What is Project Management:

Project management is an art of leading a team to achieve project’s target within budget and time. It involves conceptualization of idea, initiation, planning and managing the available sources to complete a particular project.

Project management processes falls into five groups:

i) Initiating

ii) Planning

iii) Executing

iv) Monitoring and Controlling

v) Closing

i) Initiating:

It can be summarize into two important processes:

a) Project Charter

is a document involving simple plan or idea of why this project is being undertaken. It would include objectives, scope and rough idea of cost and time and key mile stones and major deliverables. It doesn’t involve much detailed planning as it requires lots of resources. It’s a check point by which one can get a green signal from the stake holders weather the project is worthy to be undertaken. If the senior management likes it we can go ahead with the next phase of planning it otherwise it can be scrap aside at this point itself.

b) Identify Stake Holders

Stake Holders are basically the sponsors of the project.