Project management

Project management is the application of knowledge, skills, techniques, processes, experience, and tools in order to meet project goals and requirements within a specific timeframe.

Projects are, essentially, just a means towards a specific business goal. They are a system of tasks and resources, all working together towards a common outcome that supports a certain business direction.

While projects will naturally vary between companies and industries, all should contain four core elements that make up the basics of project management: scope, resources, time and money.

Scope

The scope of a project refers to its size, goals and the requirements needed to achieve the desired outcome. Scope is perhaps the most important project element to clearly nail down before starting work. Changes in scope and unclear goals can all contribute to an exhaustion of project resources, missed deadlines or, even worse, the failure of the project altogether.

Resources

This refers to all human and material resources at your disposal to achieve your goal. This can be employees, freelancers, tools, software, etc. Having a clear view of your resources allows project managers to leverage them in the most efficient way possible the project goals.

Time

This includes both overall time for a project, from conception through to completion, as well as time requirements for specific tasks. Having clear breakdown of your required tasks, their lead times, dependencies and the “critical path” to project completion allows project managers to manage their resources smarter and more efficiently.

Money

You should have a firm grasp on the cost of the project, and the potential profit it will generate for your business. Executing a simple cost-benefit analysis for your project will help you determine if the scope is too large, too small or if it’s even worthwhile at all.