Project Management is a process of planning, organizing, securing and managing resources to bring about a successful completion of a project. It helps to achieve all of the project goals within the given scope, time and budget.
The reasons for the importance of Project Management in today’s business are tighter budget, reducing resources, time constraints and to improve the way we do business. Project management makes it possible to focus on priorities, track and measure performance, overcome challenges and problems, become flexible enough to adapt to change and achieve higher performance and a higher probability of success in each project.
Project management is applicable to many industries and organizations. Some key industries that use project management include: telecommunication, construction, information technology, software development, banking, manufacturing, engineering and architecture etc.
Project Management processes are based on a well defined methodology that addresses the needs of the project throughout the life-cycle.
Project management process comprises of the following stages:
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