Student's Name= Rishab dugar

Registration Number=213442005010020
College Name= Inspiria knowledge campus
Subject Name=Project management
Subject Code= BBA 601
 Basic Concept

Project: It's a temporary group activity designed to produce a unique product, service
or result.

Project management: It is the application of knowledge, skills and techniques to

execute projects effectively and efficiently. It's a strategic competency for
organizations, enabling them to tie project results to business goals and thus, better
compete in their markets.

The primary challenge of project management is to achieve all of the project goals and
objectives while honoring the preconceived constraints. The primary constraints are
scope, time, quality and budget. The secondary and more ambitious challenge is to
optimize the allocation of necessary inputs and integrate them to meet pre-defined
objectives.
 Importance of Project Management

The importance of project management is an important topic because all

organisations, be it small or large at one time or other are involved in
implementing new undertakings.

These undertakings may be diverse such as the development of a new

product or service; the establishment of a new production line in a
manufacturing enterprise; a public relations promotion campaign; or a major
building programme.
Points to successful project management in an organization
Understanding client needs
Planning
Clear communication
Implementing Plan
Project Management
Managing change
Evaluation
 Functions of project management
1. Initiation
The initiation phase is when the project manager first develops the idea for the
project and gets approval to move forward. It also outlines the key elements, like the
project's goals, scope, limitations, stakeholders, and risks. This is where the project
manager creates a team and assigns roles.
2. Planning
In this phase, the manager defines every step involved in the project and the
sequence of steps that move the project from initiation to completion. The project
manager creates a more detailed schedule, assigns tasks to team members, and sets
milestones. This is the stage where the stakeholders complete and approves the
budgets.
3. Execution
The project manager carries out the daily tasks to move the project forward. This includes
making sure the team is on track, addressing problems and risks, and ensuring quality control.
The manager oversees everything from communication to procurement during this phase.
4. Monitoring
The project manager constantly monitors the project's progress and compares it to the plans
laid out in the previous phase. If the manager finds any deviations, they take corrective
measures. This phase also includes changing the project according to newly discovered risks or
opportunities.
5. Completion
The project manager brings the project to an end by closing all open projects. This includes
finishing any incomplete tasks, conducting a post-mortem to assess the project's success, and
archiving all project documents. It also involves releasing all resources and notifying
stakeholders of the project's completion.
THANK YOU