Project management is managing resources like knowledge, manpower, techniques, materials, skills and equipment with the sole purpose of executing a project successfully. Indeed, all these resources need to be managed properly from the beginning of the project up until the end to ensure success in terms of budget as well as effectiveness on stakeholders.
Projects are not simply executed – a project is a long, arduous process that can fail if problems are met in any of its many phases and not dealt with properly. To gain a better understanding on what project management is, here is a breakdown of its five main phases:
- Project Conception – Simply put, this is the brainstorming phase. Projects are weighed according to their potential benefits to the company. If a project doesn’t pass the company’s cost-benefit standards, then it is discarded at this phase. For a project to pass this phase, it must be beneficial, conforms to the company’s goals, and can be realistically completed.
- Project Planning – Here is where the details of the project are written down. The general outline is made and certain tasks are divided. Plans begin to materialise and tasks are ranked in terms of priority. The budget for the project is calculated as well.
- Project Execution – This is where all teams involved in the project begin to carry out their tasks.
- Project Control – Projects often cause companies to change directions and goals. Most projects involve rearranging departments, changing policies and refining business practices. Not everyone will be pleased with these changes, and projects will often be met with resistance. Companies need to have professionals on-board in predicting and managing change in businesses. It is important that no matter what problems or conflicts arise, the project stays on track.
- Project End – After all tasks are completed, it is now time to evaluate the entire process to see if it was successful. A project is a success if all tasks are completed, the budget is followed and the projected benefits are realised. Nine Feet Tall
Projects and Changes
As mentioned earlier, projects usually bring about change in a business. No company can ever thrive without change, no matter what industry you’re in. This is why companies often carry out projects in hopes of growing, changing, and evolving. However, not all changes are beneficial – you’ve probably heard of companies that tried changing their image or structure only to have the business fall because of it.
Yes, changes can lead to a company’s downfall, but businesses can’t afford to be stagnant, especially in competitive industries. Fortunately, businesses can hire management consultants in the UK to help facilitate this change. Ideally, the consultant would specialize in organisational change management, as this is a critical area in project management.
Project management specialists are skilled at predicting the possible consequences and benefits of each major decision a company makes. Since projects can bring about major changes in your company, having a specialist on your team can give you a definite advantage. Project management experts will analyse and evaluate the merits of a project and give recommendations on how to execute them successfully. This way, company executives will only carry out changes and projects that will create a positive impact on the business.