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An alternate point of view is that project management is the discipline of defining and achieving targets while optimizing the use of resources (time, money, people, space, etc).

Project management is quite often the province and responsibility of an individual project manager. This individual seldom participates directly in the activities that produce the end result, but rather strives to maintain the progress and productive mutual interaction of various parties in such a way that overall risk of failure is reduced.

1 What is a project?

A project could literally be as simple as making breakfast, but in the context of the practice of project management a project is best defined as an undertaking with a discrete start, a discrete finish, and some complexity. Compare this to, say, a manufacturing line, which is intended to be a continuous process without a planned end.

Typical projects might include the engineering and construction of a building, or the design, coding, testing and documentation of a computer software program, or development of the science and clinical testing of a new drug. The duration of a project is the time from its start to its completion, which can take days, weeks, months or even years.

2 Approaches

Generally, there are two approaches that can be taken to project management today. The "traditional" approach identifies a sequence of steps to be completed. This contrasts with the agile software development approach in which the project is seen as relatively small tasks rather than a complete process. The objective of this approach is to impose as little overhead as possible in the form of rationale, justification, documentation, reporting, meetings, and permission.

3 The traditional approach

In the traditional approach, we can distinguish 5 stages in the development of a project:

1. project initiation
2. project planning
3. project production
4. project monitoring
5. project completion

Not all projects will visit every stage as projects can be terminated before they reach completion. Some projects probably don't have the planning and/or the monitoring. Some projects will go through steps 2, 3 and 4 multiple times.

Many industries utilize variations on these stages. For example, in bricks and mortar architectural design, projects typically progress through stages like Pre-Planning, Conceptual Design, Schematic Design, Design Development, Construction Drawings (or Contract Documents), and Construction Administration. While the names may differ from industry to industry, the actual stages typically follow common steps to problem solving--defining the problem, weighing options, choosing a path, implementation and evaluation.

Project management tries to gain control over five variables:

• time
• cost
• quality
• scope
• risk

Three of these variables can be given by external or internal customers. The value(s) of the remaining variable(s) is/are then set by project management, ideally based on solid estimation techniques. The final values have to be agreed upon in a negotiation process between project management and the customer. Usually, the values in terms of time, cost, quality and scope are contracted.

To keep control over the project from the beginning of the project all the way to its natural conclusion, a project manager uses a number of techniques: project planning, earned value, risk management, scheduling, process improvement.

4 History of project management

Project management was not used as an isolated concept before the Sputnik crisis of the Cold War. After this crisis, the United States Department of DefenseThe United States Department of Defense abbreviated DoD or DOD and sometimes called the Defense Department is a civilian Cabinet organization of the United States government. The Department of Defense controls the U. military and is headquartered at The P needed to speed up the military project process and new tools (models) for achieving this goal were invented. In 1958Events January January 1 Treaty of Rome founding the EU is implemented January 4 Sputnik 1 falls to Earth from its orbit (launched on October 4 1957) January 8 14 year old Bobby Fischer wins the United States Chess Championship January 18 Armed Lumbee Nat they invented the Program Evaluation and Review TechniqueThe Program Evaluation and Review Technique commonly abbreviated PERT is a model for project management invented by United States Department of Defense's US Navy Special Projects Office in 1958 as part of the Polaris mobile submarine launch project. This or PERT, as part of the Polaris missile submarine program. At the same time, the DuPont corporation invented a similar model called CPM, critical pathIn project management, a critical path is the sequence of project network terminal elements with the longest overall duration, determining the shortest time to complete the project. The duration of the critical path determines the duration of the entire p method. PERT was later extended with a work breakdown structureIn project management, a work breakdown structure WBS is an exhaustive, hierarchical (from general to specific) tree structure of deliverables and tasks that need to be performed to complete a project. The purpose of a WBS is to identify terminal elements or WBS. The process flow and structure of the military undertakings quickly spread into many private enterprises.

There are a number of guiding techniques that have been developed over the years that can be used to formally specify exactly how the project will be managed. These include the Project Management Body of KnowledgeProject Management Body of Knowledge (PMBOK) is a project management standard developed by the Project Management Institute (PMI). The PMBOK is widely accepted to be the standard in project management, although it has its critics. The main thrust of the c (PMBOK), and such ideas as the Personal Software Process (PSP), and the Team Software Process (TSP) and PRINCE2. These techniques attempt to standardize the practices of the development team making them easier to predict and manage as well as track.

In critical studies of project management, it has been noted that several of these fundamentally PERT-based models are not well suited for the multi-project company environment of today. Most of them are aimed at very large-scale, one-time, non-routine project, and nowadays all kinds of management is expressed in terms of projects. Using complex models for "projects" (or rather "tasks") spanning a few weeks has been proven to cause unnecessary costs and low maneuverability in several cases. Instead project management experts try to identify different "lightweight" models, such as, for example Extreme Programming for software development and Scrum techniques. The generalization of extreme programming to other kinds of projects is extreme project management.

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