Project management is one of the most important and critical tool or technique, which defines the entire course of development of any kind of project.
Project management works as an ignition for the chain reaction of the whole development cycle. It also helps to layout each and every step of the development cycle and defines the action plan to be followed during the risk-conditions. Not only this, project management methodologies help track down the success rate for a project and improve the understandability of the workforce.
Conventionally, any project management approach revolves around the 5 basic processes involved in project management, named as: • Initiation: This step determines the nature and scope of the project. All the basic elements of the project like requirements analysis and feasibility, review of current operations, goals are determined. It is the most crucial stage and if performed incorrectly, results in the failure of the whole project. • Planning & design: This stage basically helps to plan time, cost, and resource during the course of the development. Risk planning is also performed to effectively tackle uncertainties. • Executing consists of the activities used in the process to work in sync with the project plan so as to meet the deadlines of different milestones. • Monitoring & control: These processes verify and validate the activities and their sequence and timelines with the project plan. The quality of activities is also considered here. • Closing includes the formal acceptance of the product so developed. Administrative and other formal activities are performed to release the product to the end-user or client after thorough testing.
Different project management approaches are designed for easily carrying out the different process in a planned way for accomplishing all the requirements. Each approach have key feature of its own which keeps the activities in sync with the project plan. Some