Project management: fundamentals, methodologies and best practices
Project management is the discipline of planning, organising, and controlling resources to achieve specific goals within a defined timeline and budget. Learn the key processes, methods, roles and skills vital for successful project delivery.
What is project management?
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements (source: Project Management Institute). It is structured around five core phases: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.
Project management is a structured approach that guides a team or organisation in planning and controlling activities to achieve defined objectives and deliverables within agreed constraints of scope, schedule, cost and quality. A project is a temporary endeavour with a specific goal, differing from routine operations. Project management ensures successful delivery through systematic processes and best practices.
Key phases of the project life cycle
The project life cycle generally comprises five standard process groups:
- Initiating: Defining the project at a broad level, setting business case, and identifying stakeholders.
- Planning: Establishing the scope, objectives, detailed schedule, risk management plan, budget, deliverables, and resource allocation.
- Executing: Coordinating people and resources, as well as meeting established milestones and deliverables.
- Monitoring and controlling: Tracking, reviewing, and regulating progress and performance, managing changes, and ensuring project stays on schedule and within scope.
- Closing: Finalising all activities, handing over deliverables to the user/customer, releasing resources, and capturing lessons learned.
Core project management methodologies and frameworks
Multiple methodologies and models structure how projects are managed:
- Agile methodology: Agile is an iterative, flexible approach emphasising collaboration, adaptability and rapid delivery; commonly used in software development and rapidly changing environments. Popular Agile frameworks such as Scrum are used by teams to deliver the products specified by the customer.
- Waterfall model: A sequential, linear process suited for projects with clear, fixed requirements, such as construction and manufacturing.
- Lean project management: Minimises waste and maximises value; ideal for manufacturing, service improvement, and efficiency-focused projects.
- Project Management Body of Knowledge (PMBOK): A set of standard terminology and guidelines from the Project Management Institute that covers all project management processes.
- PRINCE2: A highly structured methodology focussed on business justification, clear organisation and divided into manageable stages; widely adopted by UK public sector and internationally.
Key roles and responsibilities in project management
Projects rely on well-defined roles and accountability:
- Project manager: Oversees planning, execution, monitoring, control and closing; manages risks, stakeholders, schedule, and budget.
- Stakeholders: Individuals or groups affected by the project or who can impact its outcome, such as clients, suppliers, and team members.
- Project team: Specialists responsible for delivering project tasks and deliverables.
- Project sponsor: Provides financial resources and strategic guidance.
- Project board/steering committee: High-level governance and decision making.
Effective stakeholder management and clear team communication are essential for project success. The project manager must align interests, resolve conflicts, and support collaborative team dynamics.
Essential project management skills
The skills required by project managers are varied.
| Skill | Description |
|---|---|
| Leadership | Inspiring and guiding teams towards common goals. |
| Communication | Conveying information clearly among stakeholders and team members. |
| Risk management | Identifying, analysing, and mitigating risks. |
| Scheduling | Planning timelines and managing deadlines using tools like Gantt charts and CPM. |
| Budgeting | Estimating, allocating, and controlling project finances. |
| Scope management | Defining and controlling what is included and excluded in the project. |
| Resource allocation | Assigning people, equipment and budget where needed. |
| Problem solving | Overcoming obstacles and finding effective solutions. |
| Negotiation | Reaching agreement among parties to resolve issues. |
| Critical thinking | Evaluating situations and implications for decision making. |
Key tools and techniques in project management
- Project management software: (e.g., Microsoft Project, Asana, Trello) aids collaboration, scheduling, task assignment, budgeting, and document management.
- Gantt chart: Visual timeline for planning and tracking progress.
- Work Breakdown Structure (WBS): Divides project into manageable sections.
- Critical Path Method (CPM): Identifies sequence of crucial tasks that determine project duration.
- Project portfolio management: Prioritising, balancing, and overseeing multiple projects aligning with organisational strategy.
Comparing key concepts: Project, programme, product & operations management
- Project management: Focuses on delivering a unique, timebound outcome.
- Programme management: Oversees a group of related projects aligned to strategic objectives.
- Product management: Manages the lifecycle, strategy and development of a product.
- Operations management: Manages ongoing processes for continuous delivery of products or services.
International standards and best practices
- PMBOK (Project Management Body of Knowledge): Comprehensive global standard for project management processes.
- PRINCE2: Process-based methodology emphasising control and organisation.
- Best practices: Align with global standards, stakeholder engagement, clear documentation, regular reviews, and continuous improvement.
Refer to the Project Management Institute and other authoritative sources for further study.
Project management certifications
Professional certifications validate project management knowledge and competence:
- PMP (Project Management Professional), CAPM (Certified Associate in Project Management) from PMI
- Foundation and Practitioner level PRINCE2 certifications and PRINCE2 Agile certifications.
- Foundation and Practitioner level AgilePM certifications from APMG
Certifications are valued globally and support career advancement.
Project Management Career Path
Career progression often starts with project coordinator or assistant roles, advancing to project manager, senior project manager, programme manager, and portfolio manager positions. Skilled practitioners are in high demand in industries such as IT, construction, engineering, healthcare, and finance.
Best project management software
- Software tools support scheduling, resource allocation, collaboration, documentation, risk management, and reporting – common options include Microsoft Project, Jira, Trello, Asana, Smartsheet, and Monday.com.
FAQs
What are the five stages of project management?
The five standard stages are Initiating, Planning, Executing, Monitoring and Controlling, and Closing. Each phase plays a vital role in ensuring project objectives are met efficiently.
What does a project manager do?
A project manager is responsible for planning, executing, and closing projects. They coordinate tasks, manage the project team, oversee scheduling and budgeting, handle risks, and communicate with stakeholders to ensure successful delivery.
What is the difference between Agile and waterfall in project management?
Agile is an iterative approach that emphasises flexibility, frequent feedback and continuous improvement, best for evolving projects. Waterfall is a linear, sequential model suited to projects with well-defined requirements.
How do I become a project manager?
Start by gaining experience in team-based roles, develop relevant skills, and pursue project management certifications such as PRINCE2, AgilePM or CAPM. Practical experience and networking are valuable for career advancement.
What are effective project management tools?
Popular tools include project management software (Microsoft Project, Asana), Gantt charts, WBS, and CPM – all of which assist in planning, scheduling, allocating resources, and communication.