Project management is a discipline which has been developed for planning, organizing and administrating resources for the successful completion of the task. It is a sub branch of business management and is used to execute the specific project from starting to finish achieving the particular objectives. It is used to planning, monitoring and administration of each and every aspects of a project and provides the basic ground level for project planning.
It is used to define the goal, plans and manages the resources including cost control and budget for the project. It is applied to manage the overall functionality and their timely execution so that the organization can achieve the desired goal perfectly without any interruption.
Project management is an art of managerial discipline which gives the higher performance with the assistance of skilled planning. It is a technical part of management and is used to plan for futuristic challenges to avoid any problem related to managing resources, arranging infrastructure, production of goods or services and marketing. It works like foundation of efficient working likewise operation management and finance and helps the business to achieve the target in the minimum time with maximum output.
There are several methods and techniques to make project management easy and executable. Although it has its own principles and methodology but, it uses also general science, psychology, statistics and mathematical analysis to finish the task perfectly. It assumes the risk and resources availability for regular functions. It also studies the critical effect of environment, situations and available help resources to minimize the risk factor of project. Project management also suggests us about how to sort out the problems in an easy manner.
Generally project management has contains five stages during its overall execution— starting, planning, production, control or monitoring administration and closing the project. It finishes the task one by one. After starting, the project management provides basic planning for actualization of project idea covering time, finance and resources and motivates to execution of project.
It has several sub branches likewise, Time, Cost, HR, Quality, Risk, Communications, Procurement and Integration management and are taught in world’s famous university and management school to promote its maximum usability in business for better performance.
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