Variety Of Concepts Of Project Management

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Variety Of Concepts Of Project Management

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Variety Of Concepts Of Project Management

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Question:
Discuss about the Variety Of Concepts Of Project Management.

Answer:
Introduction

Project management is a key concept of business management and it is useful to manage different business projects. It is basically a restraint of initializing, planning, implementing, controlling and closing a team project for achieving specific goals and to meet specific criteria of success. There are variety of concepts of project management that can be used for any business level project. The purpose of making this report is to emphasize on these important concepts in detail. The knowledge about these ideas will be helpful for business organizations to handle complex as well as simple projects in appropriate manner (Projectmanagement.com, 2017).
Discussion
Here in this segment of report, I will discuss about procedure of applying project management concepts on projects. These concepts of project management are known as knowledge areas that have potential to effectively manage several project processes. A project manager must be aware about these knowledge areas (Pmi.org, 2017).
How Project Management Concepts can be applied to Business Projects
In my organization, different types of small and large projects are developed and for all these projects, project management concepts are used for getting successful outcomes. Currently, project manager of my company is working on a big IT project and in this following knowledge areas will be used (Projectinsight.net, 2017).

Integration Management
Scope Management
Time Management
Cost Management
Quality Management
Human Resource Management
Communications Management
Risk Management
Procurement Management
Stakeholder Management (Study.com, 2017)

Integration Management
It is one of the important knowledge areas of project management. This knowledge area is related to bringing together all important things that are required to manage holistic project not only single module. So in case of my company’s project, first of all mandatory sources are necessary to collect (The Balance, 2017).

Scope Management
The purpose of applying this knowledge area into management of project is to define that what will be delivered by this project. With the help of scope management, purpose and availability of key things of project can be sure. Moreover, the gathering of requirements and work breakdown structure are also included in scope management. Therefore, in my organization, project manager must define the scope of IT project with its usefulness (Greycampus.com, 2017).
Time Management
Time is also a key factor or knowledge area of project management. It is essential for project manager to complete whole project within pre-defined deadline. The time management of project consists of the management of time of all people who are spending their time in completion of project activities. Furthermore, it is also essential to identify that how long will be taken by whole project to complete. Through this knowledge area, it will be easier for my company to understand overall activities of project, classification and total time to complete those activities. Under this knowledge area of time management project schedule is prepared by project manager with its team members (Open.lib.umn.edu, 2017).
Cost Management
Besides management of time, cost is also an important concept of project management. Without appropriate funds and their utilization project cannot be completed successfully on time. The main activity that is performed by project manager here is to make a sufficient budget for whole project and it must be defined that how much cost will be covered by each project activity. Besides this, the proper tracking of all project’s expenditures against the predefined budget is also necessary to ensure that project is going at right track (Pmpcertificationhelp.com, 2017).
Quality Management
The next knowledge area that is required to apply for project is management of its quality. My business organization is popular among people for its quality services because while developing projects, I give preference to quality. The area of quality management consists of three major processes such as learning, setting and implementation of quality control and other activities of quality management of project. Quality management is helpful enough to ensure customers that our company will meet their expectations.
Human Resource Management
HR department plays an important role in a business organization and that is why it is considered as one of the key knowledge areas. The human resource management in a project helps to understand that what resources are required for project completion and according to that project team can be mad by project manager. Furthermore, this knowledge area is also required to give training and teach extra skills to project team members to get desired outcomes from them. Human resource management is also important to motivate team members.
Communications Management
It is a small knowledge area where contribution of project manager is about 80%. Under this knowledge area, three main processes such as planning, managing and controlling of communications of project are included. Moreover, under this knowledge area all incoming and outgoing communications of business projects are done. Here for effective communications management, strong linking between stakeholders and HR management is required.
Risk Management
Risk management is also an essential knowledge area to consider in project management. As we know that while developing a project various risk factors have to face by project team. In this case, risk management provides help to plan management of risk and to understand how evaluation of risk factors can be done. In this knowledge area, both quantitative and qualitative risk evaluations are done that are beneficial to control project level risks at large extent.
Procurement Management
Under this knowledge area of project management, all suppliers and procurements work are considered and supported. Like other project management concepts, it is also necessary to make project successful. In this area, some important points are: what will be the basic purchasing process for managing project work and how closing of the contract will be done by suppliers at end of project. During this process, the management of performance of contractors is so much required.
Stakeholder Management
The last but important knowledge area of project management is stakeholder management. Stakeholders are important for business organizations for handling projects, decision making and to perform other activities. Under this management process, identification of stakeholders, understanding of their importance for project and assurance of successful delivery of project by them are taken into consideration by project manager.
Conclusion
To sum up, I can say that above discussed knowledge areas are required for project management and it is also defined in report that how must be implemented by project management team. The proper implementation of these knowledge areas lead to successful business outcomes.

References
Projectmanagement.com. (2017). ProjectManagement.com – Home. [online] Available at: https://www.projectmanagement.com/ [Accessed 25 Oct. 2017].
Pmi.org. (2017). What is Project Management | PMI. [online] Available at: https://www.pmi.org/about/learn-about-pmi/what-is-project-management [Accessed 25 Oct. 2017].
Projectinsight.net. (2017). 5 Basic Phases of Project Management. [online] Available at: https://www.projectinsight.net/project-management-basics/basic-project-management-phases [Accessed 25 Oct. 2017].
Study.com. (2017). The Ten Knowledge Areas of Project Management – Video & Lesson Transcript | Study.com. [online] Available at: https://study.com/academy/lesson/the-nine-knowledge-areas-of-project-management.html [Accessed 25 Oct. 2017].
The Balance. (2017). The 10 Knowledge Areas to Study for Your PMP Exam. [online] Available at: https://www.thebalance.com/the-10-project-management-knowledge-areas-3866902 [Accessed 25 Oct. 2017].
Greycampus.com. (2017). Basic Concepts of Project Management | Project Management Professional (PMP). [online] Available at: https://www.greycampus.com/opencampus/project-management-professional/basic-concepts-of-project-management [Accessed 25 Oct. 2017].
Open.lib.umn.edu. (2017). 1.5 Introduction to the Project Management Knowledge Areas | Project Management from Simple to Complex. [online] Available at: https://open.lib.umn.edu/projectmanagement/chapter/1-5-introduction-to-the-project-management-knowledge-areas/ [Accessed 25 Oct. 2017].
Pmpcertificationhelp.com. (2017). The 9 Project Management Knowledge Areas. [online] Available at: https://pmpcertificationhelp.com/project-management-knowledge-areas/ [Accessed 25 Oct. 2017].

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