The concept of project management is not new as mega project were implemented since times immemorial. The project management in the modern times comprises of numbers of activities in order of priority and sequence, planning, resources management and budgeting. In the other words, principle of general management apply to project management. It is an art of getting works done through other people to achieve its objectives within the allocated budget, stipulated time and performance standards. This clearly includes that project management is flexible in using organizational resources and a system approach to achieve the objectives.
The project management m institute has defined project management as '' the art of directing and co-ordinating human and non- human resources throughout the life of the project by using modern management techniques to achieve predetermined objectives of scope, time,cost, quality and participant satisfaction.''
Steps of project management-project management has following steps.
- Grouping activities-All related activities in a project are grouped together as a work package. These activities contribute to the same goals and are bound by definite time period, cost and performance.
- Fixing responsibility-The responsibility of the project activities are entrusted to single authority called project manager. The project manager co-ordinates,directs and exercises control over the project activities.
- Servicing the project-This means that the project has to be supported internally by establishing matrix organization.
- Negotiation-It refers to building commitments by means of negotiations, co-ordination, communication and direction to achieve the overall project objectives. In the process of negotiation time shedules ,budgets and contracts have to be agreed upon by the parties concerned.
- Execution of task-The task has to be completed within time shedules, budgets and predetermined specification and quality for the accomplishment of objectives.