Does your organization have effective project management processes and/or Project Management Office to manage large projects so your people can focus on your business? What about outsourcing those projects or the development of your own Project Management Office?
What is Project Management?
Project management is the combined art and science of planning, organizing, and managing resources to get a particular project done on time, within budget, and with the results that the organization set out to achieve.
Project Management Office
Standardize and streamline your project management with best practices to minimize waste and increase profitability. The Rothschild Corporation can help you set up your PMO and/or become your outsourced PMO.
What is a Project?
- Clear goals
- Defined ownership/responsibility
- Dedicated team
- Defined methodology
- Controlled execution
- Completion evaluated based on original plan
- Linked to business objectives
- Supported by an organization’s management team
- Key skills of a Project Manager
- Influence and persuasion
- Project management
- Time management
- Stress and anger management
A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.
The primary challenge of project management is to achieve all of the project goals and objectives while honoring the preconceived constraints. The primary constraints are scope, time, quality and budget. The secondary —and more ambitious— challenge is to optimize the allocation of necessary inputs and integrate them to meet pre-defined objectives.
Project Management Phases
- Initiate Project
- Plan (Design Strategy for Solution)
- Execute/Implement the Strategy/Solution
- Monitor and Control the Results/Operations
- Close the Project
Project management requires
- Balancing the project’s scope, time, quality, and cost.
- Assess Stakeholders’ Needs and Wants
Start with SMART Goals
Specific: In order for the project team to achieve a goal, stakeholders must be very clear about what they want.
Measurable: It’s crucial that you are able to track your progress towards your goal.
Agreed Upon: All team members and stakeholders must agree on the goal.
Relevant: The goal must be relevant to the business purpose.
Timed: In order for a project to be considered a project, it must have a specific start and end date.
Learn about our Project Management Programs