What Are The Five Basic Functions Of Project Management

What is Project Management Project management is a series of steps taken in sequence to manage a project through all phases from conception to completion. The steps are documented in a strategic plan. The plan is used to ensure that all parties are working towards a common goal. Project management requires applying knowledge, skills, tools and techniques to specific activities in accordance with established standards and guidelines. There are five basic functions of project management: planning, organizing, staffing, directing, and controlling. Basic activities of project management include: identifying project requirements to define the outcomes; addressing various needs, concerns and expectations of others; setting up, maintaining and carrying out communications; managing others; creating project deliverables; and balancing competing project constraints. A key activity in project management is assessing project constraints. A project has three limitations: scope, budget and schedule. These limitations are project constraints because they are sensitive to change and have an impact on project risk. Risk is exposure to uncertain outcomes. Project constraints are mutually exclusive. If one constraint changes it affects the others and adjustments may be required to compensate and manage risks. For example, a delay in the schedule can increase the risk that the project will not finish on time. Time is money and delays have a negative impact on the budget. ToShow MoreRelatedThe Importance and Implementation of Project Management1552 Words   |  6 Pagesthat one does not become workaholic and is able to dedicate appropriate time to family and work. The same kind of order and organization is necessary for a firm to fulfill its main goals. Project Management dates back to the 1960s where it was first adopted by the US government when it divided its many functions into separate programs, like the space and military programs. This began because managers and organizations learned that division of work into skill defined units and assigning each task toRead MoreEssay on Construction Project Management and Business Management925 Words   |  4 PagesConstruction Project Management and Business Management Over the past few years, the construction industry has been changing dramatically. One of the most important stages in the construction management and business management is the planning phase. They share similar two main levels of planning which are the strategic and operational planning. However, business management planning to decide in advance what should be done, and how to do it, when you do and you are done. 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