Project Management is a very widely used term. Project generally means "a plan to do something". Every organization has specific goals which it aims to achieve. In order to achieve the main goal of the organization, the organization may undertake several projects. A project is a specific task that the individual/team has to accomplish within the specific period of time. It has a beginning and a completion date. Project Management involves all the basic functions of management which are required to accomplish the task. The basic functions being : Planning, Organizing, Staffing, Directing and Controlling.
An example of a project could be - Finding loop holes in the Employee-Attendance system of the organization or undertaking a six-sigma project to find out reasons for low productivity, etc. Project Management includes defining the goals and objectives and then laying down a plan to accomplish the goals in a specific time frame.
In an organization there are several projects running simultaneously. Each project Is managed by its respective manager. It's the duty of the Project Manager to ensure that the goals are accomplished effectively and efficiently.
Generally there are about 5 stages in managing a project -
Initiation: The Project Manager takes the initiative of undertaking the project.
Planning: The planning is done by the manager. He/She lays down the step by step procedure to accomplish the desired project.
Execution: Once the blue print is prepared the main work is started as per the plan.
Controlling: It's the duty of the manager to check that everything happens as per the plan and he has to make sure that there is a room for flexibility as in today's dynamic world nothing is constant.
Closing: Once the project is finished a final report is prepared by the manager and the project is closed.
