Project management expertise is recognized as a strategic and organizational competence for business professionals in a variety of roles, making it a valuable skill set across industries. Monitoring/Controlling: Track performance and keep stakeholders informed.Ĭlosing: Note successes and collect feedback from stakeholders. Planning: Develop a roadmap that identifies goals and requirements.Įxecution: Start work on the project by implementing plans. Initiation: Define the project and what value it would add. Phases of project management or a project lifecycle can vary, but PMI describes five.⁴ They include: The Project Management Institute (PMI) defines project management as the use of applicable knowledge, skills, tools, and methods to deliver value.² Project management can involve tasks such as proposing an idea or project, making a plan, tracking progress, assessing risks to avoid problems, and addressing any unexpected issues while managing stakeholders’ expectations.³ Whether it is a quick issue to be solved or a lengthy plan that needs to be implemented, each project needs to be managed. Projects are unique and differ from routine operations because each one is expected to reach a conclusion.¹ Projects might need to be completed swiftly to address an urgent problem, or they might require longer periods of time depending on the purpose and scope. A project is a set of activities and tasks that lead to a defined goal.
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