TAKE OUR FREE COURSE
SIGN UP TODAY
- All, Lean, Lean Management, Lean Training
- 2 mins to read
- October 5, 2022
- By Reagan Pannell
Search
Summary
Project management is the process of planning, organising, and managing resources to achieve specific goals. It involves creating and maintaining a project timeline, budget, and scope while ensuring that tasks are completed within the set guidelines. The key elements of project management include setting clear objectives, creating a detailed plan for completing the project, determining which resources will be required to complete the work, assigning roles and responsibilities to team members, managing progress throughout the project’s duration, and evaluating results upon completion. With these key elements in place, projects can be successfully delivered on time with desired outcomes.
Project management is the process of planning, organising, and managing resources to bring about the successful completion of specific project goals and objectives. Managing project portfolios is a critical part of effective project management, and involves the prioritisation and selection of projects based on their strategic value to an organisation.
Key elements of project management and managing project portfolios include:
-Project planning and forecasting
-Resource allocation and management
-Quality assurance and control
-Change management
As a project manager, you are responsible for the successful execution and delivery of one or more projects. To be successful, you must have a solid understanding of the key elements of project management. These include scope, schedule, quality, cost, risk, and procurement. In addition, you must also be able to effectively manage your project portfolio.
Would you like to learn how about how we
Improve Business Performance?
- Visit our Consultancy page
GB MASTERCLASS COURSE
Get Access to our free GB Mastercourse Classes
Free Course Previews
VISIT OUR FREE COURSE
Ready to level up your Career?
View Courses
LEAN SIX SIGMA COURSES
GB MASTERCLASS COURSE
Get Access to our free GB Mastercourse Classes
Free Course Previews
LEAN SIX SIGMA TRAINING
Ready to level up your career?
VIEW COURSES
Get free access to our certified lean six sigma courses
Scope:
The scope of a project is the definition of what work needs to be done in order to deliver a successful project. It is important to have a well-defined scope so that all stakeholders understand what is included and what is not included in the project. A good way to ensure that the scope is well-defined is to create a scope statement. This should be a high-level document that outlines the major deliverables of the project.
Schedule:
The schedule is a plan that defines when each task in the project will be completed. Creating a schedule helps to ensure that the project stays on track and prevents scope creep. One way to create a schedule is to use a Gantt chart. This type of chart shows the start and end dates for each task in the project as well as any dependencies between tasks.
Quality:
Quality assurance (QA) is the process of ensuring that the products or services delivered by a project meet all stakeholder requirements. QA activities can include things like creating test plans, executing tests, and analyzing results. It is important to perform QA activities throughout the course of the project to identify and fix any defects before they cause problems for the customer.
Cost:
The cost of a project includes all of the money that will be spent on labor, materials, equipment, travel, etc. In order to control costs, it is important to create a budget at the beginning of the project. The budget should be reviewed on a regular basis throughout the course of the project so that any changes can be made as needed.
Risk:
Risk management is the process of identifying, analysing, and responding to risks that could potentially impact the success of a project. There are many different types of risks that can occur during a project, so it is important to carefully consider all potential risks before making any decisions. One tool that can be used for risk analysis is called Monte Carlo simulation. This technique uses computer modeling to simulate different outcomes based on known risks and uncertainties.
100% Free Fundamentals of Lean COURSE
TAKE OUR FREE COURSE
GET REGISTRED
JOIN FOR FREE
Join our Lean Six Sigma Yellow Belt Certification Course
Enroll Today
Join our Lean Six Sigma Yellow Belt Certification Course
Learn More
Procurement:
Procurement management is the process of acquiring goods and services from external vendors. In many cases, projects require goods or services that are not available internally. In these situations, it is necessary to procure them from an external vendor. When procuring goods or services from an external vendor, it is important to carefully consider things like price, quality, delivery time, etc. before making a decision.
Conclusion:
As you can see, there are many different facets to managing a successful project . By understanding and implementing the key elements of project management , you will be well on your way to delivering a successful project . Additionally , by effectively managing your project portfolio , you will be able to maximize the chances of success for all of your projects .
Would you like to learn about our
Online Business Courses?
- Corporate Training
- Courses for Individuals
Our Newsletter
Reagan Pannell
Reagan Pannell is a highly accomplished professional with 15 years of experience in building lean management programs for corporate companies. With his expertise in strategy execution, he has established himself as a trusted advisor for numerous organisations seeking to improve their operational efficiency.
Jump To Section
Our Training Courses
- Fundamentals of Lean
- Lean Six Sigma White Belt Course
- Lean Thinking Business Course
- Lean Six Sigma Yellow Belt Course
- Lean Six Sigma Green Belt Course
- Lean Six Sigma Black Belt Course
Yellow Belt Course
View all courses
Recent Articles
5 Essential Problem-Solving Strategies Every Business Leader Should Know
Unveiling the Secrets of Blue Ocean Strategy for Business Growth
The Difference Between Strategy and Strategic Execution
Small Steps, Big Gains: The Case for Incremental Improvement
Maximising Efficiency and Profitability: Exploring the Benefits of Lean Consultancy
Empowering Leaders: The Imperative for Problem-Solving Training
5 Essential Problem-Solving Strategies Every Business Leader Should Know
Unveiling the Secrets of Blue Ocean Strategy for Business Growth
The Difference Between Strategy and Strategic Execution
Small Steps, Big Gains: The Case for Incremental Improvement
Maximising Efficiency and Profitability: Exploring the Benefits of Lean Consultancy
Empowering Leaders: The Imperative for Problem-Solving Training
View all articles
Green Belt Course
View all courses
Other Articles
An Operational Excellence Training Program Delivers $4M in Costs Savings
Principle 3: Learn to Make Pull | Principles of Lean
Principle 14: Create a Learning Organisation to Drive Change
What is the 1 Sample Sign Test?
How to Find Out the Minimum Sample Size for Lean Six Sigma
5 Essential Problem-Solving Strategies Every Business Leader Should Know
How to Bring Mindfulness and Meditation into the Workplace
Why is Kaizen important for your business to improve
Principe 8: Use Throughly Tested Technology | Principles of Lean
The Kano Model: A Step-By-Step Guide for Doing a Kano Analysis
An Overview of the Pugh Matrix: What Is It and How Does It Work?
How does VUCA impact your business?
- | project management, project portofio
Related Articles
Six Sigma
What is a Priortisation Matrix
Lean
The Power of Hansei: Why Japanese Business Leaders Swear by this Concept
All
7 Skills that Lean Managers Use to Increase Productivity
Change Management
Optimizing Efficiency: Inside the Toyota Production System
Lean Training
Design of Experiments: An Overview
LEAN SIX SIGMA Online Courses
FREE COURSE | YELLOW BELT | GREEN BELT | BLACK BELT | MASTERCLASS | WORKSHOPS
Lean Accelerator Progam
A Lean Six Sigma Green Belt Masterclass
GB Masterclass
only €999
Fundamentals of Lean
Ready to start your journey into the world of Lean with this free course?
Discover Lean
FREE COURSE
Lean Thinking
A Lean focused continious improvement certification course
Discover Lean Thinking
only £119
LSS Yellow Belt
Propel your career forward, tackle complex problems and drive change
Discover Yellow
Only £167
LSS Green Belt
The ultimate fast-track for future leadership
Discover Green
only £849
LSS Black Belt
Become an expert in change management and complex problem-solving.
Discover Black
Only £1649
