Project management definition

What is project management?

In this video you will learn: • What is project management? • When do we use project management? • Why do we use project management? To learn more, visit us ...
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According to PMBOK, Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project management is accomplished through the use of the processes such as: initiating, planning, executing, controlling, and closing. The project team manages the work of the projects, and the work typically involves:

■ Competing demands for: scope, time, cost, risk, and quality.

■ Stakeholders with differing needs and expectations.

■ Identified requirements.

It is important to note that many of the processes within project management are iterative in nature. This is in part due to the existence of and the necessity for progressive elaboration in a project throughout the project life cycle; i.e., the more you know about your project, the better you are able to manage it.

The term project management is sometimes used to describe an organizational approach to the management of ongoing operations. This approach, more properly called management by projects, treats many aspects of ongoing operations as projects to apply project management techniques to them. Although an understanding of project management is critical to an organization that is managing by projects, a detailed discussion of the approach itself is outside the scope of this document.

Project management is an integrative endeavor—an action, or failure to take action, in one area will usually affect other areas. The interactions may be straightforward and well understood, or they may be subtle and uncertain. For example, a scope change will almost always affect project cost, but it may or may not affect team morale or product quality.