Project Management Fundamentals

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Project Management Fundamentals

In this Q&A, I have mentioned the important points I discussed in the presentation I did, including topics such as what is project management, the life cycle of a project, and Agile project management. Feel free to ask any questions on these topics.

 

What is a Project? 

It is a temporary endeavour that has a specific and unique goal and a budget with a definite beginning and an end.

 

What is Project Management? 

Project management refers to the initiation, planning, execution, controlling, and final closure of a project. It is effective management of the resources, and people involved, monitoring of a project’s progress, risk mitigation, and ensuring the achievement of project goals, deadlines, and budget.

  

Life Cycle of a Project

Initiation: Includes definition of the project, its objectives, and approval for proceeding.

Planning: Develop detailed project plans, schedules, budgets, and define the scope.

Execution: Coordinating people and resources, and ensuring that the project work is carried out.

Monitoring and Control: Track project performance, manage changes, and ensure the project stays on course.

Closure: Bring all project activities to an end, acceptance, and closure of the project or phase.

Two Types of Project Management Methods 

Waterfall project management

Agile project management

Agile Project Management

In Agile method, teams work in sprints, delivering product features at regular intervals. This allows for continuous progress and frequent feedback. Customer involvement is prioritized to ensure the product meets their needs. Small, independent teams focus on specific tasks, promoting flexibility, accountability, and quicker decision-making.

Work Breakdown Structure  

The Work Breakdown Structure (WBS) is the hierarchical decomposition of the project scope into smaller, manageable components or deliverables. The WBS will define the project scope and organize the work to be completed to see that nothing is overlooked.

Risk Management Plan 

Risk management consists of identifying, analyzing, and controlling risks that affect the outcome of a project’s success. It is important because this can affect the schedule, cost, quality, and scope of the project. Risk minimization through proactive management allows the organization to benefit from the opportunity and minimize adverse impacts.

Agile project management highlights flexibility, continuous sprint delivery, and collaboration, driving efficiency and success to the project. These principles are key to adapt and deliver value throughout the project lifecycle.

Pirasanthiny Thayaparan Asked question 15 hours ago
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