What is Project Management ?

A project is a set of tasks, arranged in a defined sequence or relationship, that produce a pre-defined output or effect. A project always has a start, middle and an end. When "projects" are big, important and costly, limited time and resources are available to accomplish goals. Sometimes the projects are risky. This is where Project Management comes in. Project Management can help guide efforts and provide effective outcomes. Project Management tools and techniques, enable to function with speed, affordability and complexity.

Project Management is a set of principles, methods, tools and techniques for planning, organizing, staffing, directing and controlling of related activities to achieve an objective with time, cost and performance constraints.

Project Management function primarily involves Planning, Monitoring and Controlling. These involve estimating, scheduling, tracking progress and implementing corrective action wherever needed. Effective project management reduces the risk of failure and increases the probability of success. An efficient Project Management software provides the Project Managers, the ability of interfacing with management and giving them a proper appreciation of the state of the project and ensuring that they can make appropriate resource allocation decisions that involve time, people and money.

Hence as learners of Industrial and Production and Mechanical Engineering we find it challenging and interesting field to work in and contribute.

There are no hard and fast rules or techniques evolved that can be used to tackle all the problems in this area. Different organizations may have conflictive objectives therefore unique solutions are required for each individual organization. It is also a dynamic system involving uncertainties and inter-dependencies of time and cost parameters for various activities in a Project, making it difficult to determine the most effective strategy.