that you maintain the perfect workplace culture otherwise, there can be issues for you in the long run.  4. Security Vulnerabilities Revolut has faced criticism over security vulnerabilities in its app. In 2019, a security researcher discovered a flaw that could potentially allow hackers to access users' accounts. You need to get things done in the correct order while attaining your needs with ease. Furthermore, Cases of security breaches can create problems for you. If you do not take the corrective steps from your end 5. Customer Service Issues     Revolut has been criticized for its customer service, with many users reporting difficulties in contacting support and resolving issues with their accounts. You need to identify the best solution that can assist you in reaching your goals with ease. It functions almost like Stripe. Final Take Away Hence, if you want to analyze the potential of Revolut, then you can consider the details of this article to have a better idea of it. Some of the key factors that you should know at your endpoints are mentioned above. 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What Are Deliverables In Project Management

What Are Deliverables In Project Management? – Let’s Find Out

What are deliverables in project management? - Project deliverables are available at the end of the project. Simply put, they are the results of a project. Deliverables can be of any size - big or small. The number of deliverables at the end of the project varies based on the type of project in hand. The project management team and other stakeholders decide what the deliverables of the project can be at the end of the project. In this article, you will learn some of the essential details of deliverables in project management. Then, you will understand project deliverables better by learning their importance in project management. Furthermore, we will also discuss the major types of project deliverables required in project management. Finally, you will learn the major requirements for project deliverables. What Are Deliverables In Project Management? 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. 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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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signs your boss doesn't like you

10 Signs Your Boss Doesn’t Like You

Life is no average cringy sitcom. Yes, your boss does not like you. But, it does not mean they have to make it obvious. But there are signs your boss doesn't like you. However, They keep it hidden behind their calm and well-maintained appearance.  A secret hatred is the same as a secret love– it is not visible in plain sight. You just have to find the clues and piece them together to find out.  Yes, the signs are pretty subtle, and only you can see them from your personal point of view. You are the victim, and only you can see that sometimes. However, if you have even a little bit of doubt that your boss does not like you, then this article may help confirm it. I have listed ten signs your boss does not like you. Let's read them.  Ignoring You Softly You texted him right after your daily check-ins. But there's no reply, and it's 5 in the afternoon. I will say it's nothing to worry about. But are you sure that he's not doing that on purpose when it's the 11th time this month?  He has time to talk to Zoey about the next event organization. But, he cannot take a moment to review your project report. He does not answer your "Good mornings," not even a single "you are welcome" after you thank him. On top of it all, he left the conference room just as soon as you entered. Do you see where I am going with this?  Too Much Attention! Micromanagement!  There are some crazy signs your boss doesn't like you. They can totally ignore you or give you the attention not even your girlfriend/boyfriend gives you ( not in a lifetime). They see you when you get up; they monitor when you arrive at work and when you leave. Whatever you do on the office floor gets noticed.  Remember that time you got grounded over a smoke break? Like seriously? Are you sure that he's not micromanaging you? How many times did you have to get that new project approved? If they had to approve it in every step, then what is the point of you doing it? If your boss is micromanaging you at work, then it may be a sign that his feelings for you are hard. Overlooked For Tasks And Assignments  A new financial year starts. Your boss is happy with the overall performance of the office. He's praising Zoey, thanking Ariana; he even gave a sweet pat on Lucas' back. But you were in that room too. Everyone got a project handed to them. But you were overlooked. And it does not feel right to be overlooked during task assignments.  They See You Differently, Not In A Good Way Not many people are dead set on making the corporate culture an unpolitical one. Do you see those sudden resignations? You came to the office, and Alex was not at his desk. You thought he was sick. But suddenly Bob says that Alex got fired. The leadership team of many corporate offices bluntly excludes people from the in-crowd.  Your team lead does all the sweet talking to Lissa. But, he's got a tongue of ice when it comes to you. Poor treatment at work is one of many signs your boss doesn't like you.  WTF! You Are Not Called To The Meeting! The marketing team is holding a meeting, and Lissa should have called you in since you are on the product management team. The conference room is buzzing with laughter. You even saw the boss, and Lissa smirked at you.  They planned and completed a meeting without you. This is bad for the business and even worse for you.  Available To Others, But Not You  You: Sir, I have an urgent matter to discuss. Do you have some time?  Boss (Talking to Jimmy): I heard you are doing great work. We'll talk about your promotion ASAP. (ignores you) You: Sir, this is urgent. Can I have a moment with you?  Boss: wait outside; I'm a little busy; I'll call you in a minute. The cabin door shuts down. You can hear Jimmy and the boss laugh together. It has been getting louder for the last two hours. Your Boss Publicly Criticizes You As if micromanaging or leaving you out of the important discussion was not enough. He had to go call out a simple mistake you made during your probation period. Then he went to the length of criticizing you in front of your whole team.  Three Years In The Organization And No Promotion! Your performance is like Ronaldo bagging constant hat tricks against Juventus. There is literally no black mark in your track record. But, when it comes to the promotion, he always brushes off your name. No, it is not your performance. It is quite personal. It is one of many signs your boss doesn't like you.  Lack Of Appreciation  How come Rhonda gets thanks for readying the report on time, and you get nothing when you meet the deadline before the deadline? A lack of appreciation should not always be excused with forgetfulness. How can a person forget the presence of another, especially when they put their best efforts into fulfilling their responsibilities? Boss Swipes Your Ideas Off The Table  This is not the first time your ideas have been swiped off the table. It is the fourth time in a row. No, your ideas were not stupid. They were backed by research and hard work you stayed awake for nights to complete. But, he ignores them, saying your ideas are stupid. Yes, it is clear that your boss does not like you. What To Do If Your Boss Doesn't Like You? Life is all about fun and games, right? You go to the office, chat with your colleagues, get your work done, and leave by 6. You do not care who likes you and who does not, but it isn't that effective when the concerned person is your BOSS! This is where things get serious. You may avoid every single human hating you, but the moment the needle lands on your boss, life gets really tough for you. Professional dislike is something quite serious and must not be taken lightly. The issues increase even more when the said person does not know how to differentiate between personal and professional dislike. There is a fine line between the two, and under no circumstances would anyone want their boss to hate them personally, let alone professionally. Here are some of the smart ways that you can apply if you feel that your boss doesn't like you as such: Become Introspective Before you do anything else, make sure you have elevated yourself enough. However, there are times when people struggle to act real with themselves. We try to convince ourselves to be what we are actually not. In that case, you can speak to a coworker that you have full faith in or even your mentor. It is important that you are talking to someone who is honest with you and will not sugarcoat things to make you happy. It is quite possible that you may have created a situation and may have been blind to it, but a third perspective may help you get a clear picture of your role within the working relationship. Therefore, do that first. Have A Talk With Your Boss You may argue that this is the most obvious solution. But there is no problem about it, is there? Sometimes, we tend to make things up in our minds that are not even happening. We assume things, and accordingly make up our minds and act accordingly. This is not just unfair to us but to the people around us as well. Talking with your boss is a fair chance to become bold and take control of the situation so that you can be at peace at your workplace. Move On There is only a limit till which you can try to fix things. Sometimes, there is nothing you can do at all. If talking directly with your boss does not help, just try to move on. Accept the fact that not everyone is going to like you, and stop pushing yourself unnecessarily to fix what is beyond repair. The Final Boss! Some bosses are like the final boss you have to battle in a Nintendo Switch game. They are hard to get through and hard to make peace with. But it would help if you stood up to him and were vocal about your feelings. Also, always keep the highlights of your performances documented. If the boss has a boss, I would suggest you talk to them.  But, remember, they are also human, just as you are. There is no better solution than helping someone see their prejudices and perceive things with a wider vision. I think you will find a solution. Read More: 10 Signs Your Boss Is Impressed By You Signs Your Boss Likes You But Is Hiding It What To Do When Your Boss Makes You Feel Incompetent