Project Management 101: Everything You Need to Know

Project Management 101: Everything You Need to Know

 

You can probably define project management and have been managing projects for your team if you have natural leadership skills, are detail-oriented, and enjoy having clear expectations. However, if you are unknown to the formal project management methodology, it is easy to become overwhelmed by this new responsibility.  

However, don’t worry! We’ll define standard project management terms, tools, and techniques in this guide so that you can lead a project with confidence. 

Project Management Terms to Know

Project management is the practice or discipline of organizing, motivating, and controlling efforts to achieve a specific goal. The project goal is created and delivered within the parameters of a budget, scope, and timeline. 

Project Manager

The project manager is the only person who has the authority to manage the project. They are in charge of defining the work/tasks, developing the project plan, keeping the budget in check, and managing the change order or request process. They also collect the project scope, maintain the project documentation, and report and communicate the project’s progress and status to all stakeholders. 

Project Team

The project team could consist of a mix of full-time and part-time employees or contractors who have been assigned to work on the project. They are responsible for comprehending the work to be completed and recognizing when to escalate concerns or issues to the project manager.   

Project Sponsor

The project sponsor is the person who initiated the project and has ultimate authority and final say over it. They are usually in charge of securing project funding, resolving high-impact issues and scope changes, and approving major project deliverables. Therefore, project isn’t considered successful or completed until the project sponsor declares it so. 

Best Project Management Tools

Gantt Chart

A Gantt chart software is a graphical representation of a project’s tasks along a timeline used to track project timelines. 

Work Breakdown Structure

A work breakdown structure, or WBS, is a hierarchical chart that outlines major project deliverables before breaking them down into smaller, more manageable tasks. It’s useful for complex project work to help identify where your team needs more detailed requirements for that task when identifying the critical path and establishing a reasonable timeline for deliverables. 

Risk Register

Every project has possible threats that, if they happen, will harm at least one of the project’s goals. These are project risks, and as the project manager, you should develop a risk register document to keep track of each risk event, the action required to mitigate or eliminate the risk, and the risk’s current status. 

Key Project Management Methodologies

Agile

The first formal project management methodology we will discuss is agile. Agile is a flexible and adaptive methodology for gathering project requirements and executing and delivering software projects in short bursts known as Sprints. You’ll begin the project with high-level requirements, but not every detail will work out before the team starts working. Instead, the team will concentrate on individual work blocks, present them to the project sponsor, and then make changes or move on to the next work block. 

Scrum

Scrum is an agile teamwork methodology for delivering iterative, incremental work segments. It is most commonly used in the development of software products. The term Scrum comes from the rugby game, where the Scrum Master, the team leader, empowers the Scrum team to work quickly and independently. 

Bottom Line: Project Management Advice

Project management is increasingly essential for companies looking to improve efficiency and timeliness. However, Each project has the potential to be a learning tool. A good project manager will always look at the big picture and individual project components. He can record the success, what went wrong, and what can improve. Overall, evaluating all aspects of a project, including the nitty-gritty, can help ensure future project success.