Project management is a complex industry because there are so many different project management theories, and virtually every industry – such as banking, insurance, telecommunications, construction, government – has different project management needs and methods. Some project managers enter the industry prepared for that role, whereas others start from entry-level positions and become project managers as their knowledge and understanding of the industry develops.

What is Project Management?

To get a handle on this mysterious professional role, we should first look at the definition of a project.

A project is “a temporary endeavour undertaken to create a unique product, service or result.” Projects have a defined beginning, end, and scope. There are specific resources devoted to it. And because it falls outside of a company’s routine operations, may require collaboration from people in multiple departments, organisations, or locations.

Every project needs expert management in order to be successfully delivered on time and within budget. To put it simply, project management is combining your knowledge with various skills, tools, and techniques to meet the established requirements of a project.

Project management in business

Project management is a function that has been practiced as long as there have been projects. However, it only began to emerge as a separate profession in the mid-20th century. That could be part of what makes it tricky to pinpoint exactly what a project manager does that is distinct from the actual work involved.

The processes are divided into five primary categories: initiation, planning, execution, monitoring and control, and closing.

Why is project management a necessary skill?

Project managers draw their expertise in areas including quality, scope, time, cost, human resources, stakeholder engagement, and risk management. Though all management is concerned with these issues, project managers deliver a unique focus that is shaped by the goals, resources, and requirements of each project. The rapid growth of the industry shows the value in that specific focus for getting the job done right.