Project Management Processes: An Overview
Project management processes are an integral part of the Project Management Body of Knowledge (PMBOK). Project managers need to understand how these processes work, and when they should be used.
In this blog post we will cover:
1) Project Planning,
2) Project Monitoring and Control
3) Project Quality Assurance,
4) Project Cost Control and
5) Project Close-Out.
Project Planning:
Project planning is the process of creating a Project Management Plan. It includes establishing an initial project scope, timelines and deadlines, building a team and assigning roles, identifying risks and contingencies for each risk response strategy. The Project Manager should also create a Work Breakdown Structure to define all tasks required to complete the project’s deliverables.
Project Monitoring & Control:
Project Monitoring and Control is about managing changes in direction or priority that arise from various sources such as stakeholder requests or changing market conditions. This requires close collaboration with stakeholders to ensure alignment on expectations while adjusting plans accordingly whenever necessary within cost limits set by the organization. To minimize disruptions caused by change management there are certain rules that need to be followed: – All changes must follow Project Change Control Process – Project Manager should not accept changes that exceed the project budget or timeline, if so it must be escalated to Project Sponsor for approval.
- Whenever possible changes to scope and cost should be prevented by Project Managers when negotiating with stakeholders at Project Initiation Phase whenever opportunities arise.
Project Quality Assurance:
The Project Quality Assurance process ensures all deliverables meet quality standards defined in the Project Scope Statement and any other product specifications included in Requirements documentation. All activities within this phase are focused on ensuring quality of deliverable is maintained throughout each stage of development: planning, executing and closing out processes. This typically involves creating a Product Acceptance Plan which outlines requirements for accepting finished products including sign off from appropriate managers/stakeholders. Project Managers need to make sure that all deliverables are tested for conformance against requirements before releasing them.
Project Cost Control:
Project Cost Control is about staying within budgeted cost, which requires close management of Project Budget throughout the project life cycle. A good way of doing this is by setting up a Project Baseline at Project Initiation and then tracking progress towards it using Earned Value Management techniques. The main steps in this process include: – Compute Planned Value (PV), also known as Budgeted Cost for Work Scheduled (BCWS) – Estimate At Completion (EAC), also known as Estimated Cost for Work Performed (ECWP) – Compare PV & EAC to track performance against plan
Project Close-out:
Project close-out is the final phase in a project life cycle. It has two main objectives:
- Ensure all Project Deliverables are complete and accepted by stakeholders, if not Project Managers need to renegotiate with them on outstanding items or reallocate resources from other projects to finish work for this one.
- Account for all costs accrued throughout the project including direct and indirect expenses incurred during execution of deliverables. This process includes creating an invoice that summarizes all expenses related to the project as well as billing any customers involved who have paid for services rendered along with reimbursing Project Team members who spent their own money supporting team efforts on behalf of organization.
About ProgressGenic:
ProgressGenic is a project management and scheduling service company that specializes in providing solutions to the engineering, construction and manufacturing industries. Our team of professionals will work with you from start to finish on any type of project or task. We understand that projects can be laborious, time-consuming and stressful at times, which is why we aim to provide our clients with top-quality services so they can focus on their tasks without having to worry about the rest.
– Are you looking for
Project Control Services?
Our aim is to get your projects complete on-time and on-budget
