What Is Project Management?
You are likely already familiar with project management, but for the purpose of comparing it to project portfolio management, let’s consider its definition. According to the Project Management Institute (PMI), project management is, “the use of specific knowledge, skills, tools and techniques to deliver something of value to people.” This is a pretty broad definition of project management, so let’s also look at the definition of a project. PMI defines a project as “a temporary effort to create value through a unique product, service or result.”
To combine these two definitions, you could say project management is the use of skills and processes to successfully complete temporary work (a project) that adds value to your organization. Typically, project management includes work collaboration and task management. Projects usually include a project manager and a project team who complete the work on the project. Project managers are the people who “deliver something of value” with projects. While the exact duties of a project manager can vary by organization, common activities of a project manager can include:
- Clarifying project objectives, and assigning tasks and responsibilities
- Planning and keeping track of project timelines and detailed milestones
- Checking the progress of the project and its adherence to the timeline, budget, and requirements
- Monitoring the project's risks
- Managing the team to success by overcoming low-level conflicts, communicating with team members and tying in key stakeholders