Understanding the fundamentals and characteristics of project management is crucial to achieving success in managing any plan. Furthermore, it is important to know how a project manager plays a vital role in achieving objectives.
Would you like to learn how to manage projects efficiently and successfully? Do you want to know its definition, characteristics and foundations? If so, you need to know everything about this discipline that has become one of the most sought-after and valued in the world of work, where the effective implementation of projects guarantees the success of any organization's operations.
What is project management?
It is the application of knowledge, skills, tools and techniques that allow projects to be carried out efficiently and effectively . It also serves to plan, organize, execute and control resources, time, money and efforts to achieve established objectives. In this sense, management can be applied to any type of project, whether large or small, simple or complex, public or private, individual or collective.
The Project Management Institute (PMI) Guide to the Project Management Body of Knowledge explains that “project management ensures strategic alignment, maximizes resources, and minimizes risk, which is crucial to success in a competitive and constantly evolving business environment.” It is therefore a structured, methodical, and vital discipline.
Project management is essential to ensure that projects are completed on time, within budget and with the expected quality. It also increases efficiency by optimizing the use of resources, reduces risks by identifying and managing potential problems, improves communication by keeping all stakeholders informed and increases customer satisfaction by delivering a quality product or service.
Characteristics
Among the main distinctive aspects of project management are organization, detailed planning, effective resource allocation, and adaptability to unexpected changes. In addition, there are other characteristics that define project management, such as the following:
Integrative. It links knowledge and skills from various areas of knowledge, such as engineering, administration, economics, computer science, law and psychology, among others. In addition, it integrates the processes and phases of the project life cycle.
Dynamic. Adapts to changes in the environment and the cp numbers client. Uses flexible and agile tools and techniques, such as Scrum or Kanban, which allow a project to be managed quickly and efficiently, ensuring the application of the best methodologies.
Results-oriented. Focuses on achieving objectives and expected benefits. It also measures project performance and quality with indicators and instruments such as earned value or gap analysis.
Based on collaboration. It involves teamwork and effective communication between the different actors involved in the project. It also encourages the participation of the sponsor, the client, the team and the suppliers.
Managing risks. With a focus on identifying, assessing and mitigating potential risks, it is an important part of project management. This helps to avoid or minimize the impact of negative events on the project.
Are you interested in knowing: What are the pillars of project management?
Fundamentals of project management
The essential principles of project management include clearly defining objectives, developing a detailed plan, appropriately assigning roles and responsibilities, continuous monitoring, and effective communication throughout the project life cycle. It is therefore based on a series of fundamentals that guide the planning, execution, monitoring, and closing of projects.
In this sense, according to the PMI, the fundamentals for project management are the bases that support this discipline and that guide its application, through the project triangle, the project life cycle and the project knowledge areas, as detailed below:
Project triangle
This is a model that represents the three main constraints affecting the project, such as time or duration, cost or budget, and scope or objectives. These three constraints are interrelated and any change in one affects the other two, hence the name project triangle. The balance between these constraints determines the fulfillment of the expected quality.
Project life cycle
It represents the ordered sequence of phases or stages that a project goes through, from its beginning to its end. Each phase has specific objectives, defined activities and concrete deliverables. The most common phases are defining the purpose of the project, planning, executing, monitoring, controlling and finalizing the project with the respective evaluation of the results. This is how the life cycle of a project is completed.