Project and its management

Project and its management

A project is a unique activity that has a temporary start and end date. It brings out change within the organisation. It contains various elements that therefore create risk. The project is formed to solve a particular problem or to take advantage of an opportunity.

Common terms used in project

Milestones: It is the time within which the particular activities should be performed

Tasks: Tasks are also called actions. These are the activities undertaken during the project.

Risks: These are the problems that may arise during the project development

Issues: Issues are the risks that can happen during the project

Stakeholder: Stakeholder can be any person or group of people that are affected by the project

Gantt Chart: This is the type of chart that shows time and tasks. It is created by a project management program such as MS Project.

Deliverables: Deliverables are the tangible things that the project produces. It is the result that is given to the customers.

Project Management

Project Management is defined as the application of skills, knowledge and methods required to project activities for fulfilling the need and expectation of the stakeholders.

Why do companies use Project Management?

Companies use project management for following reasons:

• Handle projects effectively
• Define project and agree with the client
• Assess risk and failure point related to the risk
• Allocate the right person and resources to the project activity
• Plan and schedule project activities
• Estimate project cost and make proposals
• Lead the project team and communicate well for better productivity