Project management is currently an integral part of the activities of any organization. However, even within the framework of an individual or daily activities, individual tasks and processes of their implementation can be considered as projects that also need management. Project management is the process of implementing a project with defined objectives and time and resource constraints. Thus, the main goal of this activity is to achieve the desired result through the most effective methods. The indicators of the success of project management are just the indicators of time, cost, and quality. However, Bjorvatn and Wald (2018) note that these indicators are not equal to the performance of the project, which must be evaluated after the end of the implementation process. Thus, project management is a separate activity, the subject of which is the project as a temporary endeavor but has distinctive features and practices.
The central concept for project management is the project itself. Tereso et al. (2019) note that there is no universal definition of what a project is. However, it possesses several characteristics including, limited scope (that is, it is temporary), needs management, and also has qualitative and quantitative objectives (Tereso et al., 2019). Thus, the project is a time-limited activity with well-defined results. Tereso et al. (2019) suggest defining the project as “a temporary endeavor undertaken to create a unique product, service, or result” (as cited on p. 8). Therefore, the time limit is the main characteristic of the project, which makes it a unique activity.
Project management, in turn, is a special area of organizational and management studies. This process consists of planning and implementing the project following the agreed results at the specified time (Tereso et al., 2019). The main purpose of project management is to improve the process of delivery of the final product and generate value for the company. Within the framework of this task, project management includes a set of defined tools and techniques for effective “planning, organizing, evaluating, and controlling work” (Tereso et al., 2019, p. 9). Thus, project management has clear time and resource constraints, which depend on the goals of the project.
This practice requires specific structured performance metrics to measure the project’s progress effectively. Key metrics include time, cost, and quality, which are often interdependent (Bjorvatn & Wald, 2018). It is noteworthy that time and cost are usually correlated with each other, while quality opposes those two indicators (Bjorvatn & Wald, 2018). This means that a better project requires more resources, both temporal and organizational. At the same time, a lower quality result implies the possibility of restrictions on all points. Additionally, budgeting and scheduling performance can be measured as early as implementation, while quality is a complex indicator that is often difficult to measure (Bjorvatn & Wald, 2018). Thus, assessing the quality of project management concerning its quality is an extremely flexible activity that depends on each unique project.
Project management is based on rationality and making the most effective decisions in the planning and implementation of the project. Researchers strive to standardize this process by viewing the project as a tool to achieve goals (Delisle, 2019). However, it is difficult to say unequivocally which approaches and techniques are suitable for a particular case because the project is flexible, and its conditions depend on many factors. Most importantly, project management is usually about achieving a specific goal within established external constraints. The core of project management is planning and coordination, which also implies communication between and within teams (Delisle, 2019). This aspect implies that project management as an activity is associated with a constant assessment of the situation and updating plans.
The life cycle of a project includes all stages of planning and project implementation that result in achieving the goal. At each of these stages, the manager may encounter not only expected but also random events. Buganová and Šimíčková (2019) note that risk management is one of the most important practices in project management. This is explained by the fact that “the projects are threatened by a whole range of various risks which result from the character of the internal and external environment” (Buganová & Šimíčková, 2019, p. 987). Project management needs to understand the risks and monitor them throughout the project cycle to avoid negative consequences. Under the influence of risks, the result of the project can change dramatically and bring adjustments to the initially planned strategies.
Project management is a special area of organizational activity, the goal of which is the effective implementation of the project. A project, in turn, is an activity limited in time and resources, which should lead to a certain result. Thus, the main task of project management is planning and implementing strategies for project implementation, as well as monitoring their performance. It is important for the project manager to constantly assess the external and internal conditions that can affect the outcome of the process and adapt the tools according to them.
References
Bjorvatn, T., & Wald, A. (2018). Project complexity and team-level absorptive capacity as drivers of project management performance. International Journal of Project Management, 36(6), 876-888. Web.
Buganová, K., & Šimíčková, J. (2019). Risk management in traditional and agile project management. Transportation Research Procedia, 40, 986-993. Web.
Delisle, J. (2019). Uncovering temporal underpinnings of project management standards. International Journal of Project Management, 37(8), 968-978. Web.
Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, A., & ferreira, M. (2019). Project management practices in private organizations. Project Management Journal, 50(1), 6-22. Web.