Project management introduction: essential concepts explained

Project Management was created to address the inevitable impediments and unforeseen events that arise in any project. Originating in the construction and public works sectors, it has since evolved to suit diverse fields such as IT, Marketing, and Defence.

At its core, Project Management involves organising and managing resources to complete a project on time, within budget, and according to original requirements. These three factors—Time, Scope, and Cost—form the Project Management Triangle, where each side represents a constraint. Adjusting one side inevitably impacts the others:

1. Time: The duration allocated to achieve project objectives.

2. Scope: The work required to meet the project goals.

3. Cost: The budget available for completing the project.

These constraints often compete. For example, reducing the project timeline may compromise the scope or quality of deliverables, while extending the timeline might increase costs. Similarly, budget restrictions could necessitate reduced scope or extended timelines.

There are various methodologies to manage project activities, including agile, iterative, incremental, and phased approaches. Despite differences in execution, all approaches generally follow three major stages:

1. Discovery Phase: The project is defined, designed, and planned.

2. Execution Phase: The project is implemented and validated.

3. Closing/Maintenance Phase: The project is finalised, results are deployed, and outcomes are evaluated.

Effective Project Management introduction ensures that resources, constraints, and objectives are balanced to deliver successful outcomes.