What is Project Management?

A project manager is responsible for leading their projectProjectA project is a time-limited undertaking with defined objectives and resources that delivers unique results and often includes complex tasks. team to the successful completion of a project. To do this, they clarify the goals and the project assignmentAssignmentSynonym for → AllocationAllocating describes the strategic process of identifying the correct resources for projects or individual tasks and assigning them accordingly., create a project structure plan (if necessary), and plan deadlines and milestonesMilestoneIn project portfolio management, a milestone marks an important point in a project’s progress that requires monitoring or decision-making. Milestones indicate project phases, marking the completion of objectives or the…. Then, they distribute and coordinate tasks within the project team.

They monitor progress and ensure that the project adheres to the set timelines, budgets, and requirements. They also expertly utilize soft skills such as team leadership, self-management, social skills, and stress management. Productive communication with team members and other stakeholders is also an important task for project managers.

They report to management on the project status and request resourcesResourceResources are all the people, places and things that you need to complete projects. The most important resource? Employees, of course! from team or resource managers. Project managers also take care of resolving any conflicts or complications that come up. By promptly informing stakeholders of changes, they can ensure the availability of necessary resources.

The typical phases in project management are:

1. Initiation: Developing an idea for a project and presenting it to those responsible.
2. Planning: Thinking ahead about how the project will be approached, what the intermediate and final goals are, and how it can be completed successfully.
3. Execution: Making the plan a reality. This involves completing tasks step by step and working towards intermediate goals and the final goal.
4. Monitoring: Regularly checking progress and setting up meetings to make sure everything is going according to plan and any problems can be resolved.
5. Project Completion: Achieving the final goal by the specified deadline.

The iron triangle is used to determine whether a project was appropriately and successfully planned. It visualizes the interrelationships between the following three components: scope, time, and cost. These three dimensions define the boundaries of each project. For example:

• As the scope of a project increases, the team needs more time and consequently the company must invest more money.
• If the team determines that they need more time to implement a project, the costs and scope automatically increase.
• If the cost of the project needs to be reduced, this means that less time can be invested and the scope of the project becomes smaller.

The goal is to keep all dimensions as balanced as possible.

Project management is about the implementation of individual projects and the processing of specific tasks within these projects. Project portfolio management (PPM) is one level above: this is where decisions are made.

For examples, some questions you need to address during PPMPPMSynonym for → Project Portfolio ManagementProject portfolio management (PPM) is a process that seeks to select, prioritize, monitor and analyze a company’s projects. are:

• Which projects are being implemented?
• Which resources and roles are available?
• Where in the portfolio can the project be planned?
• Are there dependencies on other projects?
• Which resources do you need for project implementation? And when do you need them?

Good PPM makes project management easier. It gives project managers a clear idea of what resources and capacities they can expect for their projects so that their teams can complete them successfully. Since project priorities are made clear in advance in the PPM process and projects are aligned with the company strategy, project managers can be sure that their projects are important and have the support of the company.

Specifically, the relationship between the two means knowing that the right projects (PPM) are realized and completed in the right way (PM).