Project management is a science whereby project components are put in an organized manner. This is when a new product or service is being developed and launched or when a certain marketing campaign is being done. All this is geared towards achieving certain goals in an organization. In a general sense, project management involves five major stages or processes that assist in the achievement of the set goals and objectives. These include initiating, planning, production, and execution, monitoring, and closing (Lock, p. 2).
In the first stage of initiation, the project to be implemented is defined, and its nature and scope are determined. Project managers should be careful at this stage to ensure that it is quite successful. This is because it forms the basis of project management.
Those concerned with the project implementation should first understand the environment in which the business operates and ensure that all requirements are put in place. Anything that is lacking in the whole process should be reported, and quick action should be taken to address the issue. This process should take into consideration the business analysis. This involves a review of the operations that the business is operating on; cost analysis where budget is included; the people involved in the project and a project charter (Kerzner, p. 8; Field and Keller, p. 36).
Secondly, the project is then planned to a certain detailed level. This stage defines several aspects concerning the project such as time, cost, and resources to be utilized. This is done to manage risk at the time of project implementation. When there is no effective planning, chances are that it may not accomplish the set goals (Lock, p. 17).
In the other process of production and execution, the project is done to completion. In this process, the project managers coordinate the people and resources involved in the project management, as well as implementing the project by the plan. The output is produced from the activities performed and as analyzed in the planning process. In general, this is where the project begins. In the fourth process, which is project controlling and monitoring, the project manager updates the plans of the project from the previous stage.
This is to show the time that has been covered for each project task. Again, the details of the progress of the project are kept and followed effectively. This helps the project manager to know whether the project is taking the right direction or not. Finally, the project is brought to closure. In this stage, the stakeholders analyze the project outcome together (Field and Keller, p.37).
One surprising thing about the field of project management is that, though it creates effectiveness and efficiency in any business organization, it is not part of the normal operations of the business. It is created once in a while within a business organization. Also, it is not permanent but usually deals with a certain part of the business operation (Kerzner, p. 25). It causes the consumption of resources since for project management to be successful; managers must make sure that there are people, money, and time to implement the project. Another surprising thing is that project management typically follows the same format regardless of the project being implemented.
The success of a project depends on the success of every stage during the five-stage process. Again, the project has its limits in terms of funding. This is because the amount of money invested in any project normally depends on the size of the projects. Not all projects implemented have the same cost (Kerzner, p. 29).
Field, Mike, and Laurie S. Keller. Project Management. London [u.a.: International Thomson Business Press, 1998. Print.
Kerzner, Harold. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Hoboken, N.J: John Wiley & Sons, 2009. Print.
Lock, Dennis. Project Management. Burlington, VT: Ashgate, 2007. Print.