Introduction to Project Management

Have you ever built a treehouse, planned a wedding, or organized an office move? If you have, you might already have the skills of a project manager!

As suggested by our 2024 Course Trends Report, more employers are now hiring based on skills instead of just degrees or certificates. This shift toward skills-based hiring is great news for individuals with strong abilities in technical expertise and problem-solving areas. Project management is one of the fields where these skills truly stand out.

Over the next 10 years, the need for project managers is expected to grow faster than most other jobs. However, many companies are facing a shortage of qualified project managers, which could impact organizational productivity. According to the U.S. Department of Labor, project management jobs are expected to grow by 6% from 2022 to 2032, outpacing the average job growth. Our findcourses.com user statistics also reflect this trend, showing a growing interest in Project Management subcategories PMP, PMI, and Scrum.

In this article, we’ll help you understand the basics of project management and why it’s so important. We want to help you decide if learning more about project management could be a good step for your future.

What is Project Management?

Project management involves planning, organizing, and making sure a project gets done right. It needs to be completed on time and within budget. Imagine you’re in charge of building a treehouse with your friends. You’d need to figure out what kind of treehouse you want, gather the materials, assign tasks, and make sure everything is built safely and on schedule. That’s project management in a nutshell!

Unlike regular management, which is ongoing and involves day-to-day operations, project management always has clear goals and a set time frame. This means a project manager needs a variety of skills to get the job done. They need to know the technical stuff, be great at working with people, and have a good sense of how the business works.

Introduction to Project Management: Understanding the Basics

Project management is important in every industry—from building skyscrapers to launching new apps, or planning big events. Without effective project management, things can easily go off track, leading to wasted time, overspending, and missed deadlines. By managing projects well, companies can ensure that they achieve their goals efficiently and effectively, helping them be competitive.

Projects are different from the everyday tasks a business handles because they focus on achieving specific goals within a set budget and deadline. When a company wants to create something new or solve a problem, they form a team to work together temporarily with one clear objective. This makes teamwork absolutely crucial for the success of any project.

Project management is like being a coach, guiding your team through different tasks to reach the final goal. How a project is managed depends on many factors, like its size, importance, and complexity. For example, launching a new app and organizing the Olympics might both need project management, but they come with very different challenges.

Project goals can be broken down into different types, such as:

• Outputs: like constructing a new headquarters building.
• Outcomes: like moving staff from various locations into that new headquarters.
• Benefits: like saving money on travel and facility management.
• Strategic Objectives: like doubling the company’s share price within three years.

No matter the goal, successful project management is about bringing the right people together, managing resources wisely, and steering the project to a successful finish.

Snapshot: Project Management Terms

1. Project: A project is any task with a clear goal, like building a treehouse, creating a video game, or organizing a school fundraiser. It has a start and an end.

2. Project Life Cycle: Just like a story has a beginning, middle, and end, so does a project. The main stages are:

• Initiation: Deciding what you want to do and checking if it’s possible.
• Planning: Figuring out the details—what needs to be done, by when, and how much it will cost.
• Execution: Getting to work and putting the plan into action.
• Monitoring and Controlling: Keeping an eye on progress and making adjustments as needed.
• Closure: Wrapping things up and making sure everything is finished properly.

3. Project Scope: This is what your project includes— the exact tasks and goals you need to complete. For example, if you’re building a treehouse, the scope might include building the platform, walls, roof, and ladder.

4. Project Constraints: These are the limits you need to keep in mind, like how much time you have, how much money you can spend, and what materials are available.

5. Stakeholders: These are the people who care about the project’s outcome. In the treehouse example, stakeholders could be your spouse and friends (your helpers in the initiative), your children (the primary beneficiary of the project), and maybe even the neighbors if the treehouse is close to their yard.

6. Risk Management: This means thinking ahead about what could go wrong, like bad weather or running out of nails, and making a plan to deal with it.

7. Resource Management: Making sure you have everything you need to get the job done, like the right tools, enough wood, and people to help.

8. Communication: Keeping everyone in the loop. You wouldn’t start building the treehouse without telling your friends what part they’re in charge of, right?

9. Quality Management: Making sure that what you build meets expectations. You don’t want a treehouse with a roof that leaks!

10. Project Management Methodologies: These are the most popular ways to manage a project, depending on what works best for you and your team. Many companies might even be already organized to work within a specific methodology:

• Waterfall: Step-by-step, linear-- like following a recipe.
• Agile: Flexible and fast with teams working simultaneously on different parts.
• Scrum: A type of Agile where small teams tackle tasks in short bursts.
• Lean: Focuses on cutting out waste and being efficient.
• PRINCE2: A detailed method that guides you through every step of managing a project.

To learn more about Project Management methodologies, read our article-- The Different Types of Project Management Methodologies: A Simple Explanation 

Example: Developing New Products

For a good portion of my career, I worked on developing new consumer products. The project manager in charge was like an air traffic controller, ensuring that all projects moved forward smoothly and stayed on schedule, with none crashing. Her role involved coordinating multiple departments—marketing, procurement, finance, and creative—each playing a critical part in the process.

When one department faced a delay, she swiftly devised workarounds to minimize any impact. She skillfully tracked key milestones, quickly resolved issues, and nudged stakeholders along—sometimes gently, sometimes more firmly—to keep every project on track, all while maintaining a positive attitude.

At the end of each development cycle (although "cycle" is a bit of a misnomer, as there was always something in development), she would review the process by analyzing key performance indicators (KPIs) and gathering feedback from the team. This helped identify what worked well and what could be improved, ensuring the next cycle ran even more smoothly. Thanks to her leadership, we were able to navigate the complexities of new product development and consistently bring successful products to market.

Project Manager: a Job Description

A Project Manager is like the captain of a ship, guiding the team through the entire project from start to finish. Project managers are needed in almost every industry despite the infiltration of AI.

So, what does a project manager actually do, and why might you want to become one? A project manager is responsible for guiding a project through every stage of its lifecycle— from initiation and planning to execution and closure. Their main job is to make sure the project is finished on time, stays within budget, and meets all the goals set at the start.

If you're eager to explore this career or upskill your skillset, enrolling in a project management training course can get you started.

Read on for a closer look at what they do.

The Essentials of Project Management

A project manager wears many hats to ensure a project is completed on time, within budget, and meets all its goals.

Here’s a closer look at a project manager’s key responsibilities according to the Project Management Institute, the US-based professional organization:

1. Planning: A project manager’s job starts with creating a detailed plan. They map out what needs to be done, set deadlines, estimate costs, and assign tasks. Think of it like planning a big road trip: you decide on the route, where you’ll stop, and who’s going to do what along the way.
2. Organizing the Team: The project manager picks the right people for the job, making sure everyone knows their roles. They make sure tasks are assigned based on each person’s strengths and ensure the team works well together. This requires strong leadership to guide the team towards achieving the project goals.
3. Managing Resources: To keep everything on track, the project manager makes sure all the tools, materials, and people needed are available and used wisely. It’s like packing enough snacks and supplies for your road trip so you don’t run out or overspend.
4. Communication: Keeping everyone in the loop is crucial. The project manager acts as the main point of contact for the team, clients, and other stakeholders, making sure everyone knows what’s going on and addressing any concerns. Good communication skills are essential because the project manager is the one who keeps everyone connected.
5. Risk Management: The project manager looks out for potential problems before they happen and makes plans to tackle them. This could be anything from running low on materials to dealing with an unexpected delay. Using strong critical thinking, they figure out how to avoid or solve issues before they become big problems.

As Anna Bushnaya, Head of Project Management at Lumene Group, highlights, focusing on fewer initiatives for bigger impact has become crucial in today’s competitive market. She emphasizes the importance of allocating resources strategically: “Making sure we put resources into what matters most. That part of my job is critical now.” This approach aligns perfectly with effective risk management, where anticipating and mitigating potential issues ensures that projects remain on track and resources are used wisely.

6. Monitoring Progress: As the project moves forward, the project manager keeps an eye on how things are going. They track progress, compare it to the plan, and make changes if needed to stay on track. It’s like checking your map regularly during your road trip to make sure you’re still heading in the right direction.

7. Problem-Solving: When challenges pop up, the project manager jumps in to fix them. Whether it’s a delay, a budget issue, or a team conflict, they work quickly to find solutions and keep the project moving forward. This includes troubleshooting any surprises and making sure everything meets high standards.

8. Closing the Project: Once everything is done, the project manager wraps things up. They deliver the final product, ensure all tasks are completed, and review what went well and what could be improved. This helps make sure the project ends successfully and provides valuable lessons for future projects.

Earning a project management certification is an excellent way to enhance your qualifications, validate your expertise, and add value to your resume. Certifications like PMP or PRINCE2 are recognized globally and can significantly boost your qualifications, making you more competitive in the job market and opening up opportunities for career advancement.

The Fundamental Skills of a Project Manager

In the competitive landscape of project management, data-driven decision-making is more important than ever. As Bushnaya notes, “Analysis and consumer insights are becoming increasingly important because there is so much competition in the market. We need to ensure we're investing resources in the right areas, which means doing a lot of data analysis before even starting a project.”

This underscores the critical thinking and analytical skills required of a successful project manager, ensuring that resources are optimally allocated from the very beginning. Here are the essential skills you need as a project manager:

• Leadership: Like a captain steering their ship, you lead the team to achieve the project’s goals.
• Communication: You keep everyone informed, from team members to clients, making sure everyone knows what’s happening.
• Organization: Juggling tasks and priorities is key to keeping the project running smoothly.
• Critical Thinking: You analyze and solve problems before they become big issues, ensuring everything stays on track.
• A Sense of Humor: Keeping a positive attitude helps reduce stress and keeps the team motivated and energized.

Project management is the backbone of successful project execution. As you've learned, the role requires a blend of technical skills, leadership, and the ability to communicate effectively. By mastering these fundamentals, you can not only enhance your career prospects but also contribute more meaningfully to your organization's success.

Whether you're new to project management or looking to formalize your skills through certification, investing in this field offers significant returns. Consider taking the next step by exploring available courses or certifications that can further solidify your expertise and open up new career opportunities.