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9 Vital Components For The Success of Project Management | Distance MBA in Project Management | MIT School of Distance Education

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Project Management is an intricate process that entails 9 vital components which need to be measured and managed properly to ensure that the project is on the track. You can get accustomed to all of these by pursuing job-oriented distance MBA in Project Management course from MIT School of Distance Education. – PowerPoint PPT presentation

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Title: 9 Vital Components For The Success of Project Management | Distance MBA in Project Management | MIT School of Distance Education


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9 Vital Components for the success of Project
Management
  • http//www.mitsde.com

2
9 Vital Components for the success of Project
Management
  • Project Management refers to the process of
    planning, implementing, monitoring, optimizing
    and controlling the operations, resources,
    capital, and manpower of the project in order to
    reduce the cost of operation and increase the
    gains.
  • Project Management is an intricate process that
    entails 9 vital components which need to be
    measured and managed properly to ensure that the
    project is on the track.
  • These project management components are as
    follows

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1.   Integration Management
  • Integration management refers to managing the
    core processes or outline of the entire project.
    The process includes developing a project
    charter, defining the scope of the project,
    devising the plan of the project, producing
    deliverables, integrating change and closing the
    project.

2.  Scope Management
  • Scope Management refers to the process that
    checks whether the project is self-contained and
    ensuring that it is going on the right path. It
    refers to analyzing and defining the scope of the
    project, devising strategies, creating a
    breakdown structure of the work and verifying as
    well as controlling the scope of the project.

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3.  Time Management
  • Time or meeting the deadline is the most
    imperative component of project management. The
    process of time management entails defining the
    timeline for each activity as well as entire
    project, sequencing the activities, estimating
    the duration and resources required in each
    activity and finally developing as well as
    controlling the schedules.

4.  Cost Management
  • Budgeting and costing are vital to effectual
    project management.  The component of cost
    management includes estimating the cost of the
    entire project as well as different activities,
    fixing the budget of the project and ensuring
    that the expenditure falls within the intended
    budget.

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5.  Quality Management
  • Top-notch quality of deliverables is what
    guarantees the success of the project. This
    component of project management deals with
    planning quality parameters, monitoring the
    deliverables to ensure superior quality, and
    adopting appropriate measures to control the
    quality.

6.  Human Resource Management
  • This element manages all the factors that
    correlate to managing the manpower or human
    resources involved in the project. It implies to
    all the HR processes ranging from resource
    recruitment to managing the team.

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7.  Communication Management
  • Project managers are expected to communicate a
    lot with the vendors, staff, clients and other
    people to effectively manage the project.
  • Efficacious communication is vital as it bridges
    the gap between the people involved in the
    project in any way. It gives way for clear
    explanations so that the final output is exactly
    the same as intended.
  • The process of communication management embraces
    distribution of the information, reporting
    performance and communicating with the
    stakeholders.

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8.  Risk Management
  • Identification of risk and planning strategies to
    tackle them effectively is vital to the success
    of the project. The project managers analyze the
    risk based on market trends. The process of risk
    management involves planning, identification of
    risk, analysis of risk and monitoring as well as
    controlling the risk.

9.   Procurement Management
  • Effectively managing the purchase process can
    reduce a lot of time of the project as well as it
    can even cut its cost. Procure management refers
    to planning the purchases, searching for sellers,
    comparing the prices offered by various sellers
    to find the least and finally administering as
    well as closing the project.

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Summary
  • So, these were 9 components of project
    management. You can get accustomed to all of
    these by pursuing job-oriented PGD course in
    Project Management from MIT School of Distance
    Education. By virtue of being an online course,
    it is idyllic for anyone whether a fresh passout
    or experienced working professional.
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