Project management is a systematic process of planning, organizing, analyzing, implementing, and controlling of project’s to ensure the best possible use of resources. It is the application of knowledge, skills, and techniques to execute projects effectively and efficiently.
Weaknesses in Project Management: Project management can be defined as the planning, directing and controlling of resources (people, equipment, mental) to meet the technical, cost and time constraints of the project.
- Time
This refers to the actual time required to produce a deliverable. Naturally, the amount of time required to produce the deliverable will be directly related to the number of requirements that are part of the end result (scope) along with the number of resources allocated to the project (cost).
- Cost
This is the estimation of the amount of money that will be required to complete the project. Cost itself encompasses various things, such as resources, labor rates for contractors, risk estimate, bills of materials, etc. All aspects of the project that have a monetary component are made part of the overall cost structure.
- Scope
These are the functional elements that, when completed, make up the end deliverable for the project. The scope itself is generally identified up front so as to give the project the best chance of success. (Although scope can potentially change during the project life-cycle, a concept known as “scope creep”).
Note that the common success measure for the scope aspect of a project is its inherent quality upon delivery.
