The primary concern of any industry is to be organized in order to grow and sustain in the market. Management experts implement different strategies to avoid chaos inside the organization. The study related to these strategies, that help in the organizational growth of an industry is coined as project management.
Over the years this subject has gained popularity because of its importance and has become the preferred choice for most individuals and organizations.
There is a growing need for project managers in every industry, be it textile, transport, clothing, or food. This has opened fresh doors of opportunities for students, forcing them to revise their career plans and consider taking up project management as a career.
Today we are going to throw some light on what project management is all about and how can students deal with it without having to run after professors?
Importance Of Project Management
- Project management is used for the smooth functioning of the organization.
- It helps in the proper scheduling and planning of the organization to avoid delays in the implementation of the projects.
- It helps to build an employee-centric company encouraging teamwork.
- The resources can be utilized to its fullest with the help of proper project management.
- It plays an important role to play in integrating the strategies to the systems. It is no use of developing strategies until and unless it is being fully integrated into the business.
- Another key aspect of project management is controlling and managing costs and maintaining the quality of products and services.
- Project management helps in capturing business knowledge and retaining it.
- Not all project management strategies work for all organizations. Different organizations implement different strategies. The only way to identify the best-suited strategies for an organization is by taking the hit and trial method. The best part of project management is that it makes sure that even if projects failed the company learns the desired lesson from the failure.
Stages Of Project Management
- The entire concept of project management is divided into five stages. The first stage deals with the reason the project has been designed for. The vision of the project. This is known as project initiation. This stage helps the people dealing with the project calculate the feasibility of the project before it takes off. The initial due diligence and feasibility tests are performed by the people in charge of the project. Students can seek help from assignment writer for a better understanding of this stage.
- The next stage is the most crucial stage of project management. It deals with the nuts and bolts of the project. This stage is known as planning.
It helps to develop a roadmap that can be followed by everyone. It always starts with setting goals. Without proper goals, the project won’t reach anywhere.
Two commonly known goals in project management are SMART and CLEAR.
The full form of SMART is specific, measurable, attainable, realistic, and timely.
CLEAR is defined as collaborative, limited, emotional, appreciable, and refinable.
These goals can be difficult to achieve without proper understanding. Therefore, students must seek online assignment help from professional project management experts.
This stage is important for a clear understanding of roles and responsibilities among the employees.
Important documents that are needed to be prepared most during this stage are scope statement, work breakdown schedule, milestones, Gantt Chart ( a visual timeline), communication, and risk management plan.
Students may find it difficult to prepare these documents on their own while doing assignments on project management. This is where they need expert guidance from online essay writer.
- The third stage is project execution. Every project has a certain deliverables. This is a stage where the deliverables are developed and completed. This stage is the most complicated part of project management as it involves maximum activities.
There is a long list of tasks to be completed during this project. Some of them are developing a team, assigning resources for the specific project, executing the plans developed during implementation, procuring management teams if required, updating the project schedule if required, etc.
Students often get stuck in this stage due to a lack of experience and require expert advice. Instant assignment writer can help students deal with the challenges faced by them in this stage.
- The fourth stage is monitoring the performance of the project. During this stage, the project management team constantly monitors the four key verticals which include objectives of the project, quality of the deliverables, balancing, and monitoring the cost and efforts and performance of the project.
- The last stage of project management deals with the closing formalities of the project.
Points Of Action
Thus we can conclude by saying that project management is a complicated subject with so many verticals inter-connected to one another that it can be truly messy if it is not properly handled. Therefore it is best for students to seek guidance from professional managers to get a better understanding of the subject.
To sum up we can describe the 5 stages of project management in the following points-
- The first stage of project management is known as project initiation which is used to define the project and create a vision.
- The second stage is known as project planning. It focuses on developing a roadmap for the people involved in the project management to follow. Two common road maps are SMART and CLEAR.
- The third stage is known as execution it involves the maximum activities.
- Post execution the project management team starts monitoring the performance of the project.
- The final stage is project closure. It is the process of wrapping up.
These stages are virtually interconnected. They require a lot of knowledge and skill which can be easily achieved by seeking guidance from professional people.
SourceEssay offers project management assignment help to students where they can get in touch with experienced professionals who help them understand the concepts of project management in detail.