Project management is a methodology created to plan and execute several projects so that they are successful. Good project management is essential for any organization, as it is at this stage it becomes possible to separate valuable ideas from those that are not viable.
What Is Project Management?
Project management is the application of tools, techniques, and practices to make a project successful. This management provides order to the process, optimizing it so that the undertaking is carried out in the shortest possible time, taking advantage of all available resources.
The model is divided into phases of groups of actions and tasks that must be implemented during a project. These steps and best practices for carrying out projects were defined in the PMBoK, the PMI Project Management Knowledge Guide. Let’s see what these phases are:
Initiation
In this phase, processes are carried out to determine which results should be expected by the parties at the end of the project. Here the project scope is also defined, as well as a cost forecast and a preliminary schedule. All this is fundamental, as the project starts after the approval of these points.
Planning
This is one of the most critical phases of project management. At this point, those responsible for the project detail some points, such as the cost of each action, the objective, and the schedule.
Documentation of the planning process is also a great source of information for making decisions.
Execution
At this point in the project, the previously defined work is put into practice; it is the phase in which the project leaves the drawing board to become a reality. It is noteworthy that, during execution, the planning should be revisited.
Monitoring And Control
At this stage, the actions being carried out are monitored, analyzing the quality of deliveries and ensuring that everything is by what was planned to inform the interested parties.
This phase is not a single and isolated process, it is a continuous action. That way, everything is preserved throughout the project.
Closure
The processes in this phase formalize the completion of the project. This includes finalizing contracts and final validation of the project with stakeholders. A solution to validate a project with the general public is to create an MVP, so you can test hypotheses to decide to take the project to the company’s core business.
In addition, it is essential that, at the end of a project, the lessons learned throughout the processes are documented, whether positive or negative.
Why Do Project Management?
Managing projects brings many benefits to the company. Meet some of them below:
Time Optimization
With well-done planning, it is possible to create a realistic schedule, and with continuous monitoring, it is possible to verify if it is being fulfilled. In addition, it is also possible to map the best ways to optimize processes so that they are done with the best quality in the shortest time.
Risk Minimization
Project management provides a tremendous amount of information about the project in question. This way, risks and unforeseen events that may arise throughout the processes can be mapped. With this in hand, the manager will be prepared to resolve possible issues.
Agility In Decision Making
In project management, all the information necessary for the progress of the project is collected at the beginning of the process. Thus, all decisions are based on data, making them more assertive. This information also helps to find solutions when something goes out of schedule.
More Engaged Teams
A manager manages the project, but project execution is a team effort. The teams formed to carry out projects, within a given period, become more engaged, as they are seeking to achieve a common goal.
Forming squads with people from different areas is a good practice to stimulate creativity when thinking about solutions.
Project management And Innovation
When a project is created to transform the environment in which it will be applied, this is an innovation project. But its innovative feature does not rule out the need for project management.
Innovative ideas are high-risk but can also be high returns. That is why project management is so crucial in the face of innovation, with it it is possible to understand whether a project should be continued more quickly.
Another way of relating project management to innovation is to think about the type of undertaking that will be undertaken.
For example: if a company wants to develop a new product to meet a customer’s need, it is not necessary to do this internally; it can seek new solutions through open innovation. Searching for external resources is a great way to get a different market view.
Conclusion
It is impossible to think of developing projects within an organization without project management. This practice can optimize numerous internal processes and even create new solutions.
Project management is highly effective, and practicing it in your company will bring numerous short- and long-term benefits.
Also Read: Six Collaborative Tools To Optimize Team Communication
