What is Project Management.

Project:

A project in business and science is typically defined as a collaborative enterprise, frequently involving research or design that is carefully planned to achieve a particular aim. Projects can be further defined as temporary rather than permanent social systems that are constituted by teams within or across organizations to accomplish particular tasks under time constraints.

What is Project Management?

Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals.

Project management is the science (and art) of organizing the components of a project, whether the project is development of a new product, the launch of a new service, a marketing campaign, or a wedding. A project isn't something that's part of normal business operations. It's typically created once, it's temporary, and it's specific. As one expert notes, "It has a beginning and an end." A project consumes resources (whether people, cash, materials, or time), and it has funding limits.

Feasibility

An analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake.

Appraisal

A professional opinion, usually written, of the market value of a property, such as a home, business, or other asset whose market price is not easily determined. Usually required when a property is sold, taxed, insured or financed.

Project Management Office (PMO)

The PMO in a business or professional enterpriseis the department or group that defines and maintains the standards of process, generally related to project management, within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of projects. The PMO is the source of documentation, guidance and metrics on the practice of project management and execution

Program Management

Program management is the process of managing several related projects, often with the intention of improving an organization's performance.

Portfolio Management

It refers to the science of analyzing the strengths, weaknesses, opportunities and threats for performing wide range of activities related to the one’s portfolio for maximizing the return at a given risk. It helps in making selection of debt Vs equity, growth Vs safety, and various other tradeoffs.

Major tasks involved with Portfolio Management are as follows.