What is Project Management?

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Definition of Project Management

Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

PMBOK Guide 6

Set of Processes and Activities

Project management involves a set of processes and activities which, when completed in an organized and integrated fashion, help to complete the project.

Problems with Absence of Project Management

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• Incomplete projects
• Troubled projects
• Poor quality projects
• Missed project deadlines
• Increased costs of the project
• Uncontrolled project scope
• Unsatisfied stakeholders and customers
• Unmet project requirements
• Unnecessary overheads
• Absence of required features
• Presence of features that are not required by stakeholders

Benefits of Effective Project Management

• Completing projects successfully
• Satisfied stakeholders and customers
• Manage scope of the project effectively
• Manage project costs and stay within budget
• Deliver accurate product
• Avoid scope creep
• Satisfy business objectives
• Manage risks on time and within budget
• Handle changes properly
• Delivering only what is required

Project Management Delivers Value

Project management helps deliver value to the business in a competitive environment where budgets are tight, time is short, and scope is changing every day. While the customers are very demanding and critical. In such a rough and tough environment, it is good to have a method to the madness and deliver value keeping all the limits under consideration. This is where project management comes in handy.

Project Management Competency is a Must

In today’s world, effective project management competencies are a competitive and strategic edge of an organization. An organization having proper project management skills and capabilities can deliver better results and faster while staying within their budgets. It helps the organizations compete in the market more effectively.

Quiz Time!

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