Project management is the process of using knowledge, skills, tools and techniques to deliver value to people.
Examples of various projects include the building of a bridge, the implementation of a software project and the creation of a new company.
Project Management is made up of 5 sequential phases which are Project Initiation, Project Planning, Project Execution, Project Monitoring and controlling, and Project Closing.
- Project Initiation: This is the first phase of the project where the project is approved or rejected based on the prepared business case document.
- Project planning: this is the phase in the project that is related to what, when, how, and who will take the necessary actions to accomplish the project objectives.
- Project Execution: this is how the project team is managed and how the project timelines are monitored to ensure that they stay within time and budget.
- Project Monitoring and Controlling: this is used to track and review the project’s performance. If the project is not going in the right direction, certain corrective actions to improve it’s performance.
- Project Closing: This process is the final phase that you will do as a project manager on a project. It is made up of those processes that are used to complete the project.