The primary challenge of project management is to achieve all of the project goals and objectives while honouring the preconceived project constraints. Typical constraints are scope, time and budget.
A project is a finite endeavor (i.e. with a specific start and end date) undertaken to meet particular goals and objectives that will lead to beneficial change or added value for a company. This finite characteristic of projects differentiates them from processes or operations which are by definition repetitive, permanent or semi-permanent functional activities to produce products or services.
In practice, the management of these two systems is quite different and as such requires the development of distinct technical skills and the adoption of separate management.
The primary challenge of project management is to achieve all of the project goals and objectives while honouring the preconceived project constraints. Typical constraints are scope, time and budget. The secondary – and more ambitious – challenge is to optimise the allocation and integration of inputs necessary to meet pre-defined objectives. There are several approaches that can be taken to managing projects including agile, interactive, incremental and phased approaches. The traditional phased approach to project management identifies a sequence of five stages to be completed:
- Project initiation stage
- Project planning or design stage
- Project execution or production stage
- Project monitoring or controlling stage
- Project completion stage
But regardless of the approach employed, careful consideration needs to be given to clarify surrounding project objectives, goals, and most importantly, the roles and responsibilities of all participants and stakeholders.
Independent Business Group (IBG) has extensive in-house experience in project management, ranging from small-scale projects in smaller companies to large-scale projects in multinational corporations. Most of IBG’s consultants and sub-contractors have received some form of project management training, usually a derivative of the PRINCE2 standard.
This is a structured approach to project management which describes procedures to coordinate people and activities in projects within a clearly defined framework as well as how to design and supervise projects and what to do if a project has to be adjusted if it does not develop as planned.