Basics of Management Notes

By Deepanshu Rastogi|Updated : April 28th, 2021

In this article, we will study the basics of management in detail.                                                                                                                                                                                                                                                                                                                                                                                                                                                    

Project management is an application of knowledge, skills, tools, and techniques to meet the project requirements. The objective is to use the optimum resources to accomplish a goal in a minimum time.

1.1. Characteristics of Project Management
a. Project Charter: The project charter is one of the special project management documents that translate the project sponsor’s business case into project objectives.
b. Tools and Techniques: The management of projects uses a number of special tools and techniques, combined with subject-related knowledge and skills that have been developed over the years to manage different aspects of the project and facilitate the processing of large amounts of data. These include the CPM analysis, the Gantt chart, the resource histogram, the earned value graph and tables, activity crashing, and matrix organization structures.
c. Project Plan: The project plan is a special project management document integrating the knowledge areas with individual plans to form one combined baseline plan.
d. Project Management Processes: The project management process is a special management technique for managing a linear sequence of steps or interrelated actions performed to achieve a specified set of projects, results, or services. The project management process is subdivided into the following sub-processes (initiation, planning, execution, and closing).
e. Project Organization Structure: The project organization structure is a special management technique that enables the project manager to form temporary organization structures and project teams that can be designed to suit the needs of the project and the project participants. This enables the project leader to build and motivate the team and coordinate their work.
f. Project Methodology: The project lifecycle format is a special management technique subdividing the project into a number of identifiable phases that each produce a distinct deliverable. This sequence of phases forms the backbone of the project methodology, interlinking all the topics within a phase and between phases.

• The project life cycle shows how a project can be subdivided into a number of phases presented sequentially along a project timeline.
• Every project has certain phases of development. A clear understanding of these phases allows managers and executives to control the project more efficiently.

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