What is project management?

Definition

Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. Project management has final deliverables that are constrained to a finite timescale and budget.

A key factor that distinguishes project management from just 'management' is that it has this final deliverable and a finite timespan, unlike management which is an ongoing process. Because of this a project professional needs a wide range of skills; often technical skills, and certainly people management skills and good business awareness.

Definition from APM Body of Knowledge 7^th edition

Watch: What is project management?

What is a project?

A project is a unique, transient endeavour, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it achieves the objectives according to their acceptance criteria, within an agreed timescale and budget. Time, cost and quality are the building blocks of every project.

Time: scheduling is a collection of techniques used to develop and present schedules that show when work will be performed.

Cost: how are necessary funds acquired and finances managed?

Quality: how will fitness for purpose of the deliverables and management processes be assured?

When do we use project management?

Projects are separate from business-as-usual activities and occur when an organisation wants to deliver a solution to set requirements within an agreed budget and timeframe. Projects require a team of people to come together temporarily to focus on specific project objectives. As a result, effective teamwork is central to successful projects.

Projects require a team of people to come together temporarily to focus on specific project objectives. As a result, effective teamwork is central to successful projects. Project management is concerned with managing discrete packages of work to achieve specific objectives. The way the work is managed depends upon a wide variety of factors.

The scale, significance and complexity of the work are obvious factors: relocating a small office and organising the Olympics share many basic principles, but offer very different managerial challenges. Objectives may be expressed in terms of:

• outputs (such as a new HQ building);
• outcomes (such as staff being relocated from multiple locations to the new HQ);
• benefits (such as reduced travel and facilities management costs);
• strategic objectives (such as doubling the organisation’s share price in three years).

Why do we use project management?

Project management is aimed at producing an end product that will effect some change for the benefit of the organisation that instigated the project. It is the initiation, planning and control of a range of tasks required to deliver this end product. Projects that require formal management are those that:

• produce something new or altered, tangible or intangible;
• have a finite timespan: a definite start and end;
• are likely to be complex in terms of work or groups involved;
• require the management of change;
• require the management of risks.

Investment in effective project management will have a number of benefits, such as:

• providing a greater likelihood of achieving the desired result;
• ensuring efficient and best value use of resources;
• satisfying the differing needs of the project’s stakeholders.

Who uses project management?

Anyone and everyone manages projects, even if they aren’t formally called a ‘project manager’. Ever organised an event? That’s a project you managed with a team of people, and project management is a life skill for all. More formally, projects crop up in all industries and business:

• Transport and Infrastructure
• IT
• Product manufacture
• Building and Construction
• Finance and Law

The core components of project management

• defining the reason why a project is necessary;
• capturing project requirements, specifying quality of the deliverables, estimating resources and timescales;
• preparing a business case to justify the investment;
• securing corporate agreement and funding;
• leading and motivating the project delivery team;

• developing and implementing a management plan for the project;
• managing the risks, issues and changes on the project;
• monitoring progress against plan;
• managing the project budget;
• maintaining communications with stakeholders and the project organisation;
• provider management;
• closing the project in a controlled fashion when appropriate.

Watch : Starting out in project management

Starting Out in Project Management is your essential guide to the basics of project management. Written for anyone new to projects or wishing to progress their career as a project professional 'Starting Out' charts the journey of the APM project life cycle, from concept through to delivery and handover.

Watch APM Learning : Starting a project | How to start a project well

In this video explore what it means to start a project well and what you can be doing to make it happen. No matter what or how a project is started, it’s really important to figure out what the key activities are so that you can get stuck in with confidence and clarity. Keep this is mind so that you begin well, and lead your project to success.

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FEATURED BLOG

How to execute a project successfully

Getting on with it. In the simplest terms, executing a project (alternatively called project deployment in the Body of Knowledge 7^th edition), is about completing the project plan. 

Once we have a plan, we can begin doing the project: completing the tasks, deliverables and milestones to achieve the planned outcomes and benefits. 

APM Body of Knowledge 7^th edition

The APM Body of Knowledge 7^th edition is a foundational resource providing the concepts, functions and activities that make up professional project management. It reflects the developing profession, recognising project-based working at all levels, and across all sectors for influencers, decision makers, project professionals and their teams.