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Project Management Essentials

Read the essentials of project management and learn what project managers do.

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By Andrew Monko

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Since project managers often share universal similarities in workflow process, tools and terminology, these aspects of project management can remain constant across a range of industries.

The following explores some of the key terms and tools that project managers use, as well as providing an overview of the life cycle of a typical project.

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Life Cycle of a Project

Many variations of methodologies and life cycle models may exist, but all approaches to project development share the same fundamental steps, and they recognize time, cost and scope as the basic constraining elements along the way.

  • Initiate – In this first phase of project management, the scope of a project is determined—if and why it's needed, the approach to be utilized, scheduling, the required resources and budget, as well as identifying the stakeholders (all who will be involved). Also, approval to begin the project is granted at this initial step.
  • Plan – Within the planning phase, a project's scope is developed. This includes defining what tasks are required, how to execute and coordinate each action, and what determines each task's completion.
  • Execute – The execution phase allows the processes defined in the planning stage to be performed.
  • Monitor and Control – During this process, supervision and measurement can be used to assess how well the project is working and adhering to the plan (and adjustments made accordingly).
  • Close – The final phase of the project consists of delivery/presentation, and an assessment of the project is usually done before it is officially considered complete.

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Project Management Tools

Among the wide variety of project management tools, the following are some of the most commonly used by project managers:

  • Project management software – Many proprietary and open-source applications are available for project management. While features may vary, most applications offer basic tools to aid the project manager in supervising schedules, budgets and resources. Microsoft Project, Primavera, Basecamp and SEER are examples of some well-known applications.
  • Agile – Agile is a set of principles and practices for software development and project management devised to improve workflow efficiency, product-release time, team interaction and adaptation to change.
  • Excel – As part of Microsoft's Office suite, Excel is a spreadsheet program that offers simplicity and ease of use. Projects that are modest in scope and duration could be managed using Excel as a straightforward organizational tool.
  • PMBOK Guide – The PMBOK (Project Management Body of Knowledge) Guide is a reference published by the Project Management Institute that contains the best practices in effective project management. These principles are both standardized and recognized among numerous global industries. Aspects of curriculum in project management classes are often based on the PMBOK.

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Project Management Terminology

Here is a small sampling of terms often used in project management.

  • Critical path – The critical path illustrates the crucial tasks with the least amount of flexibility within a project timeline. Activities that are delayed on the critical path will likely delay the entire project.
  • Deliverables – The measurable and tangible outcomes that all projects produce.
  • Gantt chart – This graphic display is a bar chart of scheduling information. Project activities are listed vertically and time is represented horizontally across date columns.
  • Milestone – A marker within a schedule that signifies the completion of an activity within the work plan.
  • Program – The overarching structure that manages and defines a number of related projects.
  • Project charter – A document approved by senior management that defines the project's objectives, scope, risks and deliverables.
  • Project organizational chart – The structure of a project's organization rendered in a graphic display.
  • Requirements – Clear descriptions of how a result or product should appear or function (often in terms of features in a deliverable).
  • Risk management – Identifying, controlling and measuring risks to a project.
  • Scope change management – Modifying a project's scope or requirements, which may include an increase in time and cost. Such a change usually comes from the client and necessitates approval from the project sponsor (the highest authority of a project).
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