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Project Management

Definition - What does Project Management mean?

Project management is a method of organizing all activities related to a project and its parts. The purpose of a project may range from new product development to a service launch.

The completion of all project objectives is project management's primary challenge. Unlike a standard business process, a project is a unique and temporary creation that consumes resources, has a beginning and end and operates according to specified funding and budgetary constraints.

Techopedia explains Project Management

Effective project management requires controlled scope and resource focus, according to organizational requirements.

All projects follow the stages below:

  • Definition: What is the project?
  • Planning: What activities or tasks are required for successful project completion and implementation?
  • Execution: The project is developed and launched according to plan.
  • Control: Project progress is tracked and managed.
  • Closure: The finished project is closed, followed by final analysis.

The science and practice of project management developed into a discipline in the late 18th century. In the early 1900s, Henry Gantt - a project management forefather - developed the Gantt chart for the tracking of scheduled projects. By the 1950s, the engineering industry and the military recognized project management as a key scientific discipline.

Today, project management is a given. Businesses rely on collaborative software and Web-based cloud solutions, such as Basecamp. A well-known IT and cloud governance solution is CA Clarity Project and Portfolio Management (CA Clarity PPM).

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