Mastering Project Management with PMP ® Certificationsby Jennifer Balsom Marketing Head
A project is defined as an exclusive transient endeavor, undertaken to achieve the planned objectives, measured in terms of outputs, outcomes or benefits. According to PMI, project management is the application of processes, methods, knowledge, skills and experience to achieve expected project outcomes.
Project management efforts are primarily categorized into five logical and manageable phases, collectively known as “Project Management Lifecycle”. Seasoned managers learn to execute the entire project management lifecycle diligently with PMP® training and certifications course offered by PMI that demonstrate executing all project management phases effectively.
1. Project Conception and Initiation: Initiation being the first phase, measures the project’s value and feasibility. In this phase, the project outcome to be achieved is analyzed to identify if it can be attained realistically or not. Here project managers use two evaluation tools to take a decision about a project:
- Business Case Document- This vital document reflects estimated potential financial benefits and helps to identify the need for the project execution.
- Feasibility Study- Through this, you evaluate the project goals, timelines and costs to take the final decision about the project execution.
Teams can reject the proposed projects, if they find it unprofitable and/ or impractical.
2. Project Definition and Planning: After the project idea passes the first phase, it enters the stage of planning and definition. A project plan is drafted to outline the tasks. A team prioritizes the project tasks, estimates the budget, prepares a schedule and determines the required resources. This project plan holds importance to identify quality outputs, manage risks and communicating the project benefits to stakeholders.
3. Project Execution: At project execution stage, tasks are distributed and team members are assigned the responsibilities. This phase relates to creating deliverables to address customer needs. This becomes possible through efficient allocation of resources and aligning the focus of team members on the assigned tasks.
4. Project Monitoring: In this phase, the project managers are expected to compare the project actuals to the planned outcomes. This phase calls for schedule adjustments, KPI calculations to track variations in the allotted costs and timelines. At times, this stage gets collaborated with project execution stage as it helps project managers to address the deviations on immediate basis.
5. Project Closure: This stage of project management life-cycle represents the completed project. After all project execution tasks are accomplished and the client approves the outcome, an evaluation becomes essential to highlight the project success and draws out the learnings from the project journey. This phase is often referred as “post-mortem” as it evaluates what went well in a project and also identifies the project failures. Lessons learnt at this stage highlight the improvements required in the future projects.
Project management processes tends to vary from industry to industry. To gain proficiency in executing the projects through these phases, PMI offers PMP® certifications that validate your expertise. Passing the PMP certification exam and attaining PMP® credentials is the need of the hour as per industry standards. PMP® training and certification courses from authorized training partners help corporate professionals to climb up the career ladder.
Created on Mar 8th 2018 07:33. Viewed 1,565 times.