Project Management: Concept, Benefits and Phases

Before you start planning any project, you have to know what project management really is. Knowing the phases make it up and the benefits that this management brings are determining factors. Whether you are starting in the world of project management, or if you have already gained experience, this article will surely be useful.

What is Project Management?

Project management is made up of all those actions that you must perform to meet a defined objective within a certain period of time during which resources, tools and people are used, which have a cost that must be taken into account when Make the budget. In the end you always get some final products that must correspond to the initial objectives.

The goal when doing a project management, after all, is that you make an original product and that it meets a specific need of the client. It is usually more complicated than with the standard marketing way, in which a customer buys a product to meet their need. However, in a project, the product has to meet a specific need that must be clear. This is one of the difficulties of project management, since there are usually no precedents in the organization.

Project management encompasses a methodology that we will see in this article and in the following ones, being some of the most important:

  • Define the phases of our projects
  • Define the project budget
  • Define the scope
  • Define the duration
  • Define the objective

Benefits of Project Management

When managing a project, you can find several benefits that will help your company in different areas, and will make the task of achieving business objectives much easier:

  • It allows a quick response to the different demands of the market, since the capacity of reaction of the employees is maximized, and it is achieved more at a lower cost although beyond fulfilling the budgetary objectives it is very important to provide added value and quality. When you manage a project, you have to make sure that the workers know all their responsibilities in order to fulfill the mission. Consequently, these find ways to improve the project, and save on costs and time.
  • Externally, thanks to project management, you provide an overview and improvement in the company’s communication. Global objectives are set in the organization, therefore there is also a general budget and company costs of the entire organization. With good project management, a better transfer of information is created between the different departments, and priorities are more easily marked.
  • It allows you to learn from the lessons of the past, creating what is known as “Know How”, allows you to use the planning experience, and use it for future projects. During the phases of execution and development of the project, errors will be identified, corrected, allowing more optimized processes to be defined and good practices that can be reused.
  • You have correct information about the true capacity of the work team, since in the project management the synergies between the employees of the organization are maximized. One of the main roles of the project manager is to get people to work synchronously, in harmony. Knowing how to identify problems, manage conflicts, negotiate, boost cooperation are essential qualities that a good Project manager must have.
  • There is a vision focused on the client. As we have mentioned before during the benefits section, a project always focuses on the client, to cover a specific need for this.
  • Ensures quality, as it allows you to provide the customer with a product that meets the requirements of this, and with the appropriateness of use. A timely delivery, exceeding the budget and meeting the quality expectations of customers allow to consolidate the brand image and generate business opportunities for your organization.

Project management Phases

  • Programming: This is the second phase of project management, and consists of creating the project execution calendar, indicating on which dates each part of the project will be done, including the start and end. This phase, together with the planning phase, is prior to the start of the project.
  • Monitoring and control of the project: This phase is the only phase of all the management that is done during the project. It consists of following and controlling its execution. That is, obtain evolution data and take the correct measures in case there is any inconvenience. Flexibility and responsiveness are essential for good project management. Let’s not be naive, no matter how much we plan a project, changes will always have to be made to resolve an incident, facilitate the work of the men and women involved, etc. Adaptability and change management are two important factors if we want to succeed.
  • Analysis and evolution: These are the fourth and final phase of project management, which happens after the project is finished. In this, what is done is to measure the differences between what was planned during the planning phase, and what has really happened, usually the planned budget and the actual cost are usually measured. This phase is also important because it allows us to observe the mistakes that have been made during the whole process, and learn from the experience for future projects.

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