Basic Concepts of Project Management

It doesn’t matter whether you are a smaller company or a large MNC, project management is a concept that every company has to be aware of. This is what makes or breaks the workflow in a company. But, with the basic rising popularity of the same, not many people are aware of everything that it entails.

If you are starting as a beginner with the concept of project management, there are a few concepts that you need to know about.

What Is Project Management?

Before you apply for a PMP Certification in one of the top B-schools in India, knowing about project management is important.

Project management is managing people or teams for smoother workflow and operations while handling a single project. It is mainly divided into five phases including initiation, planning, execution, monitoring, and closing.

What is the Phase of Project management?

  • Conception or Initiation

The first step of the project management is planning the project or the idea behind the result or the product. This is the first stepping stone and the part where someone determines whether the project can be completely realistically or not.

  • Planning

One a company or a team has a project in hand, the next step is to plan the workflow. This is the most crucial part of the project and one that determines the outcome. If the planning is faulty, the results will be unsatisfactory.

Assigning the correct work to correct people and ensures proper scheduling is what makes a project successful. The plan of action is often made into a blueprint which is then run by the client or consumer, following whose approval the project is kick started.

  • Execution

This is where the actual work of the project happens. This part is the “work or active” part of the project wherein the team members work on their tasks as assigned to them.

This phase of project management is what lasts the longest. This is also based on the good planning of the manager of the project. If the scheduling and assignment of the work aren’t done well, the results are very hard to achieve.

  • Control or Monitoring

This is the phase of project management that puts the higher authority people into the picture. Once the team members initiate the execution, the progress of the project is monitored and controlled every step and new suggestions are made in terms of changes or edits.

This is the part where the project managers step in and adjust the plan depending on how well the project is commencing and whether it needs any changes along the way.

  • Closing

The last phase of project management is the closing where the final draft of the product or the service is presented to the customer or client.

If they like and approve it, the project is closed and the payments are then cleared accordingly.

In case you were confused with some of the basic terms and concepts surrounding project management, we hope this gives you a better understanding of things. Always clear your concepts before opting for any kind of certification.

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