Project management is the means of managing a project and taking it to its conclusion. So, what is a project? In simple terms, it is a temporary allocation of resources into completing an endeavor. It is temporary in terms of execution, because it has a defined start and end date. These of course, can be extended or truncated, depending on the situation, because during the course of a project, priorities could change, making the end date or anything between the two a shifting goalpost.
Another characteristic of a project is that it is not part of an organization’s daily work. It is carried out for a specific purpose, after which the organization rarely initiates another of its kind, unless required to.
Project management is about managing variables
So, project management is about the ways in which an organization assigns or apportions its resources and defines and follows objectives in completing a specific set of tasks and activities in executing a project.
Many variables go into the ingredients or components of project management, depending on the nature of the project, its importance to the organization, the resources needed for its implementation, the bottom-line or outcome of the project, etc.
In a general sense, project management can be said to consist of the following phases: