Project Management is a discipline that involves planning, controlling, securing and managing of resources to achieve specified goals. The project requirements are met by applying knowledge, skills, tools, and techniques. The courses in Project Management impart this relevant knowledge and skills. It enables the candidates to ensure successful execution of the project within the deadline and proposed budget. Doing such courses accelerates your chances of getting hold of a high-flying job while the working professionals witness promotion and hike in salaries. However, the certification is valuable only if you have the know-how of all vital terminologies and concepts. Here are 5 essential concepts that ought to be learned during your course:
1. Decision making
Initiation is the primary phase of any project. It involves analyzing the scope of the project and finding out whether the project is worth your efforts. It involves the formulation of strategies to achieve end goals. The process deals with addressing two important questions- what are you going to do and in what way you’ll perform the operations to meet the objectives. This phase requires effectual decision making, so it is essential to learn this concept during your course.
2. Project Scheduling
Once the project has received thumbs up for execution, the next step involves digging into project details. Project scheduling involves defining the tasks, calculating the budget, identifying the resources required, defining acceptance criteria for testing and devising timeframes for the execution of the project. A well-planned schedule facilitates the project manager to manage the resources, capital and operations efficaciously.
3. Resource Planning and Management
The resource of a project includes available materials, people, equipment, time and knowledge. Usually, the organizations have limited resources and it is the task of a project manager to effectively plan and manage the resources so that the end goals are met. A resource allocation plan is also extremely important to manage the scarce resources. A well-defined plan leads to effective resource management. The project manager should also be ready for adverse situations and the resource plan should be flexible to changes. The Project Management courses teach the art of managing the resources and devising useful strategies to achieve the objectives.
4. Risk Management
Risks are likely to occur in the course of the project but what lies behind the success of any project is effective risk management. It is about anticipating the risk and having a plan to tackle it efficiently whenever it arises. Risk management includes identification of risk, analysis of risk, and the monitoring and controlling of risk by adopting effective strategies. It is a vital skill that saves time, money and efforts of your entire team thereby increasing the possibility of positive events.
5. Quality Management
The quality of deliverables is of utmost importance for the success of the project. Lack of proper quality control; leads to defects in the deliverables, which in turn, leads to wastage of time and money that is spent on rework. Quality Management is a process whereby the standards or requirements of a project are established catering to the customers’ perspective. It is then ensured that the operations are going in accordance with the established standards. It is the task of a project manager to define the acceptance quality, and the quality of deliverables is then measured with respect to that.