Project management

Project management is the professional process of supervising a team to achieve specific goals. This work happens within set limits known as constraints. The primary constraints are scope, time, and budget. Managers also work to optimize the allocation of inputs to meet predefined objectives. The ultimate goal is to produce a complete project that meets the client's needs. Sometimes, a manager must reform the client's brief to make the objectives feasible.

A project is defined as a temporary and unique endeavor. It is designed to produce a specific product, service, or result. Unlike "business as usual," which involves repetitive and permanent functional activities, a project has a defined beginning and end. Projects are often constrained by funding, staffing, or time. They are undertaken to bring about beneficial change or added value. Because projects are unique, they require distinct technical skills and management strategies compared to standard operations.

The history of management shows how this discipline evolved. Before 1900, civil engineering projects were managed by the architects and engineers themselves. Notable figures include Vitruvius, Christopher Wren, Thomas Telford, and Isambard Kingdom Brunel. In the 1950s, organizations began applying management tools more systematically to complex engineering.

The discipline grew from fields like civil construction, engineering, and heavy defense. Henry Gantt is known as the father of planning and control techniques due to his Gantt chart. Henri Fayol created five management functions that form the foundation of project knowledge. Both men were students of Frederick Winslow Taylor, whose scientific management theories led to modern tools like the work breakdown structure (WBS).

During the 1950s, two major mathematical scheduling models were developed in the United States. The Critical Path Method (CPM) was a joint venture between DuPont Corporation and Remington Rand Corporation. CPM is used for projects with deterministic activity times, meaning the duration of tasks is known.

In contrast, the Program Evaluation and Review Technique (PERT) was developed by the U.S. Navy Special Projects Office, Lockheed Corporation, and Booz Allen Hamilton. PERT is used for stochastic activity times, where task durations are uncertain or varied. These mathematical techniques allowed complex projects, like the Polaris missile submarine program, to be managed more effectively.

Project management is applied across many different industries through specialized methods. The construction industry focuses on delivering physical structures like bridges and roads. The information technology (IT) industry specializes in technical assets that move through lifecycle phases such as planning, design, development, testing, and deployment. Other specialized fields include biotechnology research and development, and localization, which involves managing translation works.

Despite these differences, most types focus on the "Iron Triangle" or "Triple Constraint." This means success is measured by meeting three goals: time, cost, and quality.

Modern approaches offer various ways to organize and complete project activities. Some methods are phased, while others are lean, iterative, or incremental. A 2017 study suggested that success depends on aligning four key aspects, known as the four P's. These are Plan (forecasting), Process (governance), People (collaboration), and Power (authority and decision-making).

Additionally, Benefits Realization Management (BRM) focuses on outcomes rather than just outputs. While an output might be a new computer system, the benefit is the actual reduction in staff errors or hours. BRM ensures that project results align with broader business strategies.

Advanced techniques also help monitor progress and manage uncertainty. The Critical Path Method (CPM) acts as an algorithm to determine a schedule by evaluating task sequences and inter-dependencies. The critical path itself is the sequence of tasks with no extra time available. Critical Chain Project Management (CCPM) applies the theory of constraints to handle resource limits and uncertainty. Finally, Earned Value Management (EVM) improves monitoring by illustrating progress in terms of both work completed and cost. These tools allow managers to navigate the complex requirements of modern, large-scale endeavors.