The Sphere of Project Management

What is Project Management?
Project Management is a set of procedures, methods, skills, knowledge & experiences to realize several precise objectives according to the approval standards within agreed parameters. Project Management has final deliverables that are constrained to a finite schedule & budget.

A crucial factor that separates Project Management from just 'Management' is that it has a final deliverable & in a limited time, contrastingto management which is an ongoing process. Due to this, a project professional requires anextensivearray of skills, customer management services & premium business awareness.

Core Components of Project Management

  • Defining the reason for the necessity of the Project.
  • Assessing Project Requirements, Pointing the quality of Deliverables, Assessing Resources & Timetables.
  • Manufacturing a Business Case to Validate the Investment.
  • Agreement Making & Funding.
  • Evolving & Executing a Management Plan for the Project.
  • Leading & Motivating the Project Delivery Team.
  • Assessing the Risks, Issues & Changes on the Project.
  • Monitoring Progress against Plan.
  • Managing the Project Budget.
  • Maintaining Communications with stakeholders & the Project Organization.
  • Provider Management.
  • Closing the Project in a controlled manner whensoever appropriate.

Stages of Project Management

Although there are different Methodologies & Approaches to Project Management most Projects follow these stages:

  • Initiating the Project:The Project Manager defines what the project will achieve & realize, working with the project sponsor & stakeholders to agree with deliverables.
  • Planning:The Project Managerrecords all the tasks & assigns deadlines for each as well as stating the relationships & dependencies between each activity.
  • Execution:The Project Manager builds the project team & also collects & allocates the resources & budget available to specific tasks.
  • Closing:The Project Manager ensures the outputs delivered by the project are accepted by the business & closes down the project team.

What isProject Management Consultancy?
A Project Management Consultancy is a professional individual or business practice that provides expert advice to others regarding a project. They also provide expert project management assistance to external businesses. A company may hire a project management consultancy if it lacks expertise in that area or if it requires project management assistance from an external source.

Pros.and Cons.of Project Management Consultancy
Some of the benefits of being a consultant are:

  • One can choose which projects to take on.
  • You’re in charge of your time and typically have more schedule flexibility.
  • You get to set your prices, and often make more money per hour.
  • You can work with many different Companies, Industries or Organizations.

Some of the drawbacks of being a consultant are: 

  • There’s less job safety, as you work for yourself & the jobs may not be stable.
  • You will be driving your own business, which means more complex accounts & taxes.

Responsibilities of a Project Manager
Project Management is known as a distinct business function within an organization & project manager under this head have precise roles & responsibilities for realizing their project’s objectives. The project manager will describe & manage the project, lead the team & decide how to approach the work based on aspects including the type of project, the needs of business & the expertise of others working on the project.

Skills Required by a Project Manager
Project Managers are accountable for realizing the projects they work on, so they need a wide range of skills as well as good verbal & written communication, leadership, planning, problem-solving, time management & negotiation. As the project manager role now goes beyond the basic execution of the project plan, they also need good customer relations & business skills in addition to their traditional capabilities.

Project Management Consultant vs. Project Management Contractor
There is a significant difference between a Project Management consultant & a Project Management contractor. A consultant’s job is to consult. They may offer assistance or support but are not in charge of execution or accountable for the project’s success. Whereas a Project Management Contractor is the core person responsible for the execution & success of the project.

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