Companies in various industries of all sizes have tasks requiring completion. These tasks vary in complexity and impact, but all projects need someone to manage resources, personnel, finances, technology and intellectual property.
Often associated with fields in engineering and construction, project management expertise is also commonly used in healthcare and information technology. Depending on a professionals’ needs, there are various project management certifications to pursue that demonstrate expertise. For those who want to take on leading roles in operations management, management analysis and other roles requiring project management-related skills, the online Master of Business Administration (MBA) in Management program from Northwest Missouri State University provides valuable expertise and professional knowledge.
The 5 Steps in the Project Management Process
Investopedia describes project management as “the planning and organization of a company’s resources to move a specific task, event, or duty toward completion.” This can involve a one-time or ongoing project. Just as there are different types of projects, there are also many project management methodologies — each with established techniques suited to the type of project at hand. All projects go through five steps or phases:
- Initiation: The project manager presents a business case to justify the need for the project, the objectives and the expected return on investment. Some important elements in this phase include a feasibility study, which proves that the project can be executed on time and at a reasonable cost, and a project charter describing the project’s deliverables.
- Project planning: This step involves a project schedule, budget, plan to manage the project’s scope, risk and resource management plans, and a stakeholder management plan.
- Project execution: This stage carries out the project plan. Project managers oversee the progress and reallocate resources or make other adjustments to keep everyone working and moving the project forward.
- Project monitoring and control: This occurs concurrently with the execution phase. Monitoring, adjusting and reporting are all part of this phase. This allows project managers to track progress and provide data to stakeholders to keep them informed.
- Project closure: During this phase, project deliverables are presented to stakeholders. Once approval is obtained, participants release resources allocated to the project, complete documentation and sign off the project.
Types of Project Management
There are several types of project management, and ProjectManager lists some of the most used methodologies:
- Waterfall project management: a linear approach with a sequential plan
- Agile project management: an iterative approach consisting of short work sprints called agile sprints
- Scrum project management: an agile framework popular for product and software development
- Lean project management: a technique developed to improve manufacturing processes
- Kanban method: work management using visual boards and cards, a method used by agile and scrum teams
- Six Sigma: a set of tools, like kanban or lean, developed to improve production processes and evolved into a project management approach
- Critical path method: a project scheduling technique that allows managers to estimate the duration of a project, identify task dependencies and other critical activities
- Critical chain project management: based on the theory of constraints and uses resource management to execute projects effectively
- PRINCE2: the most popular methodology in the UK, Australia and European countries, similar to the Project Management Body of Knowledge from the Project Management Institute
Tools used in project management include a project dashboard to monitor costs, tasks and progress. There are several dashboards available to provide this assistance. The project timeline is often visually represented in a Gantt chart, which works well with waterfall projects. Many tools that assist with planning, scheduling, budgeting and tracking are available as templates.
Pursuing the Project Management Career Path
The project manager is responsible for managing the project from initiation through closure. The project sponsor acts as the customer’s representative. The project team members are skilled professionals who contribute to the deliverables, risk management and achievement of goals. Project stakeholders are persons or groups with a vested interest or stake in the project. The client or clients are the people to whom the project is delivered.
Project managers must gain the decision-making acumen and competitive credentials that show leadership readiness. The online MBA in Management program from Northwest gives graduates an in-depth understanding of best practices within business-critical areas such as accounting, business decisions, organizational behavior and marketing.
Learn more about Northwest Missouri State University’s online MBA in Management program.
