What is project management? In simple terms, we can define project management as a way of managing a project. However, a detailed explanation of this term would be managing the resources, budgeting the allocations for a project, scheduling, and delivering within the right time. Project management involves all the steps necessary in phases, including monitoring, completing, and delivering the project on time and within the stipulated budget. Buy custom essays online to write your paper on management correctly.
What is a project?
Any activity that is done over time and involves a set of tasks, finances, people, and deliverables is known as a project. Simply put, a project is anything that takes time, people, and requires financing for it to be complete. There are different types of projects: small, medium, and large projects. The determining factor of a project’s size is the complexity involved. This difference makes it possible to say either a project is tiny or huge.
A project’s size depends on the item needed for delivery, the resources involved and their amount, the number of people needed, and how many people will benefit from the project once it’s complete. Some examples of projects include application development, creating a new working environment, transporting materials from one point to another, and many more.
What is a Budget?
For any project, the money factor is always present. In project management, a budget is the amount of cash you need to complete a project or estimate the costs and expenses. It is the summation of all the costs you plan to invest in your project from the start to the project’s finalization. A budget will include every financial detail, from resourcing to consultancy fees, licensing, travel costs, up-gradation, training, contingency, and so on. The cost parts of your project all make the budget. Simply put, a budget is a rough estimate predicting the cost and expenses.
After your budget is ready, you should keep records and seek approval from the management before starting the project. The budget after approval will act as the baseline that will guide the project. It will be the key metric to use when comparing your project’s progress, all while checking on your expenditure. You should make a habit of monitoring your spending versus the project’s progress.
What is a Schedule?
The schedule is the amount of time needed to complete a project. A schedule can include a Gantt chart or a timeline. There are several ways you can use to create a schedule, including Microsoft Excel and PowerPoint. There are advanced tools like Microsoft Project, Visio, and Smartsheets. A schedule comprises many phases, and in those phases, there are groups of tasks, deliverables, and milestones. The milestone is a significant deliverable in your project. These milestones serve to mark important tasks and key dates in the project.
What is resourcing?
It is the cost people bring into the project in financial terms. You can calculate resources using the multiplication factor by determining the number of hours spent on a project and multiplying that with the rate per hour. Similarly, you can calculate the resourcing using the percentage of allocation for each individual who is part of the project.
Conclusion.
The above are the basics when it comes to project management. For most companies, they have successfully utilized project management for huge projects. These include IT companies, construction project management companies, and so many others.
