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

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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.