With seven out of ten projects collapsing within a year, you should understand how to approach project management from day one. If not, you may jump into execution without setting clear goals, assigning responsibilities, or anticipating potential risks.

That said…

What Exactly is a Project?

According to the Project Management Institute (PMI), a project means a temporary effort with a defined beginning and end that creates something unique. From this definition, you’ll notice that two key words stand out:

One, temporary. When a project is temporary, it has a clear start and endpoint. Two, unique. A unique project often produces something new.

Consider, for example, you’re cooking for a special occasion like the launch of a new business. Your first step is to gather the ingredients. That’s the very moment your cooking project starts.

When the meal is served, your project ends. And if you followed a new recipe, the outcome becomes unique.

One important thing to note is that routine tasks like washing dishes or running errands aren’t projects. They’re just repetitive tasks done without a planned, specific end goal.

What is Management?

Management is about organising and directing tasks towards specific goals.

The person responsible for managing a project is called a project manager. They are responsible for the following:

• Goal setting
• Schedule creation
• Strategy development
• Team mentoring
• Problem solving
• Staff training

What is Project Management?

Now that you know what a project is and what management involves, let’s put them together.

Project management is leading a team to complete a specific project within a set timeframe and budget.

You can think of the process as directing a movie. Even though you’re not acting in every scene, you’re making sure the actors know their roles, the crew follows the script, and the production ends according to plan.

Why is Project Management Important?

Many companies might be wasting time, money, or effort because they don’t see the point of managing projects. 

In fact, according to recent data, 42% of companies have this mindset. Some go for speed instead of planning, aren’t open to new strategies, and don’t have enough resources to finish a project.

However, when project management is part of your workflow, you’ll see tangible results. 

Here’s why project management matters:

1. Keeps You Focused

Project management focuses your attention on the objective of the project you’re working on.

That way, you can deliver the final product and not just check off tasks.

The beauty of this approach is that you can organise work effectively, allocate resources efficiently, and align team effort so nothing is wasted.

2. Helps Solve Problems

Some projects can be challenging. However, with project management, you can get the structure, clarity, and direction needed to solve any potential problem that may arise.

The Director of Project Auditors, LLC, Joy Gumz, once said,

Operations keeps the lights on, strategy provides a light at the end of the tunnel, but project management is the train engine that moves the organisation forward.

This means that with project management, you can prepare for problems before they happen. And that way, you can provide solutions within a clear timeframe.

3.  Encourages Communication

Project management makes communication easier. Even project management expert Gregory M. Honne puts it this way:

Project management is communication. Everything else is overhead.

Let’s say you employ a project manager to help your team understand what to do and when to do it. They can communicate with tools like shared calendars, messaging apps, and progress boards. The goal is to ensure everyone stays updated.

If something isn’t working, anyone on the team can also speak up using the assigned tool. In short, project management keeps everyone talking, listening, and working.

4. Leads to Better Decision Making

With project management, you can make better decisions. It gives you a clear picture of what’s going on.

For instance, you can see how much time a task takes, how much it costs, what’s left, and how much work has been done so far. That way,  it’s easier to find out what’s working and lagging, spot problems, and choose the best way to move forward.

5. Saves Cost and Time

This report mentions that only 34% of organisations mostly or always complete projects on time, and just 34% deliver them on budget.

What then is happening to the remaining 66%? The truth is, you’re less likely to be disorganised when you have a clear plan.

You won’t waste time on unnecessary tasks or go over the budget. You also have the opportunity to set realistic deadlines, assign tasks to the right people, and identify problems on time.

Top 3 Basic Project Management Methodologies

Get this right:

There are several project management methodologies. But I’ll be discussing only three of them here. 

Why?

No single project management methodology fits every project.  And the nature of your project determines which approach will work best for you.

Let’s get into them:

Waterfall 

When I first heard about waterfall, I remembered those days when I bathed in the rain as a little girl. Funny, right?

However, waterfall, in the context of this discussion, has nothing to do with water; rather, it’s a sequential, step-by-step approach to managing projects. You must complete one phase before moving to the next. It’s best used for:

• Construction projects
• Manufacturing processes
• Hardware development 

The Panama Canal Expansion is an excellent example of the Waterfall project methodology in action. Everything is planned in detail before starting.

Agile

The Agile methodology, unlike the waterfall method, is flexible and iterative. In simpler terms, it’s open to change and broken down into sprints (small cycles). 

Its features include:

• Short development cycles
• Customer feedback 
• Open to change
• Continuous improvement 
• Cross-functional teams

It’s best used for:

• Software development 
• Digital product development
• Marketing campaigns

Using the Agile approach can feel chaotic if you’re not well organised. Also, it’s hard to predict exact deadlines and budgets upfront.

A real-world example is Spotify’s product development.

Research shows that only 14% of Waterfall projects succeed without problems, compared to 42% of Agile projects.

However, the one you opt for depends on you. The table below shows a quick comparison of both methodologies:

Waterfall vs. Agile: A Quick Comparison

Aspect	Waterfall	Agile
Approach	Step-by-Step	Iterative
Flexibility	Rigid	Adapts to change
Feedback	Given at the end of the project	Continuous
Risk	High	Low
Best for	Predictable projects	Dynamic projects

Hybrid

Presently, 31.5% of organisations use a hybrid model. 

The hybrid methodology combines Waterfall and Agile approaches and is usually used in complex projects.

Its features include:

• Structured planning with iterative execution 
• Flexible framework based on project  needs
• Documentation with adaptability

It’s best used for:

• Large-scale IT implementation 
• Product launches with hardware and software components
• Complex requirement

Essential Components of Project Management 

For a project to be completely successful, it needs three triple constraints. 

But what exactly are those?

The Triple Constraints (the Project Management Triangle) are the core limits that shape every project. They include:

Cost: Cost is synonymous with budget. After you’ve figured out your project’s goal, scope, and timeline, you have to consider the cost of bringing that project to reality.

Cost is not only about money but also about resource efficiency. This means it isn’t all about spending funds; it’s also about how well you use your time, tools, and people.

Scope: Scope refers to the work required to achieve a goal. The primary aim is to ensure you stay within the set boundaries and avoid getting distracted.

To determine a project’s accurate scope, you must define the tasks, deliverables, deadlines, and resources required to achieve the project goal.

Timeline: After setting your goals and determining the range of your project, consider how much time you need to complete the project.

Timeliness means delivering your project on schedule. So, set realistic deadlines and prioritise tasks. And remember, it’s not about speed but the right timing.

To discover more essential elements of project management, check out this post by an employment-related search engine.

Key Roles in a Project 

Projects do not come alive on their own. Skilled people provide guidance, supervision, and support for projects. 

Key roles in a project include:

Sponsor: A project sponsor initiates the project. They secure funding and ensure the project aligns with the organisation’s goals. You can think of them as the project’s advocate.

Let’s say a spa wants to create an app that tracks skincare products and massage oil supplies. The project sponsor is the person who sees the need and pushes for the development of the app.

Other tasks a project sponsor does are:

• Approving budgets
• Providing direction
• Removing obstacles
• Making critical decisions 

Project Manager: A project manager handles a project’s planning and execution and ensures the project is completed on time and budget. A project manager is responsible for:

• Defining project scope
• Creating project plans
• Managing team members 
• Tracking progress
• Communicating with stakeholders 

Team: The project team is a group of people who bring the project to life. They bring their unique skills and experience to the table. They also work closely with the project manager, and their main responsibilities are:

• Meeting project deadlines
• Completing assigned tasks
• Delivering quality work
• Collaborating with other team members 

Stakeholders: Stakeholders are people who have an interest in the project. They may be either inside or outside the organisation.

The internal ones might include team members, project sponsors, and executives, while the external ones could be customers, end-users, suppliers, and partners.

Step-by-Step Guide to Starting Your First Project

First off, you don’t need a project manager title before running a project. If you’ve ever planned a vacation, organised a group event, or written a blog post with a deadline, you’ve used project management.

Here’s how to start a project:

Define your project goal

A project without a goal lacks direction and will tank after a while. Your goal is what you want to achieve after completing the project.

So, be clear about it. For example, this post aims to help you understand the basics of project management.

A few tips to help you define your goal:

• Be specific: What do you want to achieve? You should be able to state it at least in a simple sentence. If you have multiple goals, outline them in bullet points.

• Make it measurable: It’s easier to track your progress if you can quantify it. For example, instead of saying “increase revenue,” you can say “increase revenue by 30%.”

• Align goal with overall objectives: Ensure your goal ties into your objectives.

• Set deadlines: The essence of a deadline is to keep you on track. That way, tasks get done on time.

• Review and adjust: If things don’t go as planned, adjust your goals. 

Identify stakeholders

As mentioned earlier, stakeholders are people affected by your project. To find them, consider who would be involved, like:

• Team members (the people doing the work)
• Customers (the ones using the final product)
• Executives (those focused on results)
• Partners (external parties helping out)

The goal is to keep them informed and get their input so as to avoid surprises later.

Create communication channels

Set up easy ways for your team to communicate, share updates, and stay connected. A few tips to make it work:

• Pick a communication tool: Explore other options like email, Trello, Asana, or Google Meet. Just pick whatever fits your needs.
• Set rules: Tag people when you need their input ( like @John, thoughts?), use threads to organise conversations, or make a call or send a DM when necessary. Note that there are no strict guidelines to follow.
• Schedule regular check-ins: This could be daily, monthly, or weekly. The primary reason is to find out what you’ve done, what’s stuck, and if you’re on track.

Track your project

A GPS helps you know where you are, where you’re headed, and whether you’re still on the right path. So, track your project like a GPS.

Now, here’s how to do it:

• Choose a tracker: You can use Google Sheets, Notion, or Canva’s new tool (Canva Sheets).
• Keep it updated: Make it a habit to log your progress. What’s done? What’s pending? Are you still on schedule?
• Celebrate small wins: When you finish a task, acknowledge it. These little wins keep you motivated.

Conclusion

You don’t have to be a pro to start managing projects.

If you’ve ever completed a task with a clear goal and a deadline, you’ve already been managing projects.

Now, you just have a name for it and a better way to go about it.

Start with what you know. Keep learning as you go. Things might not be perfect, but progress is what really counts.

The goal isn’t to tick all the boxes; it’s to bring your ideas to life, work better with others, and actually finish what you start.

You’ve got this. 

And if you ever feel stuck, come back to this guide. It’s your starting line, not the finish.