Running head: Project Management Overview 1

Project Management Overview

Pranav Reddy Tamma

Webster University

ITM 5400

02/02/2025
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Project Management Overview

Introduction:

Project management exists to plan, organize and oversee strategic activities that lead to

objective achievement during scheduled intervals. It ensures that resources are used efficiently and

that projects are completed successfully.

This presentation will help you understand project management by laying down the

fundamentals of project administration and core concepts that include definitions, functional aspects

and decision-making aspects. We will also discuss essential project management terms and

demonstrate how these concepts apply to a common scenario.

What is Project Management?

The discipline of project management consists of planning together with organizational

activities followed by resource management to obtain specific goals while maintaining defined

deadlines. Project management uses both knowledge and skills combined with tools and techniques

to carry out project tasks for delivering project requirements. The main goal of project management

involves delivering assets that satisfy customer needs within the established timeframe, budget and

scope limitations ("What is project management?," n.d.).

Why is Project Management Important?

Effective project management is crucial for several reasons:

Goal Achievement:

The process enables organizations to ensure that the projects are aligned with the stated

company objectives (Tprestianni, 2023).

Resource Optimization:
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The system allows organizations to use resources effectively to reduce costs and increase

operational effectiveness.

Risk Management:

The process helps in the identification of anticipated threats after which it provides

appropriate mitigation techniques.

Stakeholder Satisfaction:

The approach maintains stakeholder engagement throughout project development to create

better communication along with contentment (Tprestianni, 2023).

Quality Control:

The quality control system confirms that both deliverables and stakeholder expectations

reach their specific requirements.

How Does Project Management Work?

Project management is typically broken down into five key stages:

Initiation:

The definition process takes place at this point of the project. This is where all the essential

components such as scope definitions together with objectives, resources and stakeholder

involvement become established. During project initiation, management produces a project charter

that defines both goals and main objectives ("What is project management?," n.d.).

Planning:

During planning the project gets subdivided into manageable work elements followed by

establishing deadlines and needed resources. The project manager develops an extensive plan that
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illustrates project targets with their scheduling requirements alongside financial restrictions and risk

mitigation strategies.

Execution:

The execution of the developed project plan takes place during this phase. Project team

members execute the planned tasks under the project manager's oversight to verify the correct

implementation of the project requirements ("What is project management?," n.d.).

Monitoring and Controlling:

The manager monitors progress continuously and checks project performance while

pinpointing whenever goals do not align with the established plan. Necessary changes are

implemented to maintain project progression toward its defined objectives.

Closure:

After the project is finished and project objectives are achieved the project completes its

cycle. The project manager then reviews its success and documents learned lessons before

conducting the formal project closure.

Who is Involved in Project Management?

There are several roles in project management, depending on the project size and scope. The key

players include:

Project Manager:

The project manager oversees all project operations from the beginning until the termination

point (Johansson, 2024).

Project Team:

This entails individuals who are responsible for executing tasks and achieving project goals.
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Stakeholders:

Different groups within and outside the project team are considered stakeholders, including

clients, sponsors and team members located in various departments (Johansson, 2024).

Vendors/Contractors:

If the project requires external resources or services, these external partners play an important role

in delivering components of the project.

Five Key Project Management Terms

Scope:

The project scope defines all the project contents together with its limitations on what can

and cannot be included. Total project management of scope enables the prevention of scope creep

which constitutes unmanaged expansion or continual growth in project essential components ("Top

10 project management terms and definitions | TeamGantt," 2024).

Gantt Chart:

The project schedule gets a graphical depiction through this bar chart design. A Gantt chart

visualizes multiple tasks along with their beginning and ending dates and functions as a tool for

monitoring project advancement.

Critical Path:

The series of necessary tasks that determines successful delivery before a project deadline.

Tasks located on the critical path determine the entire project completion time since delays in their

completion times lead to overall delays in the project's timeline.

Risk Management:
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The process of identifying, analyzing and addressing risks that may impact the project. This

includes developing strategies to avoid or mitigate these risks.

Milestones:

Significant events or achievements that mark progress in a project. Project milestones serve

to split the work into smaller segments as well as enable performance tracking ("Top 10 project

management terms and definitions | TeamGantt," 2024).

Example Project: Buying a Car

Initiation

All car buying processes begin with setting defined objectives as the primary step. The

project manager needs to establish the reason behind acquiring the car as the main step during this

phase. The reason for your purchase determines whether you need it for personal use, family use or

business purposes. What are your budget constraints? What are your preferences? Your preferences

may include selecting the specific car type, color and necessary features.

In this phase, you would also identify the stakeholders. In this case, it might be you and possibly a

spouse or family member, as their input will also shape the project.

Planning

The planning phase requires individuals to collect all essential data needed to purchase wisely.

This would include:

Researching Car Options:

Research various car types that match both requirements and financial resources.

Setting a Budget:
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Budget planning should include the total payment amounts with both initial and continuous

expenses such as insurance and ongoing maintenance.

Defining Key Criteria:

Make a list of must-have features such as fuel efficiency, safety features and seating

capacity.

Timeline:

Identify the date when you require the vehicle purchase. This helps in determining whether

the situation requires an instant purchase or provides an opportunity for you to explore different

options for finding the most favorable offer.

This planning stage could also involve risk management, for instance, considering possible risks

like a change in interest rates or the car being out of stock.

Execution

After planning you execute the plan by touring dealerships for car tests followed by price

evaluation and seller negotiation. Financing arrangements and the final choice point should also be

considered.

Monitoring and Controlling

Monitoring your progress will be a continuous task during the execution phase. This

involves considering various factors such as assessing whether you are on budget or if you are

finding cars that meet your selection criteria. Unexpected occurrences such as price increases from

dealerships would require you to modify your strategy through alternative dealership selection or

potential alternative considerations.

Closure
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At this stage, you conduct a successful review of the project after making the car purchase. It

involves assessing whether the car you purchased matches all your desired specifications. Insights

from this experience will be useful when purchasing again. The project ends with the completion of

necessary paperwork that includes vehicle registration and financial arrangement completion.

Conclusion

Project management involves organized planning which results in effective objective

achievement throughout the process according to the car buying example. Project management

success requires stakeholders to achieve satisfaction through clear goal definition together with

appropriate management of resources and risks.

References

Johansson, J. (2024, March 5). Project team roles and responsibilities (with examples). Work Life

Balance Tips & Work Scheduling Blog | Resource

Guru. https://resourceguruapp.com/blog/project-management/project-team-roles-and-

responsibilities

Top 10 project management terms and definitions | TeamGantt. (2024, March 19). TeamGantt: The

Easiest FREE Gantt Chart Maker Online. https://www.teamgantt.com/blog/top-10-project-

management-terms-and-what-they-mean

Tprestianni. (2023, August 7). Why is project management important? National

University. https://www.nu.edu/blog/why-is-project-management-important/

What is project management? (n.d.). APM | Chartered Membership

Organisation. https://www.apm.org.uk/resources/what-is-project-management/