Project management is the process of managing a project from start to finish. In order to do this, it is necessary to have a plan in place and a timeline that everyone can follow. This ensures that the project is completed on time, within budget and with the desired quality. The main focus of project management is to make sure that everyone involved knows what they need to do and when they need to do it by.
Some of the most common tools used in project management are Gantt charts, PERT charts, timelines, spreadsheets and task managers.Projects are often managed using a project management methodology. Project management methodologies are often classified as being one of five types: Waterfall, iterative and incremental, agile, lean, and hybrid.
Waterfall projects follow a sequential approach where the work is broken down into sequential phases with no overlap in between them. The waterfall model is most suited for projects that require high levels of certainty at the outset and where changes are not possible during the execution phase.
In contrast to this model, iterative and incremental models allow for feedback loops throughout the process to enhance learning about requirements and risks as well as provide an opportunity to refine scope before moving on to the next phase.