Project Management is a term combined of two words: Project and Management.
Project: A project is a single definable purpose and well-defined end-items, deliverables/results, mainly specified in terms of performance, cost, and time.
Characteristics of Projects
- Involving a single definable purpose and well-defined end items or deliverables.
- Somewhat or largely unfamiliar
- Utilizing skills and talents from multiple professions and organizations.
- A temporary activity
- Something at stake
- The process of working to achieve a goal
Management: “Management is a process of getting things done through people to achieve goals effectively and efficiently”
With reference to the above figure Efficiency in management refers to the completion of tasks with optimum usage of resources at minimal costs. Effectiveness in management relates to the completion of tasks within specific timelines.The goal is low wastage, high productivity and profits.
Project Management: The application of the above management principles to achieve all project objectives within the given constraints is Project Management.