Project management

economic-dictionary

Project management is the methodology by which it is possible to efficiently use the resources available to a certain project.

Through project management, it is possible to make the management of the resources used in the project more efficient. In other words, it involves the design of optimal administrative methodologies.

The efficiency objective set by the administration is pursued through the creation and execution of plans or strategies. All of them must undertake generic objectives such as greater productivity, cost control or a certain level of efficiency at the same time.

One of the main objectives of the administration is to comply with what has been agreed with the management. As a result, the creation of reports, such as business plans or management plans, is common.

Phases of project management

Conceptually, the administration comprises different stages. In this way, we can observe the administration of a particular project as the compendium of the following elements:

  • Planning.
  • Organization.
  • Execution or management.
  • Control.

Thus, it is possible to delimit the scope of action of project management, thus marking the objectives to be followed and the means to be used for their fulfillment.

On a more practical level, project management assumes the achievement of different principles, among which we highlight the following:

  • Definition of objectives: Those to be pursued when undertaking the project. That is, the planned goals.
  • Organizational chart design and process allocation: It is important to define the structure of the organization and the distribution of responsibilities among its members.
  • Inventory of resources: The list of resources available for the pursuit of the objectives set must be specified.
  • Template configuration: The proper selection of professionals that will be counted on to carry out the project is part of the administration.

Project management responsibility

Usually, this responsibility falls on the individuals or executive departments with decision-making power in a company or institution.

In this sense, it is common for project management to be carried out by management teams. It is also common for them to have training and qualification for this type of administrative tasks.

These parameters are applicable to all types of commercial organizations and companies.

Project management vs. project management

Following the concept of administration, it is possible to distinguish this area from that of project management.

It is common for both terms to be used interchangeably in a colloquial way. However, there is a marked difference between the two.

While the administration establishes and defines the planning necessary to achieve the objectives assumed to the project, the management must encompass those actions that allow their achievement.

In this sense, management is usually understood as the implementation of the initially predefined approaches with the administration.

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