What is project management?

Effective project management can empower businesses to drive better collaboration, manage the project lifecycle from start to finish, and identify areas of improvement. By doing so, businesses can deliver measurable outcomes and support their growth.

In this guide:

• What is project management?
• Why is project management important?
• The core components of project management
• The five phases of project management
• Types of project management
• Tips for building a strong project management team
• Manage projects and deliver measurable results

What is project management?

Project management (PM) can be defined as the science and practice of planning, guiding, and monitoring tasks.  It’s a process or framework for leading a team through the successful completion of a project on time and within budget. A project is any set of related tasks, deliverables, and activities that collectively accomplish a single goal.

Project management can happen outside of business too. Anytime you’re directing multiple people in a complex series of tasks to achieve a goal with a deadline and a budget, you’re practicing project management.

It’s a dynamic process that can be applied in a myriad of industries and situations, from the construction of a skyscraper and the coordination of relief efforts after a natural disaster to building a shed in your backyard.

What is a project?

In business, a project is a series of activities that result in a new product or service, are limited by a certain budget and time frame, and require multiple people to complete.

Examples of projects include events, publications, construction, and process development. Some organizations run entirely on projects, while for others, a project might happen on top of day-to-day operations.

Project management is not a one-size-fits-all approach. Each project is distinct, with its own set of goals, resources, and timelines, requiring the project manager to continually adapt their strategy to accommodate these variables.

Who is involved in project management?

At the heart of a project are various roles, including the project manager, team members, and stakeholders — both internal and external.

• The project manager is at the helm, steering the project towards its objectives while managing resources and timelines.
• Team members, on the other hand, are the driving force, executing tasks and deliverables.
• Stakeholders, including clients, have a vested interest in the project’s outcome.

How are projects managed?

To streamline this complex process, project managers often rely on project management software. These tools include integrated charts, boards, and calendars to provide a visual representation of timelines, aid in task organization, align teams, and facilitate progress reporting.

This digital approach to project management empowers teams to work more efficiently, fostering creativity and driving transformation.

Why is project management important?

1. Efficiency.  Project management keeps teams aligned and focused. It ensures smooth project execution, allowing teams to concentrate on the product rather than the process. PM ensures that work connects to a clear goal, and it can identify where obstacles are blocking the path.
2. Growth and development. Balancing project management and execution can be challenging. Project management gives teams space to focus on their tasks and embrace new challenges. This not only enhances the employee experience, but also fosters skill development.
3. Increased output.  By streamlining project logistics, project management frees up resources, enabling teams to produce more work and deliver better results. It ensures that all resources used support a clear goal.
4. Quality deliverables.  Delivering projects on time and within budget is a surefire way to keep clients satisfied. When teams are empowered to do their best work, clients receive the best possible results. Project management can identify and correct weaknesses and ensure that the final product matches the objectives articulated in the planning stages.
5. Clear communication.  Effective project management ensures clear and concise communication by channeling all information through a single point of contact — the project manager. This individual acts as the bridge between internal teams and external stakeholders.
6. Flexibility.  Effective planning anticipates potential issues and prepares for them. Project management accommodates both expected and unexpected changes, ensuring the project runs smoothly.
7. Organization.  By defining project timelines, milestones, and budgets, project management helps prevent scope creep and keeps teams and projects on track.
8. Stakeholder satisfaction. Tracking the completion of a project makes it possible to communicate clearly with stakeholders to assure them that progress is being made.

The core components of project management

Integration management

Integration management is the process of aligning various strategies to formulate a comprehensive project plan. This plan serves as a roadmap, guiding individuals and teams towards the successful completion of the project. Tools such as project plans are often used in this process.

Project scope management

Scope management involves breaking down the project into manageable chunks, including milestones, tasks, and subtasks. This creates a clear, actionable plan that the team can follow to complete the project within the stipulated time and budget. Tools like Work Breakdown Structures (WBS) and Gantt charts are instrumental in scope management.

Time management

Time management is about setting a realistic timeline for the project and outlining the procedures for monitoring and adjusting it as necessary. This ensures that the project stays on track and meets its deadlines.

Cost management

Cost management involves setting and monitoring the project’s budget. This process begins during the project’s scoping and planning stages and considers all necessary resources — including personnel, time, facilities, and finances.

Quality management

Quality management is one of the project manager’s critical responsibilities during the execution phase. The manager oversees all activities to ensure that the project meets client expectations while adhering to internal budget and timeline constraints.

Resource management

Resource management is the process of optimizing all available resources for the project. Despite meticulous planning, unforeseen issues can arise during development. The project manager must be prepared to reallocate resources as needed.

Communication management

Communication management is crucial for maintaining alignment among team members and stakeholders throughout the project. It involves establishing clear communication channels, clarifying any misunderstandings, and providing written documentation of meeting discussions.

Risk management

Risk management involves identifying potential challenges, assessing their likelihood, and planning for their occurrence. By anticipating potential difficulties, project managers can alleviate pressure and make informed decisions when risks arise.

Procurement management

Procurement management covers the planning, sourcing, and management of goods and services required for the project. This includes negotiating contracts and managing suppliers.

In essence, these core components of project management are integral to driving innovation, fostering creativity, and empowering transformation.

The five phases of project management

1. Initiation

The initiation phase is the starting point of any project. It’s about finding out what stakeholders want and articulating the vision of the outcome. It might involve writing a project charter or business case to get stakeholder approval, receive funding, or justify the effort. It also includes understanding the budget, scope, and schedule.

During this phase, the project manager defines the project vision, sets clear objectives, and gets approval from stakeholders. Two key outputs of this phase are the project charter and the stakeholder register.

• The project charter outlines the purpose of the project, objectives, stakeholders, potential risks, required resources, and dependencies.
• On the other hand, the stakeholder register identifies all individuals or groups impacted by the project, their influence level, and the communication strategy for each stakeholder.

2. Planning

The planning phase is where the project manager breaks things up into actionable pieces and develops a comprehensive project roadmap. This roadmap serves as a guide, detailing the steps required to achieve the project’s objectives. It essentially lays out the “how” of the project so that everyone knows what they need to do.

During the planning phase, the project manager collaborates with internal teams to understand their capabilities and organizes all the details to show how they will lead teams to their goals. This phase is crucial as it sets the foundation for the entire project. The PM considers budget and infrastructure while anticipating risk and planning how to handle it.

3. Execution

The execution phase is where the project plan is put into action. It’s an exciting phase as the project starts to take shape, but it requires careful guidance and continuous assessment from the project manager.

In this phase, the project manager focuses on:

• Allocating resources
• Managing budget
• Team development
• Stakeholder engagement
• Quality management
• Ongoing communication

4. Monitoring and controlling

The monitoring and controlling phase is where the project manager oversees the project’s progress and takes action to correct or prevent problems. The team should be well-equipped with the necessary resources and vision to complete the work at this stage. A change in scope could arise, and the entire project might need to be adjusted.

During this phase, the project manager vigilantly monitors dates, spending, performance, and quality while the team progresses through tasks. Project management software can be particularly useful in this phase, as it can highlight upcoming due dates or budget overruns.

5. Closing

The closing phase is the final stage of the project lifecycle. It involves more than just marking the final tasks as complete. This phase might include:

1. Officially delivering the project to stakeholders or the C-suite.
2. Holding a sunset or post-mortem meeting with the team to discuss successes and challenges.
3. Archiving project-related files for future reference.
4. Celebrating the team’s success and disbanding the team.

Types of project management

Waterfall

The Waterfall methodology requires each phase of a project to be completed before the next one begins, resembling a cascading waterfall. This method helps detect errors early, control the scope, and prevent delays caused by scope creep.

Agile

Agile breaks down projects into smaller tasks, completed in short iterations throughout the project lifecycle. Its subcategories, such as Scrum and Kanban, help efficiently utilize resources and adapt to challenges or changing client requirements.

Lean

Adapted from Japanese lean manufacturing processes, Lean focuses on efficiency. It operates on a cycle of continuous improvement to optimize productivity and eliminate time and effort wasting. Lean principles are often combined with Agile methodologies to enhance project management.

Kanban

With kanban, work is represented as cards or “kanban” on a visual board, with columns representing different workflow stages. It focuses on visualizing the project management process and limiting work in progress (WIP) to reduce bottlenecks and enhance flow.

Kanban promotes transparency, collaboration, and flexibility, making it a popular choice for teams seeking an adaptable project management approach.

Scrum

Scrum is an Agile project management method that emphasizes iterative and incremental development. Here, self-organizing, cross-functional teams work in short iterations called “sprints.” The product owner represents the stakeholders and maintains the product backlog, while the Scrum master ensures the team is maintaining Scrum principles.

Scrum promotes adaptability, transparency, and collaboration, with regular reviews continuously improving the product and the team’s processes.

Six Sigma

Adopted from manufacturing, Six Sigma project management focuses on continuous improvement. While often confused with Lean, Six Sigma uses statistical modeling to reduce errors, whereas Lean focuses on eliminating waste. Many companies have adopted a combined process known as Lean Six Sigma.

Critical Path

The Critical Path method is a project management strategy for scheduling. It involves identifying every task, determining the time required for each, and outlining dependencies. The longest chain of dependent tasks becomes the “critical path” and determines the project timeline.

This method helps identify potential bottlenecks, schedule efficient use of resources, and generate realistic timelines.

Tips for building a strong project management team

Building a robust project management team is a cornerstone of project success. It’s the team that steers the project, providing direction, supervision, and the necessary expertise.

To construct a project team that excels in communication, certain key aspects need to be considered:

• Scheduling regular or planned meetings
• Deciding the degree of formality required in meetings
• Determining whether meetings will be conducted in person, virtually, or a combination of both
• Establishing a system for document sharing and collaboration
• Deciding where documents will be stored and how version control will be managed
• Defining workflows for decision-making and approvals

Once you’ve established a solid communication framework, you can proceed to assemble your team. Here are some crucial steps to follow:

1. Seek out talent from various departments. This infuses the team with a variety of perspectives, skills, and knowledge, to enable comprehensive problem-solving and decision-making.
2. Select your project manager with care and define their responsibilities clearly. The project manager is instrumental in driving success. They also ensure effective leadership, communication, coordination, and accountability throughout the project lifecycle.
3. Foster a culture of “all hands on deck.” This creates a collaborative and engaged environment where all team members actively contribute towards project success. This not only boosts efficiency and productivity but also instills a shared sense of ownership.

Manage projects and deliver measurable results

Project management is a dynamic discipline that can significantly enhance the efficiency and productivity of any organization. When projects are meticulously planned and closely managed, teams operate more effectively, and clients receive exceptional products.

The first step towards enhancing your company’s project management is identifying or hiring a competent project manager. This could be an existing team member who naturally assumes leadership roles or possesses the right skills.

A proficient project manager requires the best tools to excel, and that’s where Adobe Workfront comes into play. With features like centralized intake, visibility into ongoing work, templates, and automated workflows that standardize best practices, Adobe Workfront empowers your team to increase capacity and deliver exceptional work at scale.

Explore Adobe Workfront through a free product tour or watch the overview video to discover how it can enhance collaboration, expedite execution, and ensure more projects are delivered on time.