What is Project Management, from Definition, Stages, and Benefits

Project management is an ability or effort to run a project or program according to a predetermined plan and objectives.

In running a business, this is done to plan and organize company resources, complete work, and more.

The success of a project cannot be separated from the role of a good management process. That way, it will be easier to achieve maximum results and get good performance.

So, how does project management work and how important is it in business? Let's see more here!

Definition of Project Management

Quoted Monday, project management is a practice of planning and managing a project from start to finish.

This includes coordinating with other human resources, as well as carrying out activities related to the project in order to achieve goals.

Activities related to this one also include completing certain tasks, holding special events/activities, and can be one-time or ongoing projects.

In some cases, financial decisions and asset usage are also included in this one.

There are several types of project management frameworks or frameworks that you can use according to your needs. The most important thing is that the focus of this framework is the same, namely completing the project on time and within budget.

For example, if you want to release a new product, you can plan a launch event with a special theme. The roles in this case are:

• determining the purpose of the event;
• scheduling the work of each section;
• organizing team members;
• monitoring the progress of the event; and
• collaborating with other parties.

Important Elements

According to the Project Management Institute, there are 10 important elements that need to be considered in project management, namely:

• Integration
• Project Scope
• Human Resources
• Time
• Cost
• Quality
• Procurement
• Communication
• Risk Management
• Stakeholder Management

However, in practice there are four main elements, namely:

1. Resources

Resources are the main element because in carrying out good project management, adequate resources are needed.

The success or failure of a project depends on the resources available, be it resources in the form of materials or human resources.

2. Time

The time element is also no less important in this one. As previously mentioned, the important thing in project management is to complete the project on time.

Starting from the duration of the assignment, to the scheduling of work, time is important to achieve the main goal.

3. Money

Money is an important element because every project certainly requires costs. Budgeting then becomes important to maintain the sustainability of the project.

4. Scope

The scope of work done is also crucial in project management.

You must understand the goals, size, and scope of the project as a basis for implementing this strategy.

Benefits of Project Management

Here are the main benefits of implementing this strategy in your business:

1. Manage Budget and Schedule

Having proper budget planning and a proper schedule is the key to project management.

By implementing this, your business will be more organized and focused. In addition, it can also help determine priorities and choose the right strategy according to the time and costs that are available and planned from the start.

2. Increase Productivity and Quality of Work

This one management will also greatly help your business productivity. Not only that, it will also be beneficial for the quality of work produced.

With well-organized direction, schedule, and scope, the project results will also increase.

3. Risk Mitigation

Every project certainly has its own risks. It is important to carry out risk management and mitigation as early as possible. This strategy makes this possible and helps reduce the impact of the risks generated.

4. Increase Collaboration and Satisfaction

Working with many parties or stakeholders on a project will increase your business collaboration.

Through good project management, every team in the business will find it easier to communicate and collaborate to achieve its main goals.

With projects completed on time and with good results, this will also increase the satisfaction of your users or customers.

Stages of Project Management

There are five phases or stages in project management that you must understand, namely:

1. Initiating

In the initial process or initiation process, there will be many things that must be determined.

The things that are determined at the beginning are of course crucial such as objectives, scope, manager, risk, budget, and scheduling.

If the above aspects have been met, the project should be able to run smoothly.

2. Planning

When all the crucial things have been determined, the next step is for the manager of the project that has been determined to make a more detailed overall project plan.

This planning includes how many human resources will be needed, other resources, budget planning, assignment of tasks and implementation plans.

At this stage, all parties involved must also be considered because collaboration will be carried out in its implementation.

3. Implementation or executing

After the plan is approved, the next step is the implementation of the project which is supervised by a project manager.

This implementation is carried out by ensuring that the project runs according to the schedule, the appropriate budget, while identifying obstacles and risks that will arise.

4. Review or monitoring

Supervision in project implementation also includes reporting the progress of the project to the manager.

Not only that, supervision is also carried out so that all work is in accordance with the initial provisions in terms of time, cost, and objectives.

If necessary, an evaluation can be carried out at this stage to ensure the smooth running of the project.

5. Closing

After all activities have been carried out and approved by the parties involved, the project can be declared complete.

Then the next stage is closing where the responsible manager has completed his duties and made a project report.

Similar to projects, it is important to have a good brand management strategy so that consumers are confident in your business.

Currently, there are various efforts that you can make. Well, so that you are not confused about where to start, you can take the The Real Project Management class from prasmul-eli.

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