What is Project Management? Meaning, Approaches and the Career Prospects
Imagine launching a groundbreaking product under tight deadlines, limited resources, and ever-changing demands. Chaos seems inevitable—until project management enters the scene. What is project management? It’s a disciplined approach to designing, coordinating, and delivering projects that align with defined objectives. Whether in public sector initiatives or private enterprises, project management is indispensable as you navigate fiercely competitive markets. Wherever adaptability and efficiency define success, project management serves as the glue holding teams together. It helps ensure organizations thrive in an ever-shifting, high-stakes business landscape.
What is Project Management?
Project management involves structuring, managing, and executing workflows to accomplish targeted outcomes effectively. In essence, it ensures that resources are used efficiently, timelines are met, and outcomes align with objectives. Businesses rely heavily on project management to complete projects within scope, time, and budget while meeting quality standards.
A standard project management lifecycle involves five key phases, each contributing to the project’s successful completion:
1. Project Initiation
This first stage sets the project’s purpose as well as its feasibility. The team identifies the problems to solve. Feasibility studies and business cases justify the project’s value, ensuring a solid foundation.
- Primary Goal: Determine whether the project aligns with organizational objectives
- Deliverables: Project charter, preliminary risk assessment, and stakeholder identification
2. Project Planning
This phase lays the groundwork for execution. The team develops a roadmap outlining tasks, timelines, and responsibilities. Tools like Gantt charts help visualize dependencies and resource allocation.
- Key Focus: Setting clear goals and breaking them into actionable steps
- Output: Work Breakdown Structures (WBS), risk management plans, and budget estimates
3. Project Execution
Execution brings plans to life. The stakeholders complete tasks while project managers ensure alignment with goals. Communication is crucial to keep stakeholders informed and resolve issues promptly.
- Core Activities: Allocating resources, conducting meetings, and addressing roadblocks
- Tools Used: Collaboration platforms, task management software, and tracking dashboards
4. Project Monitoring and Controlling
This phase runs concurrently with execution. It measures progress and ensures the project stays on track. Key Performance Indicators (KPIs) highlight areas needing adjustment.
- Primary Objective: Maintain control over time, cost, and quality
- Processes: Risk mitigation, variance analysis, and milestone tracking
5. Project Closure
Being the last phase in what is project management, closure signifies the project’s completion. Deliverables are handed over, feedback is gathered, and final reports are created. The teams reflect on lessons learned to improve future projects.
- Key Deliverables: Final project reports, resource release, and stakeholder approval
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Who is a Project Manager?
A project manager serves as the driving force behind the planning, execution, and delivery of tasks. They ensure that project goals are met and often exceeded. They create harmony amidst complexity by seamlessly coordinating teams, resources, and stakeholders. In understanding what is project management, it’s crucial to recognize how their role is integral to its execution. The key project manager roles and responsibilities are as follows:
1. Identifying Project Goals
One of the primary project manager roles and responsibilities is to define clear and actionable goals. They serve as the bedrock for all subsequent planning and actions in the project. Furthermore, aligning the project’s objectives with the organization’s broader strategy ensures that efforts contribute to long-term success.
2. Defining Scope
Scope definition is a cornerstone of effective project management. Here, the project manager sets precise boundaries, outlining what is included and what is not. This step prevents scope creep—a common issue where unplanned tasks or changes derail timelines and budgets. A well-defined scope allows project teams to stay focused and efficient.
3. Planning and Documenting Tasks
Planning is at the heart of what is project management. Project managers create detailed plans that break down objectives into actionable tasks. By documenting these tasks, they provide clarity and direction to the team. Effective task planning ensures that resources are used optimally, timelines are realistic, and team members understand their responsibilities.
4. Ensuring Timely Deliverables
Maintaining timeliness is a critical aspect of what is project management. A project manager is responsible for ensuring that deliverables are completed according to the established timeline. Hence, their key responsibilities include monitoring progress, looking for causes of possible delays, and taking steps to rectify them if and when deemed necessary.
5. Managing Resources
Resource management is another vital aspect of the project manager roles and responsibilities. For instance, this involves allocating manpower, materials, budgets, and technology most effectively, and a skilled project manager balances resource constraints while maximizing output.
6. Navigating Competition
Modern projects often operate in highly competitive environments. Whether launching a new product, entering a new market, or implementing a cutting-edge solution, a project manager must remain vigilant about external competition. They analyze market trends, competitor strategies, and emerging risks, adapting the project plan to maintain relevance and competitiveness.
7. Effective Communication
Communication is crucial in project management. A project manager is generally understood to be acting as the central point of contact between the team, stakeholders, and clients. They provide regular updates, ensure transparency, and facilitate open dialogue to address concerns.
8. Risk Assessment
Irrespective of the scale and aim of the project, it’s important to be able to recognize potential risk factors and find strategies to mitigate them. A project manager often oversees these things to ensure project success. In essence, risk management forms a vital aspet of what is project management.
9. Delivering Quality Results
No matter the organization or the project, delivering high-quality results falls among the ultimate project manager roles and responsibilities. This means meeting or exceeding stakeholder expectations while adhering to the project’s constraints of time, cost, and scope.
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Project Management Methodologies
From the introduction of the Gantt chart in 1910 to modern approaches like Agile and Lean methodologies, project management offers structured ways to manage projects effectively. Therefore, it’s crucial to choose the right methodology depending on the nature of the project, organizational goals, and team dynamics.
We dive into some of the key methodologies, highlighting their unique features, strengths, and weaknesses.
1. Agile
Agile is an iterative approach to what is project management. It emphasizes flexibility and collaboration. So, how does this methodology work? First, it takes a project and divides it into smaller increments, which are called “sprints”. As a result, this allows teams to adapt to changing requirements.
- Best For: Projects with evolving requirements in dynamic industries like IT and product development
- Strength: Flexibility and responsiveness to change ensures the final product aligns closely with stakeholder needs
- Weakness: Requires highly skilled teams and can be difficult to scale for large projects or teams unfamiliar with iterative workflows
2. Waterfall
Highly important part of what is project management, the Waterfall model is a linear, sequential approach. Here, each phase must be completed before the next begins. Its clear structure makes it ideal for projects with well-defined objectives and minimal anticipated changes.
- Best For: Projects like construction or manufacturing, where requirements are unlikely to change
- Strength: Provides a clear roadmap and extensive documentation, ensuring accountability and thoroughness
- Weakness: Inflexible and ill-suited for projects requiring adaptability to changing circumstances
3. Scrum
Scrum, a subset of Agile, focuses on iterative progress through short, time-boxed sprints. In essence, it emphasizes collaboration, team roles, and regular reviews, making it a favorite among small, self-organized teams.
- Best For: Team-focused projects where frequent feedback and iterative delivery are critical
- Strength: Encourages teamwork and accountability through defined roles and regular meetings
- Weakness: Requires discipline and can struggle with complex, large-scale projects
4. Kanban
What makes Kanban advantageous is that it visualizes workflows using boards to track progress. Furthermore, it promotes continuous delivery by prioritizing tasks in real-time, allowing for dynamic adjustments.
- Best For: Ongoing, incremental projects like software maintenance or process optimization
- Strength: Enhances visibility and reduces inefficiencies by focusing on workflow optimization
- Weakness: Lacks structured phases, which may cause confusion in projects requiring defined timelines
5. Lean
Lean is another highly utilized methodology in what is project management. In essence, its primary focus remains on reducing waste as well as maximizing value delivery. Originating in manufacturing, it has been adapted across industries for its emphasis on efficiency and resource optimization.
- Best For: Industries like manufacturing or healthcare where efficiency and cost control are paramount
- Strength: Drives productivity by minimizing waste and promoting continuous improvement
- Weakness: Can be overly rigid, leading to underutilization of creative or innovative approaches
6. Extreme Programming (XP)
Extreme Programming complements Agile by emphasizing customer satisfaction and frequent software releases. It promotes high-quality coding practices through constant testing and feedback.
- Best For: Software development projects where quality and adaptability are critical
- Strength: Ensures high-quality outcomes through rigorous testing and ongoing stakeholder involvement
- Weakness: Demands constant collaboration, which can be resource-intensive and challenging to sustain
7. Critical Chain Project Management (CCPM)
CCPM prioritizes resource availability and adjusts schedules to ensure optimal use of manpower and materials. Hence, it’s ideal for projects constrained by resources.
- Best For: Large, resource-intensive projects in industries like engineering or aerospace
- Strength: Maximizes resource efficiency while maintaining project timelines
- Weakness: Can be overly complex, requiring precise planning and monitoring tools
By understanding these methodologies, businesses and professionals can tailor their approach to meet specific project demands. Adequate mastering of project management skills and choosing the right methods are key to success for those advancing in a project management career.
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Essential Project Management Skills
Whether leading a small initiative or overseeing multi-million-dollar projects, a project manager must possess a diverse skill set. Key among them are:
1. Leadership
When it comes to considering project management skills, leadership definitely tops the chart. Project managers must inspire, motivate, and align teams to achieve common goals. Strong leaders foster collaboration, build trust, and maintain team morale, even during challenging phases. Furthermore, leadership also involves decision-making under pressure and resolving conflicts with tact. Thus, in project manager jobs, demonstrating clear vision and empowering teams are essential to driving successful project outcomes.
2. Communication
Project managers must articulate ideas, deliver updates, and address concerns clearly and confidently. Why? Because strong communication ensures alignment, prevents misunderstandings, and fosters collaboration; and all of these are exteremely vital for success in what is project management. Written and communication skills are equally important, as project managers often create reports and presentations. Thus, in essence, communication remains a cornerstone of project management skills in today’s business landscape.
4. Technical Proficiency
In a world driven by technology, technical proficiency is essential for project managers. For instance, familiarity with project management software like Trello, Asana, or Microsoft Project streamlines workflows and enhances accountability. Additionally, knowledge of advanced tools like Jira for software development or Smartsheet for resource management boosts efficiency.
5. Expertise in Project Management Methodologies
A deep understanding of project management methodologies enables project managers to select the best approach for any given project. From Agile and Scrum to Waterfall and Kanban, each methodology has unique advantages. It’s the responsibility of the project manager to choose the best methodology for their project and to tailor their strategies to align with project requirements and stakeholder expectations.
6. Time Management
Project managers must be skilled at prioritizing tasks, allocating time efficiently, and adjusting schedules as needed. Tools like Gantt charts and calendars help visualize timelines and dependencies, ensuring accountability. In essence, time management is vital for maintaining project momentum and delivering results on schedule, especially in fast-paced environments where timelines are non-negotiable.
7. Problem-Solving
Challenges are inevitable, whether they involve resource shortages, budget constraints, or technical hurdles. Hence, successful project managers must be skilled at approaching problems creatively and identifying innovative solutions that keep projects on track. This requires analytical thinking, adaptability, and the ability to make quick, informed decisions.
How to Become a Project Manager
Embarking on a project management career requires a blend of education, certifications, and practical experience. Below are the essential steps to start/strengthen your career in project management.
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1. Education
Education is the first step in learning how to become a project manager. A bachelor’s degree in business administration, engineering, or information technology provides the necessary theoretical background. Furthermore, advanced degrees, such as an MBA, can open doors to senior-level roles by honing leadership and strategic planning skills.
2. Certificate Courses
Short-term project management courses are excellent for beginners seeking foundational knowledge. These courses introduce key concepts, principles, and methodologies like Agile, Scrum, and Waterfall. They also teach practical applications that prepare candidates for certifications and hands-on roles.
3. Certifications
Certifications validate your expertise, making you a competitive candidate for project manager jobs. They also provide specialized knowledge and demonstrate commitment to professional growth. Popular certifications include:
- PMP (Project Management Professional): Globally recognized, ideal for experienced professionals managing large-scale projects
- PRINCE2 (Projects IN Controlled Environments): Focuses on process-driven frameworks suitable for structured environments
- Certified ScrumMaster (CSM): Designed for Agile practitioners seeking leadership roles in iterative development
- CAPM (Certified Associate in Project Management): This is an entry-level certification; best for project management greenhorns
However, it’s important to note that certifications often require prior experience or project management courses.
4. Hands-On Experience
Gaining practical experience is indispensable for anyone learning how to become a project manager. Entry-level roles, such as project coordinator or assistant project manager, allow individuals to apply theoretical knowledge in real-world settings. Internships and apprenticeships provide exposure to managing tasks, budgets, and communication under experienced mentors.
Project Management Career Options
A project management career offers many opportunities across industries, making it one of the most dynamic and rewarding professions. Beyond the variety of roles, the financial benefits are equally compelling. In India, an entry-level project manager salary can be around ₹8,00,000-21,00,000 lakh annually. However, the project manager salary for seasoned professionals in senior roles, such as senior project manager, can command salaries upto ₹30,00,000 lakh. The demand for skilled project managers is soaring, with organizations across the globe prioritizing structured execution to achieve strategic goals.
The career progression in project manager jobs typically follows a structured trajectory. Each step involves greater responsibility and deeper engagement with organizational strategies. Here’s an overview:
- Project Coordinator: The entry point in the hierarchy, focusing on administrative support, documentation, and tracking tasks to ensure projects run smoothly
- Associate Project Manager: Assumes responsibility for smaller tasks or projects, working closely with senior managers to learn the intricacies of execution
- Project Manager (I-IV:) Lead projects of increasing scope and complexity. This tier involves direct accountability for timelines, budgets, and stakeholder management
- Program Manager: Oversees multiple related projects, ensuring alignment with organizational goals and efficient resource allocation
- Portfolio Manager: Balances various portfolios to maximize resource utilization and ROI, bridging organizational priorities and individual projects
- Director of the Project Management Office: Occupies the top of the project management hierarchy. This role focuses on strategic alignment, fostering innovation, and ensuring excellence in project execution across the organization
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What is project management if not a critical element of organizational success in today’s competitive business landscape? Its structured approach ensures that projects meet goals efficiently and deliver tangible value. As a testament to its importance, a 2022 NASSCOM survey revealed that 83% of Indian CEOs plan to increase their project management workforce in the coming years (2). This growing demand highlights the abundance of project manager jobs and the lucrative project manager salary associated with these roles.
For those aspiring to enter this field, pursuing the right education and certifications is vital. If you’re curious about how to become a project manager or want to explore the diverse career options available, now is the perfect time to act. Consider enrolling in project management courses offered by Emeritus, designed in collaboration with globally reputed universities. These industry-aligned programs provide practical knowledge and cutting-edge skills to help you tap into this thriving job market.
By Sanmit Chatterjee
Write to us at content@emeritus.org
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