What is Project Management?

By Deepak Palasamudram3 min read · Posted Dec 19, 2022

2953
Views

What is a project?

Within a business, an individual or group of employees are assigned tasks to achieve a particular goal for their product or service. This is known as a project.Project managers develop business projects that are measurable, feasible, time-orientated, and unique. However, how are projects handled? Well, they are controlled by a term known as Project Management.

What is Project Management?

Project Management is the process of planning and executing projects. Project managers use their techniques and resources in order for their team to achieve theirobjectives before the deadline. The five stages of Project Management, or the Project Management Life Cycle, are initiation, planning, execution, monitoring/controlling, and closing.

If you want to learn more about the Project Management Life Cycle, clickHere!

What are the Types of Project Management?

1. Waterfall

Waterfall Project Management is a simple management type; Each step must be completed before going on to the next step. Team members are assigned their tasks before starting the project, indicating that they can only begin their job once their step comes up. Waterfall Project Management is known as the "slow and steady" method.

2. Agile

Agile Project Management is a fast-paced management where team members are generally divided into multiple teams, and each team works on different parts of the project concurrently. Team members are freer to focus on other aspects of the project and can make some changes over time.

3. Scrum

Scrum methodology is a type of Agile Project Management. Parts of the project are broken down into smaller pieces, which are set to be completed quickly, also known as sprints. Meetings occur daily to review progress and address any issues; the meetings are led by a Scrum master.

4. Kanban

Kanban is also a type of Agile Project Management where tasks are examined to figure out the most efficient way for managers and team members to organize the project. A Kanban board is used to monitor team members' progress.

5. Lean

Lean Project Management also focuses on efficiency, but all the work done in the project is focused on customer satisfaction. The project is often evaluated to see if the value will give the customer a good experience. This is a continuous process as the business receives more customer reviews, leading to additional project work.

6. Six Sigma

The Six Sigma method is another type of management based on customer needs, as it is used to improve their business process based on customers. The process of Six Sigma is as follows:

  • Define the project
  • Collect data
  • Examine the data and find problems
  • Improve processes
  • Create solutions

7. PRINCE2

PRINCE2 (PRojectsInControlledEnvironments) Project Management focuses on reducing the number of project errors and having a "perfect" project structure. PRINCE2 requires lots of documentation to ensure everything is going well. Steps are created under PRINCE2, and everyone on the team has a specific task that can be adjusted throughout the process.

Conclusion

Project Management is necessary for a project to be successful. All projects must have a well-displayed plan along with the use of skills and knowledge to create the best outcome possible. There are several types of Project Management that you and your team can implement toward your project.

References

About The Author

Deepak Palasamudram

Loading...

Hello, I am Deepak, a high school student and an Article Writer for Pitch Labs. Along with my love of writing and teaching others, I am passionate about entrepreneurship, finance, and coding. I plan to delve more into these subjects in the future.

See more posts by Deepak Palasamudram

Comments

Loading...
Loading...

Join Our Community


Looking for something else? Get your questions answered in our free online learning community!

Entrepreneurial Resources


Jumpstart your next business with our free resource library.

Disclaimer


Our organization cannot give out official legal/fiscal guidance. All articles are written by volunteers and it may be beneficial to contact professionals to assist your understanding of the information and to guide your action. Pitch Labs bears no responsibility for the results of actions taken based off of article content or any other form of assistance given.