This article discusses what project management is, its phases, and methodologies.
Project management plays a crucial role in keeping things flowing smoothly in various industries and sectors. It is a process where knowledge, skills, tools, and associated techniques are applied to complete an undertaking.
Project Management
Project management involves a systematic approach to planning, executing, and completing projects, ensuring that objectives are met efficiently and effectively. It is a structured process that helps organisations achieve their goals by managing resources, timelines, and budgets effectively.
How It Works
The process is spread out across five stages:
- Initiation. A project team defines the objectives and scope of a certain project, including bringing in key stakeholders.
- Planning. During this phase, project managers develop a detailed plan of action, which outlines tasks, timelines, resource allocation, and risk management strategies. The plan acts as a roadmap to guide the project throughout its lifecycle.
- Execution. The project’s plan of action is officially put in play. Project managers coordinate resources, monitor progress, and make adjustments as necessary to ensure the project stays on track.
- Monitoring and Controlling. This phase involves continuous monitoring of project performance. Project managers use key performance indicators (KPIs) to measure progress and compare it to the project plan. If discrepancies are detected, corrective actions are taken.
- Closing. The closing phase culminates the entire project, and includes formal acceptance of deliverables, documentation of lessons learned, and closure of contracts and project accounts.
Types of Project Management
There are several approaches to project management, and different methodologies may be more suitable for specific types of projects or industries.
The following are some of the common types of project management methodologies.
Waterfall
Waterfall is a traditional project management methodology known for its sequential and linear approach. In this method, each phase of the project is completed before moving on to the next one.
Waterfall is often used in industries with stringent regulatory requirements, such as construction and healthcare, where project scope and quality are paramount. In Australia, sectors like infrastructure development and government projects often adopt Waterfall project management due to its structured and predictable nature.
The key characteristics of Waterfall project management include:
- Sequential Phases. Waterfall follows a rigid sequence, with one phase leading to the next. This method is well-suited for projects with clearly defined requirements that are unlikely to change.
- Documentation-Heavy. Waterfall places a strong emphasis on documentation. Detailed project plans and extensive documentation are created at the beginning and throughout the project.
- Limited Flexibility. Changes to project scope or requirements are difficult to accommodate in the Waterfall model. This can be a drawback in dynamic environments.
Agile
Agile project management is a mobile approach. It emphasises collaboration, customer feedback, and adaptability. It is widely used in the IT and software development industries. Its adaptability and emphasis on customer satisfaction make it well-suited for projects with evolving requirements.
Key characteristics of Agile project management include:
- Iterative Development. Agile breaks the project into small, manageable iterations or sprints. Each sprint typically lasts two to four weeks and results in a deliverable.
- Customer-Centric. Agile prioritises customer feedback and encourages frequent interaction with stakeholders to ensure that the project aligns with their evolving needs.
- Adaptability. Agile projects are responsive to change. Teams can adjust priorities and requirements as necessary throughout the project.
Lean
Lean project management is a methodology that focuses on delivering value while minimising waste. It is based on principles derived from Lean manufacturing and aims to reduce inefficiencies and improve processes.
Lean project management is applicable across various industries, from manufacturing and construction to healthcare and service sectors. It is especially effective in situations where cost reduction and efficiency are primary concerns.
The key characteristics of Lean project management include:
- Value Stream Mapping. Lean project management involves mapping the value stream to identify processes that add value and eliminating those that don’t.
- Continuous Improvement. Teams using Lean continuously seek ways to optimise processes, reduce waste, and improve efficiency.
- Customer Focus. Like Agile, Lean emphasises customer value and seeks to eliminate any activities or processes that do not directly contribute to that value.
Example of Project Management
Suppose a project manager is given the responsibility of guiding a team in the creation of software products. The initial step involves delineating the project’s scope. Following this, the project manager allocates responsibilities to the team, encompassing roles such as developers, engineers, technical writers, and quality assurance specialists. A schedule is formulated, and deadlines are established by the project manager.
Project managers usually employ visual workflow representations like Gantt charts or PERT charts to identify the allocation of tasks among various departments. They establish a budget that encompasses ample funds to safeguard the project against unforeseen contingencies. Additionally, the project manager ensures that the team is adequately equipped with the resources necessary for the development, testing, and deployment of a software product.
In the scenario where a major IT corporation acquires smaller firms, a crucial aspect of the project manager’s role involves assimilating project team members with diverse backgrounds and fostering a shared sense of purpose towards achieving the ultimate objective. While project managers may possess some technical expertise, they are primarily tasked with translating overarching corporate visions into concrete, timely, and budget-compliant outcomes.
Understanding project management and the key characteristics of different methodologies can help organisations select the approach that best suits their needs and helps keep things flowing smoothly. Choosing the right project management methodology for a project is critical, and it depends on various factors, including project complexity, scope, industry, and client requirements.
DISCLAIMER: This article is for informational purposes only and is not meant as official business advice. AVANTE PARTNERS has no working relationships with any companies named in the article.
