Project management in its modern form began to develop only a few decades ago. Businesses and organizations began to realize the benefits of organizing work into projects and the importance of communication and integration of work across the different departments and professions.
The project management cycle involves five phases: initiating, planning, executing, controlling and closing. The Chartered Institute of Building’s (CIOB) definition of project management can be summarized as the overall planning, control and coordination of a project from its inception to completion, in order to meet client’s requirements. The planning, organizing and controlling functions are interdependent and need to be integrated to ensure success of a project. In order to successfully manage a project, the US based Project Management Institute describes project management as the application of knowledge, skills, tools, and techniques to such project functions in order to meet or exceed stakeholder needs and expectations from a project.
Every project forms a considerable proportion of a firm’s overall turnover. The failure of a single project can therefore trigger the failure of the whole company. Project management action is a key for project success. Shortfalls in the perceived success of the project will not occur if the project is well managed conception through to completion. This is especially so when a project becomes more complex and demanding, with tighter schedules and stringent quality standards.