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Project management

Business

Project management is the discipline of planning, organizing and controlling resources to achieve project goals within time, budget and quality constraints.

What is project management

Project management is a discipline including the processes of planning, organizing, motivating and controlling resources to achieve project goals within time, budget, quality and scope constraints.

PMBOK — project management framework: process groups and knowledge areas 5 PMBOK process groups: initiation, planning, execution, monitoring and closing. 10 knowledge areas: integration, scope, schedule, cost, quality, resources, communications, risk, procurements, stakeholders. The "iron triangle": schedule ↔ cost ↔ scope. Project management structure (PMBOK) Project management (PMBOK) 5 project management process groups Initiation Project charter Stakeholders Planning Schedule, budget Risk management Execution Performing work Team management Monitoring Tracking Change management Closing Acceptance Lessons learned 10 project management knowledge areas Integration Scope Schedule Cost Quality Resources Communications Risk Procure Stakeholders Project "iron triangle": Schedule ↔ Cost ↔ Scope (Quality) © Fintech project management glossary
Project management — term diagram

Main project management processes

  • Initiation — defining goals, appointing a manager.
  • Planning — schedule, budget, risk and quality plans.
  • Execution — performing work, managing the team.
  • Monitoring and control — tracking progress.
  • Closure — accepting results, analyzing lessons learned.

Project management methodologies

Waterfall, Agile, Hybrid.

Project management tools

Microsoft Project, Jira, Trello, document flow systems, Low-code platforms.

Frequently asked questions

How is project management different from BPM?

Project management manages a unique set of works with a start and end. BPM manages recurring operations.

Which methodology is better for government projects in Russia?

Waterfall is often used for state projects. Agile or Hybrid is increasingly used within software development.

How is project management related to Low-code platforms?

Low-code accelerates development; project management provides planning and control. Together they deliver faster.

Which project management tools are popular in Russia?

Jira, MS Project, 1C:Project Management and custom Low-code solutions.

How do I automate project management?

Choose a methodology, implement a planning system, integrate with document flow and BPMS.

What competencies does a project manager need?

Methodologies, planning, budget management, team management, communication, risk and change management.

What are the main project risks and how to minimize them?

Changing requirements, lack of resources, delays, budget overruns. Mitigate via planning, monitoring and reserves.

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