Mind Mapping the Five Stages of Project Management

A project’s success depends on good management of time, creativity, and resources. Project management is the key to developing innovative projects that deliver results. But, effective project management isn’t easy. Here’s how to effectively lead your next project. 

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What Is Project Management?

Project management applies knowledge, skills, tools and techniques to achieve the goals and deliverables of any given project. Before we get into the nuances of effective project management, it’s good to understand what a project is. According to the Project Management Institute, a project is “a temporary endeavor undertaken to create a unique product, service, or result.” It has a defined beginning and end (temporary) and is not routine daily operations (unique).

The bigger the project, the more critical management becomes — especially if you want to come in on time and budget. There are five processes (outlined below) of expert project management:

1. Initiating 
2. Planning
3. Executing
4. Monitoring and Controlling 
5. Closing

Why Do I Need Project Management?

Project management is a skill you can apply to almost any new activity that you or your organization take on. Whether you are designing a product, building a warehouse or leading a sequenced activity of connected events, you are engaged in a project. And every project offers the opportunity to save or waste valuable time and resources. 

Nearly 10 cents of every dollar is wasted due to poor project performance according to the Project Management Institute (PMI). Using project management tools has a host of benefits, including heightened innovation, a stronger focus on outcomes, and more attention on customers and stakeholders. [Click here to continue reading]