How to Manage Different Types of Projects?

Management of a project is the discipline of planning, controlling, organising and motivating resources for achievement of specific goals. Projects are temporary endeavours with defined beginnings and ends. The major constraint in any project is time but there can be constraints of funds or deliverables also. A project is always undertaken to meet certain specific objectives and goals, with the aim of bringing about added value or beneficial change. Since projects have a beginning and an end, they are different from standard business operations, which are continuous. Operations will usually be permanent, semi-permanent or repetitive to produce particular products or services. Due to their opposite nature, management of projects and continuous business operations are completely different, requiring distinct management skills and strategies.

The main challenge in management of a project is the achievement of all the objectives and goals of the project without compromising on the predetermined constraints but honouring them comprehensively. The primary constraints are classified as budget, time, quality and scope, while the secondary constraint is the optimisation of the allocation of all necessary inputs, integrating them with the management of the project to achieve the pre-planned objectives and goals.

Approaches to Management of Projects

There are several approaches in the management of a project, such as incremental, iterative and phased approaches. Irrespective of the management methodology that is employed for the project, the project manager/s should carefully consider the overall project objectives, cost and timeline, along with the responsibilities and roles of all the participants as well as all the interests of the stakeholders involved in the project.

Projects are also classified as under based on the type of approach.

• Traditional approach
• PRINCE2
• Critical chain management
• Event chain methodology
• Process-based management
• Agile management
• Lean management
• Extreme management
• Benefits realisation management

Project Processes

Further, processes are also crucial to any efficient management of a assignment, which will include several elements. The major process groups and a control system will generally include initiation, design or planning, execution or production, controlling and monitoring and closing. Along with these approaches and processes, it is also important to establish a standard procedure for controlling the project, with necessary project control systems put in place. This project control should be an independent function in the management of any assignment. This procedure will implement the verification and control functions during the project process so that there is an assured reinforcement of the formal goals and defined performance. Project control is the procedure that will keep the project on-time, on-track and within the pre-determined budget.