What is Project Management? - Definition & Examples

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  • 0:00 What Is Project Management?
  • 0:55 Five Stages Of Project…
  • 2:57 Lesson Summary
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Lesson Transcript
Instructor: Kimberly Winston

Kimberly has a MBA in Logistics & Supply Chain Management

In this lesson, you will learn about the definition of project management. An example of project management will be used to give a general understanding of the topic.

What Is Project Management?

Imagine that you work as a project manager for a company called Disaster Recovery. Your job is to organize and coordinate human and financial resources so that projects, 1-time events that have a specific start and end date, are completed.

Projects can include a variety of different things, such as designing new software to increase efficiency, building a bridge, creating a new product, or even expanding sales into a new territory. However, your favorite projects involve helping cities and people recover from disasters.

Your boss has just told you that a natural disaster has destroyed part of Corpus Christi, Texas and Disaster Recovery has been hired to help rebuild. These projects can be done informally or the company can engage in project management to complete the task. Project management (PM) is when a company applies its human and financial resources to plan and execute a specific task.

Five Stages of Project Management

The first thing that you do as project manager is review the stages of PM and get to work implementing them. There are five stages of PM.

The first stage is project initiation. You work with your clients to gather as much information as they can regarding project specifications so that they can develop a plan. In this stage, project team members are assigned. Team members may come from a wide variety of fields or geographical regions and may not have worked together in the past. Project goals are also communicated to team members in this stage.

The next stage is project planning. In this stage a written project charter is drafted. You have decided to use PM tools, such as Gantt charts, because the project is large and complicated. A Gantt chart is a chart which shows the workflow of a project, a detailed schedule of what will happen and when. Gantt charts were developed by Henry Gantt, an American mechanical engineer.

The third stage of PM is the execution stage. This is the stage in which the resources are distributed. Relevant project information and assignments are given to team members. Communication is a key component of the PM process.

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