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What is Project Management?
Project management is the practice of designing, scheduling, implementing, introducing, monitoring, and come to the end of the work of a team to attain definite goals and meet definite success criteria at the required time. The utmost task of project management is to achieve all of the project goals within the given constraints. it's a work that's time-specific and resource-specific. We understand the difficulties and struggles students face daily to complete their assignment work. therefore, we are there to help with this. We have a team of experts who are highly qualified and skilled and can help you to excel in the assignments and even with the degrees of project management courses.
Types of Project Management Methodologies with Examples
Project management is carried out in a wider environment than the project itself. Therefore, the guiding processes are important. These are some of the widely used the Project Management Methodologies
- Waterfall
- PRINCE2
- AGILE Methodology
- Scrum
- Kanban
- PMBOK
- LEAN
What is Project Procurement Management?
Project Procurement Management includes the process of purchasing or obtaining the required products, services, or results from outside the project team. It also includes contract management and change control processes. The project schedule has a significant impact on the planning of procurement strategy in the planning of procurement management. The main role of this process is to ensure that buyers and sellers fulfill their legal agreements to meet their procurement needs (Judd, 2012).
Useful tools for Project Management planning
To-do List: Defines the role to be played by every individual in a project. It is also helpful in measuring productivity
Workflow charts: Useful in identifying the steps to be followed while working on a project. Helps the users providing clear instructions and visualizing the work in progress.
Gantt Charts: One can use it as an alternate time management tool, and it also helps them to track productivity.
Time Tracking tools: Keeps up with the time management. It can be used to issue a warning and speed up the process.
Collaboration tools: Makes the project control easy by collaborating. It makes sharing easy
Milestones in Project Management
A milestone is a tool that helps the stakeholders involved in the project knowing the progress of the project. A milestone symbolizes an important achievement in the project. These milestones will serve as communication tools for others involved. The milestones are the most comprehensive way of monitoring the execution of a project. These milestones carry significant importance as it can be used to assess the effectiveness of the team and with the time management. In this way, the board can define all their projects with the help of the words milestone. For example, the milestones that we have crossed, which is nearby, which is behind, etc.
Important Project Management Software
five famous Project Management Software
Microsoft Projects: It is the most commonly used Project Management Software by the company Microsoft. It offers a lot of services on both cloud and offline platforms.
Trello: It helps the users to keep track of everything. With the help of various tools, you can organize and prioritize the projects and activities. It is a complete Project Management software that can challenge Microsoft Projects in terms of quality.
Wrike: It is an online project management software, that aims at simpler project management experience to the users. It provides options to collaborate and streamline the work.
Atlassian: Atlassian’s JIRA is one of its top products. The software helps with tracking project development. It provides services such as bug tracking, issue tracking, and other functions to manage the products effectively.
Zoho Projects: Zoho Projects provides the storage of the basic information of the project, as well as the tasks and the management of the documentation.
Financial Planning in Sample Project Management
Budget and time play a big part in Project Management. The budgeting lays down the financial constraints that one may face in a project. The financial analysis in general analyses the profitability of the business and the economic analysis that analyses the profitability of the company or industry in which it is a part. Therefore, the macroeconomic aspects are also given some level of importance.
Financial planning is critical as it can be used to identify and regulate the cash flow in a project. Dependencies & Contingencies in a project are mostly responsible if the financial plan of a project fails to materialize. Before the preparation of an investment project and its financial planning, all economic analysis work must be carried out. It must be done with the aim of formalizing concrete ideas on which are the priority projects for the development can be selected among the available options.
There are a variety of financial tools used before the selection of projects such as Present Net Value (NPV), Internal Rate of Return (IRR), Pay Back period, etc.
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