What is project management?
“It is the application of knowledge, skills and techniques for the effective and efficient execution of projects. It is a strategic competence that enables organisations to tie project results to business goals — and thus compete better in the market,” said Mr Aravind Nadella Sr., Director, Ajuba Solutions. He was addressing students of the Srinivasa Institute of Technology and Management Sciences under a guest lectures series organised by the Business Line Club and sponsored by Central Bank of India.
The important aspects of project management are integration, scope, time, cost, quality, procurement, human resources, communications and risk management, all of which have to be properly managed to ensure that the project is executed in a smooth and cost-effective manner.
Unless projects are properly planned, there would be total chaos. The essentials of project management include team formation, project initiation, planning, execution, project leadership, monitoring and controlling, project presentation and project conclusion.
Team formation seeks to bring together people from a variety of fields to have the most brilliant ideas on hand
Project planning is an overview of resources, acquisitions, sub-contracts and costs, committee formation, scheduling and project execution, among others.
Project leadership builds a cohesive team, leverages the collective intelligence of the group, ensures superior results and is able to manage uncertainties inherent in today’s complex projects. It understands and averts situations that can fragment and undermine team performance.
The aim of project monitoring and control is to constantly monitor and track projects so that quality standards are met.
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