Getting Started

What is Project Management?

Before we get into the specifics of how Accolade Projects works for you, lets review the fundamentals of project management. Project management is the discipline of initiating, planning, executing, monitoring, and closing a project. In simple terms, project management is the process of leading a project from start to finish.

What is a Project?

A project is a finite series of tasks or activities designed to create a specific product, service, or result.

A project is defined by three main characteristics:

  • Goal-oriented: First, a project has a defined objective. It has a particular aim or result that the project is designed to achieve, such as the creation of a new product feature, a marketing strategy, or an online course.

  • Temporary: Second, a project is temporary. If a project has a defined goal, then it also has a set start and end date. The end date is often determined by the deadline for achievement of the project's goal.

  • Unique: Finally, a project's goals are also specific and unique. A project is not a regular, ongoing business operation. For example, checking your emails is a routine responsibility, not a project.

Constraints of Project Management

Project managers must deliver on project objectives while working within three constraints—cost, time, and scope.

In other words, project managers must balance a project that's cheap, fast, and good. These constraints are interconnected—changes to one constraint will have a push or pull effect on the other two. Consider the effect of the following changes to each of the three constraints:

  • Reduce cost: If a client wants to reduce the cost, or budget, of a project, then you may compensate for it by increasing the amount of time it takes or reducing its scope.

  • Reduce time: If you reduce the time allotted to complete a project, then you'll likely need to increase the cost or reduce the project's scope to meet the new deadline.

  • Increase scope: If you increase the scope of a project or add more deliverables, then you may need to increase the time or cost of the project to account for the extra work.

Poor project management may lead to missed deadlines, inflated budgets, strained project teams, or incomplete projects and poor results. Strong project management leverages available resources to deliver a project on time, on budget, and to the satisfaction of the project requirements or expectations.

Phases of Project Management

  1. Initiation

    This phase is all about defining the project's purpose and feasibility. It involves identifying the need for the project, outlining its goals and objectives, and assessing its viability. Here's what typically happens in this phase:

    • Identifying the problem or opportunity: Defining the reason for the project and what it aims to achieve.

    • Feasibility analysis: Assessing whether the project is achievable within the given constraints of time, resources, and budget.

    • Stakeholder identification: Recognizing individuals and groups who will be impacted by or have an interest in the project.

    • Defining the project: Documenting the project's purpose, objectives, and key stakeholders.

  2. Planning

    This phase involves creating a roadmap for how the project will be executed. It includes defining tasks, assigning responsibilities, developing a project schedule and budget, and identifying potential risks. Key activities in this phase include:

    • Scope definition: Establishing the boundaries of the project and what will be included and excluded.

    • Work Breakdown Structure (WBS): Breaking down the project into smaller, manageable tasks.

    • Scheduling: Defining the order of tasks and estimating their duration to create a project timeline.

    • Resource allocation: Assigning team members and other resources to specific tasks.

    • Budgeting: Estimating the costs associated with the project and securing funding.

  3. Execution

    This is the "doing" phase, where the planned activities are carried out. It involves managing the team, monitoring progress, addressing issues, and adapting to changes as needed. Key aspects of this phase include:

    • Team communication and collaboration: Ensuring all team members are informed, coordinated, and working towards the same goals.

    • Progress monitoring and tracking: Measuring progress against the schedule and budget, identifying any deviations.

    • Issue management: Addressing problems and challenges that arise during the project execution.

    • Change management: Adapting to unforeseen circumstances and making necessary changes to the plan.

  4. Closing

    This final phase involves formally ending the project, evaluating its success, and documenting lessons learned. Activities in this phase include:

    • Delivering the final product or service: Handing over the completed project to the stakeholders.

    • Project evaluation: Assessing how well the project met its objectives and identifying areas for improvement.

    • Documentation: Generating reports and capturing lessons learned for future projects.

    • Team debriefing: Discussing the project's successes and challenges with the team to share knowledge and insights.