Project Management refers to the process of planning, implementing, monitoring, optimizing and controlling the operations, resources, capital, and manpower of the project in order to reduce the cost of operation and increase the gains. Project Management is an intricate process that entails 9 vital components which need to be measured and managed properly to ensure that the project is on the track. These project management components are as follows:
1. Integration Management
Integration management refers to managing the core processes or outline of the entire project. The process includes developing a project charter, defining the scope of the project, devising the plan of the project, producing deliverables, integrating change and closing the project.
2. Scope Management
Scope Management refers to the process that checks whether the project is self-contained and ensuring that it is going on the right path. It refers to analyzing and defining the scope of the project, devising strategies, creating a breakdown structure of the work and verifying as well as controlling the scope of the project.
3. Time Management
Time or meeting the deadline is the most imperative component of project management. The process of time management entails defining the timeline for each activity as well as entire project, sequencing the activities, estimating the duration and resources required in each activity and finally developing as well as controlling the schedules.
4. Cost Management
Budgeting and costing are vital to effectual project management. The component of cost management includes estimating the cost of the entire project as well as different activities, fixing the budget of the project and ensuring that the expenditure falls within the intended budget.
5. Quality Management
Top-notch quality of deliverables is what guarantees the success of the project. This component of project management deals with planning quality parameters, monitoring the deliverables to ensure superior quality, and adopting appropriate measures to control the quality.
6. Human Resource Management
This element manages all the factors that correlate to managing the manpower or human resources involved in the project. It implies to all the HR processes ranging from resource recruitment to managing the team.
7. Communication Management
Project managers are expected to communicate a lot with the vendors, staff, clients and other people to effectively manage the project. Efficacious communication is vital as it bridges the gap between the people involved in the project in any way. It gives way for clear explanations so that the final output is exactly the same as intended. The process of communication management embraces distribution of the information, reporting performance and communicating with the stakeholders.
8. Risk Management
Identification of risk and planning strategies to tackle them effectively is vital to the success of the project. The project managers analyze the risk based on market trends. The process of risk management involves planning, identification of risk, analysis of risk and monitoring as well as controlling the risk.
9. Procurement Management
Effectively managing the purchase process can reduce a lot of time of the project as well as it can even cut its cost. Procure management refers to planning the purchases, searching for sellers, comparing the prices offered by various sellers to find the least and finally administering as well as closing the project.
So, these were 9 components of project management. You can get accustomed to all of these by pursuing job-oriented PGD course in Project Management from MIT School of Distance Education. By virtue of being an online course, it is idyllic for anyone whether a fresh passout or experienced working professional.
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Project Management Components
Project management refers to the process of planning, implementing, monitoring, optimizing, and controlling the operations, resources, capital, and manpower of a project to reduce costs and increase gains. The article mentions nine vital components of project management:
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Integration Management: This component involves managing the core processes or outline of the entire project. It includes developing a project charter, defining the project's scope, devising a project plan, producing deliverables, integrating change, and closing the project.
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Scope Management: Scope management ensures that the project is self-contained and on the right path. It involves analyzing and defining the project's scope, devising strategies, creating a breakdown structure of the work, and verifying and controlling the scope of the project.
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Time Management: Time management is crucial for meeting project deadlines. It includes defining timelines for each activity and the entire project, sequencing activities, estimating duration and resource requirements, and developing and controlling schedules.
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Cost Management: Budgeting and costing are essential for effective project management. Cost management involves estimating the cost of the entire project and different activities, fixing the project's budget, and ensuring that expenditures fall within the intended budget.
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Quality Management: Quality management focuses on ensuring top-notch quality deliverables. It includes planning quality parameters, monitoring deliverables to ensure superior quality, and adopting appropriate measures to control quality.
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Human Resource Management: This component involves managing the manpower or human resources involved in the project. It encompasses all HR processes, from resource recruitment to managing the project team.
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Communication Management: Effective communication is vital for project management. Project managers need to communicate with vendors, staff, clients, and other stakeholders. Communication management includes distributing information, reporting performance, and communicating with stakeholders.
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Risk Management: Identifying risks and planning strategies to tackle them effectively is crucial for project success. Risk management involves planning, identifying, analyzing, and monitoring as well as controlling risks.
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Procurement Management: Effectively managing the purchase process can save time and reduce project costs. Procurement management includes planning purchases, searching for sellers, comparing prices, and administering and closing the project.
These nine components are essential for successful project management.
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