Project management plays a key role in the success of a project.
What good is a project if it isn’t completed on time, ends up costing more than the forecasting, or loses its vision midway?
Project management ensures that such a thing does not happen by managing the project from concept to execution. It involves various tools, skills, knowledge, and techniques to ensure the successful execution of the project.
Let’s say you want to launch a mobile app. The project management team will be responsible for executing all the processes, such as wireframing, developing mobile screens, running tests, coordinating with the departments involved, and finally getting the mobile app on the app stores.
Project managers ensure that everything is delivered on time and performed in the best way.
If you are about to pursue a degree in project management, read this article to know some fundamentals of project management.
Five Project Management Fundamentals
Here are some essential fundamentals of project management that you must know:
1) Conception & Initiation
This is the most crucial project management fundamental. It revolves around identifying the potential of the project and assessing whether working on it will be beneficial for the organization or not.
Project managers work closely with other departments to evaluate the feasibility of the project. Conducting market and industry research is crucial for this step.
It will also evaluate the time and budget required for the project.
This is the most crucial project management fundamental. It revolves around identifying the potential of the project and assessing whether working on it will be beneficial for the organization or not.
Project managers work closely with other departments to evaluate the feasibility of the project. Conducting market and industry research is crucial for this step.
It will also evaluate the time and budget required for the project.
2) Definition & Planning
The next step is defining and planning. Once you conclude that the project is worth it, you create a detailed project plan to define the scope, budget, and more.
You set the objectives and expectations of the project and all the milestones. The goal of this principle of project management is to make sure everything is explained in detail with complete clarity and transparency.
A team is selected for each process or step. You may need to hire new resources or outsource some of the tasks. All related planning will take place in this step.
3) Launch & Execution
This is when the project will move to the development stage. The work will start and all departments and teams will take over their tasks.
The project management team will keep a close check on the progress and see if the project is moving forward as per the plan. If not, the team will take the necessary actions to bring it back on track.
4) Performance & Control
This project management fundamental helps in comparing the team performance with the plan set initially. This helps the company know if everything is going smoothly and if project objectives will be achieved.
You might want to make some changes to the plan based on the data collected. You will realize if the initial plan was good enough or not by analyzing the extent to which the actual work deviated from the plan.
This step is an opportunity for you to fix the plan and make the necessary changes. It should also be a learning lesson for you where you assess why the execution deviated from the plan. The learning will help you in your future planning.
5) Project Closing
This fundamental of project management is all about prioritizing quality. You will focus on eliminating any bugs or making end-minute fixes to finally complete the project.
If the project is for a client, you will be responsible for handing over the project to the client and giving a briefing on the execution.
You will also help the client adopt the product/service.
Why Organizations Should Follow these Project Management Fundamentals
Here are some of the reasons why following fundamentals of project management is crucial for businesses:
Realistic Planning of Projects
These principles of Project management ensure that you have considered all external and internal factors that can influence your project, allowing you to make realistic planning and deadlines.
Help project managers in setting realistic goals, budgets, and timelines for projects.
Quality Control
Following these fundamentals ensures that the project meets all the standards and parameters related to quality, time, and budget.
Quality control is a continuous process and the project management team is actively involved in each process so that the tasks are successfully executed.
Cost Reduction
If a project is delayed or does not meet the quality standards, the project increases in cost. For example, if a project is not completed on time, the organization has to incur more costs to pay to the team for the extra hours.
These project management fundamentals also ensure that the initial plan is budget-friendly and affordable alternatives are selected without compromising on the quality.
Clear Priorities & Objectives
Project managers set the roadmap for the project, making sure that the team knows the objectives and the rights tasks are prioritized. It also ensures that the departments are not in conflict and that everything is carried out successfully.
Pursue Your Master’s in Project Management with HMBSU
Hamdan Bin Mohammed Smart University offers an online accredited master’s degree course in project management. It provides an opportunity for business leaders to develop project management competencies and develop a comprehensive understanding of initiating, planning, scheduling, leading, and expediting projects.
HBMSU is an accredited online university by UAE Ministry of Education’s Commission for Academic Accreditation. To pursue your master’s in project management, you need a bachelor’s degree from an accredited university with a minimum AGPA of 3.00 on a 4.00 scale or equivalent.
If you are looking for a promising career in project management in the United Arab Emirates, HBMSU will help you. The degrees by HBMSU are highly valued in the UAE job market.