What are the 3 key elements that form the basis of project management?

This project management guide is useful for novices who were thrown in the deep end of project management basics without any formal training and also intermediate or experienced project managers who want to learn more about the project management process and project management methodologies.

What is project management?

Project management is defined as the process of steering a project from the start through its lifecycle. The main objective of project management is to complete a project within the established goals of time, budget, and quality. Projects have life cycles since they aren’t intended to last forever.

A project management life cycle starts when the project is initiated and ends when the project is either completed or terminated in one way or another.

At the end of each phase, there is a decision point where stakeholders decide whether or not to complete the project or terminate it and cut losses.

Why is it important to manage projects?

According to a survey by the Project Management Institute (PMI), only 58% of organizations realize the actual importance of project management and how it allows them to effectively tackle the issues they face.

Apart from stimulating productivity, improving project transparency, and providing a clear vision to the team, project management can bring the following advantages to the table:

• Effective communication
• Efficient resource management
• Improved customer satisfaction
• Flexibility and higher risk tolerance
• Improved team morale
• Better quality of the output
• Retrospective learning

How does project management come into existence?

The history of project management is that it has been around for as long as humans have existed–from the invention of the wheel to the construction of the Giza Pyramids to the development of the device you’re reading this on. All these “projects” required planning, had specific people to oversee them, a sponsor, and people working on them. We just didn’t call them projects.

Project constraints such as scope and workload weren’t considered back then but there would have been budgets and project timelines. The practice became more refined in the last 100 years with methodologies being developed, starting with Fredric Taylor’s The Principles of Scientific Management in 1911.

Henry Gantt introduced the eponymous Gantt charts in 1917. Toyota’s Taichii Ohno implemented the rudimentary form of Kanban and Lean in their manufacturing units in the 1950s. The Project Management Institute was formed in 1969. Over the years, as the nature of the market changed, newer methodologies like Agile were introduced that refined the project management process further.

What are the five phases of project management?

Project management phases are different tasks, behaviors, and skill sets that are essential to creating successful projects.

Listed below are the five major phases of the project management process:

1. Initiation

The project initiation phase marks the beginning of a project by determining high-level expectations like why a project is required, if it is feasible or not, and what is needed to complete the project.

Outputs of this phase include required stakeholder approvals to proceed to the next phase, documentation pertaining to project needs (business case), and rough estimates of time and resources required to complete the project (project charter), and an initial list of stakeholders.

2. Planning

In the planning phase, project managers detail the project scope, time frame, and risks. Completeness and continuity are the major components of a successful project plan.

Outputs of this phase include a detailed project plan, a project communication plan (if there is no project plan), budget baseline, project scheduling, individual project goals, scope document, and updated stakeholder registry.

3. Execution

In the project execution phase, the project team members are coordinated and guided through proper project communication to get the work done as explained in the approved project management plan.

Additionally, this phase also covers the proper allocation and management of other project resources like materials and budgets. Project deliverables are the output of the execution phase.

4. Monitoring and Control

During the project monitoring and controlling phase, the time, cost, and performance of the project are compared at every stage and necessary adjustments are made to the project activities, resources, and plan to keep things on the right track.

Outputs from this phase include project progress reports and other communications that ensure adherence to project plans and prevent larger milestones and deadline disruptions.

5. Closure or Completion

The process of finalizing the project, reviewing the project deliverables, and transitioning them to the business leaders is called the project closure phase in a project management life cycle.

This stage offers time for both celebration and reflection. Outputs from this project management phase include approved project results and learnings that can be applied to similar projects in the future.

OPM3 (Organizational Project Management Maturity Model) and CMMI (Capability Maturity Model Integration) are some of the most popular process-based project management maturity models.

7. Project production management

Project production management (PPM) is a strategic approach that applies theories and principles of operations science to better understand and optimize project delivery.

What makes PPM unique is the fact it uses actual data from project activities to predict limits and determine what can be genuinely achieved. It also helps in designing appropriate control mechanisms to buffer variability.

What are the main reasons for project failure?

Any viable project is prone to failure due to one of the five reasons listed below:

• Resource deficiency – insufficient resources to complete the project.
• Inadequate time frame – having trouble completing the project on time.
• Unclear goals – lack of detailed documentation can lead to inappropriate results.
• Poorly managed stakeholder expectations – project scope changes that are not agreed upon by stakeholders causing varying views of quality, time, or budget.
• Inadequate risk management – failing to establish the risk associated with each project can cause your project to fail.

No one starts a project with the hope that it will fail, yet most projects fail when project managers disregard the need to streamline their project management techniques.

How to streamline project management effectively?

Projects are filled with a slew of details. In the race to deliver the project on time, it is possible to miss a few important details along the way. Especially when project management is handled manually, it is hard to note down every small detail of a project. It results in a heap of paperwork and spreadsheets where uncertainties thrive driving up the chance for failure.

While it is impossible to harness the chaos in project management overnight, there are a number of ways to streamline project management effectively.

By following the twelve steps meticulously in their project lifecycle, even non-project managers can successfully streamline and complete their projects. Additionally, you can also follow the project management checklist and also look out for the project management challenges to maximize your project productivity.

Various types of project management structures

One of the leading causes of project failure is the misalignment of project teams. They lack guidance as to the organizational structure that influences the authority of the project manager.

Learn how remote project management is done effectively and how project management teams are aligned as one.

Project management structure can be defined as the official line of control and authority within project teams as well as the organization and they tell us how reporting relationships work.

Depending on the nature of the work and the project goals, teams are structured in three ways:

1. Functional Organizational Structure

It follows a hierarchical system where key decisions like budgeting, scheduling, and resource allocation lie with functional managers, who possess expertise in the same field, leaving the project manager with little to no authority.

Work is broken down into departmental units likes, sales, HR, admin. Responsibilities are predetermined and everyone knows who’s accountable. Team members get more skilled at what they’re doing.

However, there are a few downsides to this structure:

• Work can get monotonous
• Cross-functional collaboration becomes poor
• Higher levels of bureaucracy

2. Projectized Organizational Structure

This organizational structure puts the project manager completely in charge. The project manager has complete authority over the budget, staffing, and schedule. The project team comprises members from across departments. At the end of the project, all team members are released to their respective functional departments.

Decisions get made faster as the project team has to navigate a lesser amount of bureaucracy. Communication becomes easier and more effective. Team members gain experience across a range of areas as they work on different types of projects.

When team members work on multiple projects, difficulties arise. There might be a clash of priorities between projects. The tight schedules and deadlines make the workplace stressful.

3. Matrix Organizational Structure

The matrix organizational structures combine the best of both worlds. Reporting relationships are set up in a matrix or a grid, with dual reporting relationships i.e. every team member reports to both the functional manager and the project manager. The functional manager reviews the work which helps in improving one’s project management skills. The project manager prioritizes and gives direction to the work.

This organizational structure facilitates the sharing of resources. It fosters better communication and teams act as integrated units. It’s one of the toughest structures to form because of the conflicting pulls on team members and resources. Since team members report to two managers, it can create unnecessary misunderstandings and conflicts.

10 knowledge areas of project management you need to know

The PMI, in its Project Management Book of Knowledge (PMBOK), divides project management into 10 digestible areas. They coincide with the chronological phases of project management and are the core technical subject areas.

• Project integration management
• Project scope management
• Project time management
• Project cost management
• Project quality management
• Project human resource management
• Project communication management
• Project risk management
• Project procurement management
• Project stakeholder management

Roles and responsibilities a project manager should have

Similar to a project passing through a variety of project management phases, a project manager needs to assume an array of roles and responsibilities with the people involved.

These include,

1. Interpersonal
2. Information
3. Decisional and
4. Management roles.

If most of the responsibilities listed above sound familiar, then you’re a project manager—even if your job title doesn’t say so. By applying some of the project management best practices, you can improve the efficiency of your team management as a whole.

How do teams benefit from project management?

Today, all organizations expect their teams to deliver more results with fewer resources. These seemingly impossible expectations can not only be fulfilled but also be exceeded if they take a project management approach towards their work.

Some of the teams that would benefit hugely by implementing some of the best project management practices:

1. Marketing teams:

In marketing, there are a number of moving tasks, feedback loops, deliverables, content workflows, and due dates. With the amount of information involved, it is challenging to find the right file. Processing all of these without putting a strain on the available resources while ensuring business growth is hard without a predictable marketing project management process.

2. Customer support:

Good customer experience is the most important ingredient for an organization’s success. However, if the support team is preoccupied with existing chaos and juggling workload, they may not have enough time to focus on the customer. Incorporating project management approaches can help your support team collaborate better, manage their workload, and communicate effectively with customers.

3. Product teams:

Once the product strategy is developed and stakeholder approval is received, product managers may need to track the number of details on a day-to-day basis and work along with a variety of teams. Task management practices will help product managers translate strategy into discrete trackable tasks and communicate/collaborate with everyone effectively.

4. Event planners:

To bring an event together is no small feat. It takes a lot of teamwork, frequent budget check, strict deadline adherence, a little bit of luck, and a whole lot of responsibilities to host an event successfully. Missing a small detail can make things go wrong spectacularly.

By treating events like projects, event planners can simplify the process of coordinating tasks and people by visual project management to create an event that people will be talking about for years to come.

Manage your projects with Kissflow Project

Now that you have put a lot of new information about project management into your brain, some of you may feel overwhelmed. Take a deep breath and look back on your own projects. Everything you’ve learned today about project management is practical. So, if you’re working on a project and you are already using some of these concepts, start using Kissflow Project for free.

If not, take a few minutes and reflect on how you can use these things to make your project go as smoothly as possible. Tuning your project management skills will not only help you complete your projects on time and within budget, but will also contribute to your own career and your organization’s growth.

More Resources

• 10 Best Project Management Tools for Every Project Managers in 2022
• Google Project Management Software: 6 Tools to Help Address the One Weakness of G-Suite
• 7 Free Project Collaboration Tools for Productive Teams
• A Step-by-Step Guide to Project Time Tracking

What are the 3 main elements of project management?

What are the key elements of project management?

What are the 3 types of project management?