Project Management
1. Introduction
Project Management is the process of planning, executing, monitoring, and
completing a project to achieve specific goals within a defined timeline, budget, and
scope.
It ensures efficient resource usage, risk management, and quality delivery.
2. Objectives of Project Management
Deliver projects on time and within budget.
Meet business requirements and customer expectations.
Ensure high-quality outputs.
Manage risks, resources, and communication effectively.
Align project goals with organizational strategy.
3. Key Components of Project Management
Project management involves five core elements:
Component Description
Scope Defines what the project will deliver and what is excluded.
Time Timeline for completing tasks and milestones.
Cost Budget planning and cost optimization.
Quality Ensuring deliverables meet standards and requirements.
Resources Managing people, tools, and infrastructure.
These make up the Project Management Triangle — balancing Scope, Time, and
Cost to achieve quality.
4. Phases of Project Management (PMI Standard)
According to PMBOK (Project Management Body of Knowledge), there are 5 main
phases:
Phase 1 — Initiation
Define project goals, feasibility, and objectives.
Prepare a Project Charter.
Identify stakeholders.
Phase 2 — Planning
Develop a Project Management Plan.
Define:
1. Scope
2. Schedule
3. Budget
4. Risk management plan
5. Communication plan
Use Work Breakdown Structure (WBS) to divide tasks.
Phase 3 — Execution
Implement the project plan.
Allocate resources and assign tasks.
Coordinate across teams.
Use collaboration tools to track progress.
Phase 4 — Monitoring & Controlling
Measure performance against KPIs.
Manage risks, scope changes, and dependencies.
Use project management tools for dashboards and reporting.
Phase 5 — Closure
Deliver final output to stakeholders.
Conduct post-project reviews.
Archive documentation for future reference.
Release project resources.
5. Project Management Methodologies
Different methodologies exist based on project size, complexity, and goals:
Methodology Description Best Used For
Waterfall Linear, sequential phases Small projects with fixed scope
Iterative, customer-driven, Software & fast-changing
Agile
flexible environments
Subset of Agile with sprints &
Scrum Product development
roles
Kanban Visual task tracking via boards Continuous delivery
Lean Eliminates waste, improves Manufacturing & software
Methodology Description Best Used For
efficiency
Combines development &
DevOps CI/CD pipelines & automation
operations
PRINCE2 Process-driven methodology Large, structured organizations
6. Project Management Tools
Purpose Tools
Planning & Tracking Microsoft Project, Smartsheet
Collaboration Trello, Jira, Monday.com
Resource Management Asana, Wrike, ClickUp
Reporting & Analytics Power BI, Tableau
Agile Project Management Jira, Rally, VersionOne
7. Key Roles in Project Management
Role Responsibilities
Leads the project, manages resources, risks, and
Project Manager
communication.
Understands requirements and translates them into
Business Analyst
specifications.
Developers/Engineers Build and deliver solutions.
QA/Testers Ensure deliverables meet quality standards.
Stakeholders Influence project goals and success.
8. Importance of Project Management
Ensures better planning and resource allocation.
Improves team collaboration and communication.
Reduces risks and cost overruns.
Helps achieve strategic business objectives.
Enables predictable and successful deliveries.
9. Real-Time Example
Example: T24 Core Banking Upgrade Project
1. Initiation: Bank decides to upgrade T24 R14 → R23 for performance
improvements.
2. Planning: Project plan prepared with timelines, budgets, and resource
allocation.
3. Execution: Developers, DBAs, and testers implement the upgrade.
4. Monitoring: Weekly reviews track project progress and risks.
5. Closure: Upgrade completed successfully, new system goes live, and handover
done.
10. Best Practices
Define clear objectives and scope.
Maintain continuous stakeholder communication.
Use Agile + DevOps for faster deliveries.
Automate reporting and deployment pipelines.
Perform risk analysis early.
Track project health using KPIs and dashboards.
11. Summary
Aspect Traditional PM Agile PM
Approach Linear & sequential Iterative & flexible
Planning Done upfront Evolving
Customer Involvement Minimal High
Delivery At end of project Continuous increments
Best For Construction, hardware Software, evolving needs
Project Management ensures that projects are delivered on time, within budget,
and with high quality, using structured frameworks and tools.
