Project Management Tools And Techniques

In Brief:

• In this article, we are going to discuss some of the major project managent tools and techniques which will make project management much easier than before.
• In order to identify future research topics, we have reviewed business & management field (recent peer-reviewed studies).
• It is accomplished through the application and integration.
• Technological advancements also plays a significant role in the creation of new project

What is project management?

Project management is vital in any private, public and non-profit organization. Project management essentially makes it possible for the organization to do various activities within the planned budget and time without compromising on the quality of the outcome. The Project Management Institute (2004) defines project management as the “application of knowledge, skills, tools and techniques to project activities to meet project requirements. It is accomplished through the application and integration of the project management processes of initiating, planning, executing, monitoring and controlling, and closing” (Kostalova & Tetrevova, 2014)

You will find the best project management tools and techniques for future researchers enrolled in business and mangement. These topics are researched in-depth at the University of Glasgow, UK, Sun Yat-sen University, University of St Andrews and many more.  

Different tools and techniques of project management

The project management tools are developed one after another based on the area of interest which can be utilized in both theory and practice that are enhanced and modified based on the application. With the continuous technological changes, it is difficult to provide a single tool or technique for project management. Technological advancements also plays a significant role in the creation of new project management tools and techniques. Each of the tools are utilized based on the management areas in which some tools are specialized only for specific phases of the project cycle while others are used for whole project cycle.

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Pre-Project Study

The first and foremost project management tool is the Pre-Project Study, which is used to formulate a structure and to check the feasibility of the project. This opportunity provides with the necessary question and answers which are appropriate to the project and these question and answers essentially be related to the market trends concerning the user and analyses the situations and which tool to be implemented. Further, it incorporates the utilization of SWOT analysis. On the other hand, the feasibility study is done to compare the appropriate in which the purpose of the project can be implemented.  This feasibility study involves the cost and time estimation, availability and requirements of sources and the possible risks in the project cycle. (Haponava & Al‐Jibouri, 2009).

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Triple Constraint of Project

Triple Constraint of Projectis one of the important project management tools utilized since it showcases the three fundamental elements which decides the success or failure of a project: the scope of the project, time and cost/budget. These three factors significantly affect the quality of the project and an imbalance among the three elements creates complexities in the project cycle. A project is said to be of high quality when the said product or service is delivered on time, within the budget and scope without compromising the quality. However, any change in any of the factor would considerably influence the other two since all are inter dependable. Therefore, management of these factors is enhanced as risk management, which represents the success and failure of the project (Couillard et al., 2009)

In order to identify the reflective report topics, we have reviewed the report (recent peer-reviewed topics) on engineering and technology

Logical Framework Approach (LFA)

Project clearly, identify the necessary requirements, key elements needed for the project, analyze and facilitate the flow the communication between the parties and analyzing possible risks which affects the success and failure of the project (Couillard et al., 2009).

Work Breakdown Structure (WBS)

Multiple activities grouped into extensive work packages. Moreover, WBS incorporates systematic planning and carrying out of activities by limiting the possibility of missing any key activity or any unusable time period. (Norman, Brotherton and Fried 2008). WBS often contributes to better planning and monitoring and also contributes to effective cost and time estimation and resource allocation by utilization of certain techniques such as CPM, PERT and Gantt charts (Rad & Cioffi, 2004).

CPM

The Critical Path Method (CPM) is used to analyze the duration of a project wherein the project is broken down into individual activities. When CPM is utilized, it calculates the earliest start and latest finish time of the individual activity based on which the duration of the project can be planned for subsequent activities(Nafkha & Wiliński, 2016).

Gantt

Another effective tool is the Gantt chart, which utilizes the graphical representation of the start, elapsed and completion times in terms of days, weeks and months of each individual task within a project. These Gantt charts are excellent for keeping track of the progress of the project. The estimated time period for completion of the project can be compared with the number of milestones completed by the individual activity. Also, Gantt charts are essential for formulating budget in a project(Sean Maserang, 2002)

PERT

PERT stands for Program Evaluation Review Technique is a planning tool which is used for controlling the tasks in a project. This is often interchanged with CPM and they vary only with respect to the computation of time period. PERT involves the estimation of time period based on three different time periods namely: Optimistic time which is the shortest time period in which the task/activity can be completed; Most likely time which has the highest probability of completion within the specified time; Pessimistic time which is the longest time an activity takes for completion(Sean Maserang, 2002).

Responsibility Assignment Matrix (RACI Matrix)

The Responsibility Assignment Matrix (RACI Matrix) or the Linear Responsibility Chart is the project management tool used in assigning and displaying different responsibilities and time frames for each of the individual tasks assigned to the respective individual (Melnic & Puiu, 2011).

Agile Project Management

Software projects and also can be used in other areas of research with suitable enhancement. This tool is essentially utilized to enhance the project outcomes and it facilitates higher rates of changes during the project implementation. This technique mainly focuses on the contribution to customer and stakeholders by providing high rates of flexibility and feedback and checking systems (Koerner, 2005).

<Therefore, with the technological advancements, project management tools and techniques have evolved from a simple spreadsheet to the now sophisticated web based tools. The trend in the project management tools and techniques is relative to the utilization of information technology and moreover the utilization of tools and techniques varies with the area of utilization.

References

1. 1. Couillard, J., Garon, S. & Riznic, J. (2009). The Logical Framework Approach-Millennium. Project Management Journal. [Online]. 40 (4). pp. 31–44. Available from: http://journals.sagepub.com/doi/10.1002/pmj.20117.

1. 1. Haponava, T. & Al‐Jibouri, S. (2009). Identifying key performance indicators for use in control of pre‐project stage process in construction. International Journal of Productivity and Performance Management. [Online]. 58 (2). pp. 160–173. Available from: https://www.emerald.com/insight/content/doi/10.1108/17410400910928743/full/html.

1. 1. Koerner (2005). Declaration of Interdependence. [Online]. 2005. Available from: https://sci-hub.tw/https://www.sciencedirect.com/science/article/pii/S1877042814051362.

1. 1. Kostalova, J. & Tetrevova, L. (2014). Project Management and its Tools in Practice in the Czech Republic. Procedia – Social and Behavioral Sciences. [Online]. 150. pp. 678–689. Available from: https://linkinghub.elsevier.com/retrieve/pii/S1877042814051362.

1. 1. Melnic, A.-S. & Puiu, T. (2011). The management of human resources within projects: the structures of the project team, the responsibility assignment matrix. Economy Transdisciplinarity Cognition. [Online]. 14 (1). pp. 476. Available from: http://www.ugb.ro/etc/etc2011no1/MN-3-full.pdf.

1. 1. Nafkha, R. & Wiliński, A. (2016). The critical path method in estimating project duration. Information Systems in Management. [Online]. 5 (1). pp. 78–87. Available from: http://yadda.icm.edu.pl/yadda/element/bwmeta1.element.ekon-element-000171429696.

1. 1. Rad, P.F. & Cioffi, D.F. (2004). Work and resource breakdown structures for formalized bottom-up estimating. COST ENGINEERING-ANN ARBOR THEN MORGANTOWN-. [Online]. 46 (2). pp. 31–37. Available from: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.583.8756&rep=rep1&type=pdf.

1. Sean Maserang (2002). Project Management: Tools & Techniques. [Online]. Available from: http://www.umsl.edu/~sauterv/analysis/488_f02_papers/ProjMgmt.html.