The objective of project management is to achieve the all project goals by considering the project constraints like scope, time and budget. The project management is nothing but to proper discipline, planning and managing resources so that project goals and objectives achieved successfully. The projects are time bounded nature and will have definite beginning and ending date with proper deliverables.
The management of the project can be done with different project management approaches like traditional approach, Critical Chain Project Management, Even Chain methodology, process-based management etc. however the methodology of project management approach may be any type, yet proper consideration must be addressed so with respect to the objective, timeline, cost etc.
The selected project may be any type that may relate to production or service sector. It may be construction of building or implementation of new computer system for which the Project plan is necessary. Such project plan defines the project goals, identification of tasks, achievement of goals, requirement of resources, determination of the budgets and timelines for completion. Such project plan will be ended with evaluation of the project. Continuous monitoring is required till the end of the project.
The completion of the time of the project may be short term or long term. While undertaking short term projects, ensure to cost minimization by applying proper resources including human and capital. For the short term, the cost of the capital may be high and in this regard portfolio investment should be encouraged so aggregate cost may be decreased. The application of resources should be made with efficient strategies.
Mere application is not enough, but the progress of the project is required and in this regard designing of the proper formats is essential. It means daily reporting, weekly reporting, fortnight reporting, monthly reporting etc so that cost estimation, progress of the work, surplus or deficit of material, wastage of time etc can be analyzed and can be modified suitably according to the budget allocations. The project monitoring is an important task and hence the leader of the project intervenes suitably as and when necessary to avoid critical situations. The monitoring of the project can also be done with budget tracking, observation at field, task completion method, micro deliverables etc.