Online Reference Guide To Project Management
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Online Reference Guide To Project Management

Project management is the process of making sure that your company completes tasks on time and on budget. A project manager can be involved in something as complex as a major construction project, or he may be an internal project manager who coordinates staff resources for various customer needs. Good project management can turn a troubled project into a profitable one, and it can also help the company to get referrals for future work. If you want to be proficient at project management, then you need to understand the resources that are available to you and then know how to use them to your advantage. Project management can be a lucrative and rewarding career when you gain the reputation of being proficient in your industry.

Project Initiation

The project initiation phase is the genesis of every project a company decides to take on. In this phase, all of the projects that have been suggested in the past come up for consideration and then the company decides which project it wants to initiate. A project manager is assigned, and then the project manager puts together his management team. The company then begins the process of putting together the schedules and budgets that will determine when the project will end and how much the project will cost.

Planning and Development

The planning and development phase of project management is where the project manager aligns the needs of the customer with the resources at his disposal. This is the phase where the schedule is put together and the budgets are filled in as well. In the planning stage, scheduling is extremely important, because running past a deadline could cost the company money. For example, contractors that miss deadlines are charged liquidated damages by the job owners for each day the contractors are late in completing the project. Those liquidated damages can run into the hundreds of thousands of dollars, which is why the planning and development stage of project management is so important.

Production and Execution

The production and execution phase is the point where the work begins and the deadline looms. The project manager must have all of his resources lined up and functioning by this point. The crew to do the work has been hired, the plans have been finalized, and the budget has been approved. Each and every movement made by the production team is watched closely to make sure that no extra money is spent, and no time is lost. Good project management will ultimately lead to precise and efficient execution.

Monitoring and Controlling

One of the most important phases of project management is the monitoring and controlling phase. This is the phase of the project where all of the software and tracking tools that the company has invested in are put to good use. Each aspect of the project is closely monitored for several very good reasons. First of all, close monitoring of a project helps to ensure that it does not go over budget or miss the deadline. Monitoring also helps to collect valuable data that can be used to make future projects more efficient. Companies can use their monitoring data to determine which suppliers helped the project to be completed on time, and which suppliers were unable to meet project requirements. The controlling part of a project management plan maintains a close watch on consumables, salaries, equipment rentals, and other aspects of the project that accrue ongoing expenses.

Project Manager Career Resources