Project management means leading the work of a team by organizing, planning, and executing its resources and events in order to achieve the desired goals within the given constraints. It can be an ongoing activity or a future-oriented plan and the resources that need to be managed can be both, personal and professional. The sole objective of project management is to deliver the design or project to the client by not violating the time, resources, and financial constraints.

Features

There are certain features that make the whole project management process quite easy and can help in achieving success in the end. These features have been stated as important because they are formed and recommended by managers as they keep in mind the psychological aspect of the employees too. Some of those features are communication, project planning, project cost, project monitoring, reporting to the heads, risk management, and effective time management.

Advantages

The advantages of project management are numerous but they could only be achieved if the execution of the steps and skills of the team is nicely done and they work to their utmost potential. One of the many benefits of project management is that it keeps the goals and work organized in one place, if the objective is not clear, there is no direction and hence, no result. Increasing team efficiency and effectiveness is one of the most important factors to be kept in my while leading a project which can be achieved with project management. Lastly, the estimation of the risk factor is easily calculated and the blow is not very harsh as it impacts the team as a whole.

Disadvantages

Advantages are always accompanied by cons no matter what the element is. The same goes for project management but the only difference is that these cons can be reduced to a trivial level with good execution of features. Some of them are high costs, communication failures, increased complexity, lack of creativity, and misinterpretation. As a person can notice, all these cons still have the potential to be managed with the help of good and experienced leaders.

Classification

Project management can be applied to any type of project. They also tend to vary from project to project and don’t require sticking to the same format as others. They can be mended according to the needs, requirements, and goals of the project. The most common project management type is the one that focuses on the three key factors: time, quality, and cost. The other types revolve around these three factors and other secondary factors may be added to them.

When done correctly, project management skills could do wonders for a project. Starting from the initial stage all the way to the end, it has a very well-defined set of rules and formats which could be very useful in utilizing resources and giving the client a satisfactory result for their endeavors.

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