Project management is a crucial part of any business operation. It involves the planning, coordination, and execution of tasks and resources to achieve specific goals and objectives. The success of a project heavily depends on the effective management of different knowledge areas. The following are the (10) components of project management as defined by the Project Management Book of Knowledge (PMBOK)
1 | Project Integration Management
Project Integration Management is the art and science of coordinating various processes and activities involved in a project. It involves the coordination of tasks, resources, stakeholders, changes, and project variables. The main purpose of Project Integration Management is to ensure that the project is aligned with the overall business objectives. Project managers play a crucial role in Project Integration Management by ensuring that all the tasks are aligned and working towards the successful completion of the project.
2 | Project Scope Management
Project Scope Management involves defining and controlling what will be done in a project. This knowledge area ensures that the project stays within the defined scope. The main challenge in Project Scope Management is scope creep and scope changes, which can negatively impact project success. Project managers must manage scope changes effectively, ensuring that the project stays within its original scope while meeting changing needs.
3 | Project Time Management
Project Time Management involves estimating the duration of tasks, assigning resources, and determining the critical path for the project. Scheduling and time tracking tools play a significant role in this knowledge area. Project managers must ensure that the project stays on track and meets the defined timeline.
4 | Project Cost Management
Project Cost Management involves estimating project costs and creating a budget using cost-estimating tools. It also involves cost control and monitoring to ensure that the project does not exceed the defined budget. Effective project cost management ensures that the project’s financial goals are met within the defined budget.
5 | Project Quality Management
Project Quality Management involves enforcing quality standards, inspection, and quality control and assurance processes. It ensures that the project deliverables meet the defined quality standards. Project managers play a crucial role in ensuring project quality by setting and enforcing quality standards for all project deliverables.
6 | Project Human Resource Management
Project Human Resource Management involves identifying roles and requirements for a team, monitoring their performance, and ensuring that they have the necessary skills to complete assigned tasks. Critical skills for project team members include technical skills, communication skills, problem-solving skills, and teamwork skills. Project managers must ensure that the right people are assigned to the project, and they have the necessary skills to complete their tasks effectively.
7 | Project Communications Management
Project Communications Management includes creating a communication plan and using communication tools to manage stakeholders and keep them informed. Effective communication is crucial for project success, and project managers must ensure that all stakeholders are informed and aligned with the project objectives.
8 | Project Risk Management
Project Risk Management involves identifying risks that might occur during project execution, assessing them, and mitigating them through appropriate strategies. An effective project risk management ensures that the project team is prepared to handle any risks that may arise during project execution.
9 | Project Procurement Management
Project Procurement Management involves identifying needs for outside contractors, managing contracts, and ensuring supplier management. Effective project procurement management ensures that all external contractors are aligned with the project goals and deliverables.
10 | Project Stakeholder Management
This last component is critical to both long- and short-term success. The stakeholders that the project has been created for must be happy and therefore stakeholder management is a key part of project management. Stakeholder analysis can be used to determine both satisfaction with the project as well as any concerns they might have with the process or results.