Project management

thPPZ6GAF7What is Project Management?

More specifically, what is a project? It’s a temporary endeavor undertaken to create a unique product, service or result.

A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.

And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies.

The development of software for an improved business process, the construction of a building or bridge, the relief effort after a natural disaster, the expansion of sales into a new geographic market — all are projects.

And all must be expertly managed to deliver the on-time, on-budget results, learning and integration that organizations need.

Project management, then, is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

It has always been practiced informally, but began to emerge as a distinct profession in the mid-20th century. PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) identifies its recurring elements:

Project management processes fall into five groups:

  • Initiating
  • Planning
  • Executing
  • Monitoring and Controlling
  • Closing

It is important that for critical high stakes projects you use a project management professional that is not affiliated or affected by the internal organization.

Some of the most important benefits of the project management outsourcing could be :

  • independent unbiased view on the project and project outcome
  • better efficiency and effectiveness in project management
  • confidentiality for more sensitive projects when no one from the company can be involved in the project

 

For more details related to this topic get in touch with TopCFO we are more than happy to support you in all your projects.

 

 

reference : http://www.pmi.org/About-Us/About-Us-What-is-Project-Management.aspx

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