Project Management 101

The term project management is coined based on the exercise of preparation, acquiring, consolidating and running assets to attain a specific goal. A temporary endeavor that is defined with a start and finish, and contains a time constraint a project is done to meet specific objectives within an organization and to produce unique results. Project management is pushed to bring about a beneficial impact and value-add for a process and current practice. Project management in effect is a contradiction to the principle of Operations Management or “business as usual” where repeatable finite and semi-finite processes as well as working objectives are created to deliver goods or services. In theory the management of these two disciplines is very different and necessitates specific technical skills and policy.

The main challenge that will be brought your project management protocol is how the goal will ultimately achieved while maintaining the objectives under the inflexible limitations. Some inflexible limitations that are normally presented in a project are the time, financial coverage and scope. The auxiliary and more ambitious aspect is to mainstream and allocate the resources necessary to adhere to the pre-defined objective. There are several approaches that a project management team can utilize to accomplish project tasks such as interactive approaches, agile approaches and phased methods. The method employed in the project is irrelevant; in any case extreme care must be taken to provide the project a full completion of its objectives, time table and financials as well as the responsibilities of each team member and gains for stakeholders.

A traditional approach to Project Management will identify a system of process steps to be completed to achieve the project goal. In the “traditional method” there are five fundamental apparatuses of a project that are engineered.

1)      Initiation

2)      Planning and Design

3)      Implementation and Assembly

4)      Process Monitoring and Quality Control

5)      Culmination

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Another kind of methodology in project management is the critical chain management which makes use of development and running projects that highlights assets necessary to execute tasks. CPPM, critical chain project management involves a complex design and is mostly used by engineers.  This particular project management style employs the application of the Theory of Constraints to effectively reach its end goal, which is to increase the rate of completion rates per project in an enterprise.  It utilizes the first three focus steps of the theory while the constraint for the project is identified as a resource. To effectively make use of the constraints, the critical chain is given leverage over other resources. Ultimately the project is developed and tested to ensure that all identified resources are operational when the critical chain responsibilities are set in motion.