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Term Definition
Project management is the function that oversees execution of a project, is responsible for project resources (time, money, people, materials, energy, and space), and ensures that task and budget milestones are met.
The project management process involves five components: Initiating, Planning, Executing, Controlling and Closing. Project management responsibilities are typically assigned to one individual. In some organizations there may be various Project Managers and each may manage many concurrent projects. In other organizations, one may be assigned the role of Project Manager for a specific project. For example, an organization launching a new product or service might assemble a team to handle implementation, training, and rollout. That team would be assembled of employees across the organizations that have other primary roles. The Marketing Director might be assigned as “Project Manager” for that project but it would not change their primary role in the organization.
The Project Manager role can be likened to that of an orchestra conductor. The conductor must ensure that each section performs their part of a given piece, while also overseeing the overall goal of performing the entire piece in harmony and to the satisfaction of the listeners. Project Managers will usually not participate directly in the project activities but rather oversee the project to ensure that milestones are reached, budgets and timelines are adhered to and the project is brought to its successful conclusion.
Projects are temporary in their nature and are organized to create a unique product or service. Projects can last for days, weeks, months or even years. In the past, project management was typically confined to the engineering and construction of various public or consumer products such as buildings, computer software and vehicles. The discipline of project management is also now routinely applied to Marketing and Advertising, and much of that can be contributed to technological advances which have impacted these disciplines.
Area of Application
Project Accounting
Workflow Automation
Related Terms
Organizational Breakdown Structure
Project Governance
Work Breakdown Structure
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"Tenrox is the most robust
and forward -thinking project workforce management product I have seen for addressing our project workforce management, billing and cost accounting needs. We expect a full return on our investment in less than six months, just for the first phase of implementation."
Russ H.
EVP and Co-founder
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