Apps are getting smarter with each passing day, and so are their functionalities, which are getting more and more complex. Moreover, as the number of smartphone users rises, there is a dire need for more apps to accommodate smartphone users. When it comes to developing those apps, it is not as simple as walking in the park. That is because successfully developing and launching an app requires careful project planning to define the phases of the project development. When a project is carried out according to the project plan, the end result is a polished and responsive app that the users enjoy using. Most of these apps end up earning a huge sum of revenue, making the troubles of a development process all worthwhile.
According to BusinessofApps, “TikTok was the top earner in 2023, amassing over US$2.7 billion in revenue.”
These revenue numbers are for TikTok alone. Even though it was the top revenue earner, it goes to show you the huge amount of money apps can earn. However, developing these apps requires some doing. Most of it is specifically related to project planning. This is where management steps in and comes into play, led by the project manager who designs the plan in which the project is carried out from start to finish. So, what is project management? Above all, how does project management help in the development of fintech apps or any other app for that matter? Therefore, in order to find that all out, let’s first discuss what is project management and then cover everything that it entails in this guide.
What Is Project Management?
Project management is the application of planning, organizing, and overseeing a firm’s resources, such as knowledge, skills, tools, and project management technique to direct a project toward completion. Moreover, the definition of project management and its purpose is all about achieving specific project objectives within a defined timeframe and budget. At its core, management aims to deliver value to all stakeholders while balancing competing constraints such as scope, time, cost, quality, resources, and risks. Furthermore, management requires a combination of technical expertise, leadership, strategic planning, and a solid software development team structure.
Moreover, project managers often organize purposefully diverse teams, communicate with stakeholders, and overcome challenges to ensure that projects are completed with success. They use various methodologies such as Agile, Waterfall, or hybrid approaches, adapting to whichever would be appropriate for the needs of each project. Given the fast pace in which the business environment is changing these days, management makes an organization competitive. Moreover, management is expected to always help enterprises achieve strategic objectives. Furthermore, it helps organizations streamline their processes, optimize resources, and deliver highly quality results, making it one of the more important disciplines across industries.
Benefits of Project Management
There are many project benefits that project management brings to completing the project within a timeline and budget. Some of these benefits include the following:
Clear Goals and Objectives:
Project management ensures that every project starts with clear project goals and objectives. This clarity gives a route map to the entire team whereby efforts and resources will be aligned towards common targets. This way, project managers can establish clear milestones and project deliverables, which allows them to create a shared vision that can motivate the project team members and keep the stakeholders updated on the project progress. Moreover, having a focus on specific results will increase productivity and the chances of success for a project.
Quality Control:
Another benefit that comes with management is the implementation of robust quality control measures throughout the project lifecycle. Quality standards along with regular reviews and feedback loops, allow the project managers to ensure that deliverables from a project either meet requirements or exceed expectations. This systematic approach to quality control helps identify and address issues early at low cost, reducing rework and improving overall project outcomes. Quality control also enhances client satisfaction and builds a reputation for excellence.
Realistic Timelines:
Project management employs various techniques to create realistic and feasible project timelines. The project managers break down complex projects into manageable tasks, accurately estimate their durations, and consider the availability of resources in order to come up with schedules that balance ambition and practicality. Such realistic timelines will help avoid burnout, maintain team morale, and ensure consistent progress. Moreover, it will facilitate better resource allocation, and enhance the ability to meet deadlines.
Save Time and Money:
When looking for what is project management, its main purpose at the end of the day is to save time and money. Therefore, by optimizing resource allocation, identifying and eliminating redundancies, and streamlining processes, project managers can reduce waste and improve efficiency. Careful planning and close monitoring help avoid highly costly overruns and delays. In addition, strategies for risk management minimize the impact of unforeseen challenges that might further contribute to budget and schedule adherence.
Transparency:
Project managers understand the importance of what is project management and therefore they provide full transparency through well-established channels of communication and reporting procedures. As part of management, regular status updates, progress reports, and meetings with the stakeholders keep every party informed on project development, challenges, and successes. This kind of openness breeds trust facilitates collaboration and enables timely decision-making. Transparency also allows managers to manage expectations and resolve concerns upfront.
Learning Opportunity:
Learning opportunities are necessary in all sectors, and management is no different. After all, what is project management without a learning opportunity? Each project is an experience from which the whole team learns. The management practices encourage the teams to reflect, analyze, and understand what went well in the project execution and what didn’t. For instance, post-project reviews or lessons-learned sessions capture insights that the managers can apply in future projects. This culture of continuous learning makes way for innovation, and enhances skills, and promotes organizational growth.
Risk Management:
Effective project management uses overall risk management strategies. In this regard, project managers are able to identify potential risks at an early stage, assess their potential impact, and design mitigation plans in order to reduce the impact of disruptions and uncertainties. This proactive approach enables teams to handle issues better, reduce the risks associated with project failure, and leverage opportunities when they arise in the life cycle.
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Oversight:
Project management offers oversight of the project at all times. This consists of monitoring progress, tracking key performance indicators, and ensuring adherence to project plans and standards. Moreover, effective oversight enables timely intervention in case of issues, maintains project alignment with organizational goals, and ensures accountability from top to bottom. It facilitates informed decision-making and adaptability in a dynamic project environment.
Why is Project Management Important?
Project management is important as it has become the backbone of successful organizational initiatives that a business undertakes in today’s complex business environment. It presents a structured project management method for achieving particular goals within defined constraints. Furthermore, it ensures efficient use of resources and timely delivery of results. Organizations implement project management practices to enhance their ability to handle challenges, mitigate risks, and adapt to market conditions. The important thing is that project management aligns the work of a team with common strategic goals, enhances stakeholders’ communication, and optimizes resource allocation.
Furthermore, it enhances accountability, fosters innovation, and allows continuous improvement through lessons learned. Also, effective project management leads to increased customer satisfaction because it ensures quality deliverables and meets expectations. Project management has been an important tool within organizations amid increased competitions and rapid technological developments. Moreover, it helps companies in the execution of complex initiatives, driving change towards the achievement of growth in a sustainable way. Therefore, it is an important discipline across different industries and sectors.
Common Type of Project Management Approaches
When developing software, whether it is mobile device management software or any other software, project managers use different types of project management development approaches. These approaches are chosen based on the type of project and its requirements. These development approaches shape what is project management, as we have come to know. Therefore, some of the most common project management approaches are as follows:
Waterfall Project Management:
Waterfall is a linear and sequential approach to project management. It is a very rigid, phase-by-phase progression through the stages where each phase must be completed before going to the next phase. This methodology works the best when requirements are very well defined with few expected changes. It emphasized proper planning and project documentation at the beginning and hence is the choice for construction or manufacturing industries.
Furthermore, its simplicity, clear structure, and predictability are some of the strong points. It can, however, be quite inflexible about mid-project changes. Projects following the waterfall model, therefore, progress through clearly defined stages, such as requirements gathering and definition, design, implementation, testing, and maintenance. Waterfall is very useful for projects whose requirements are stable and whose deliverables are well-defined from the start.
Agile Project Management:
Agile project management is an iterative project management approach that emphasizes adaptability as well as customer satisfaction. It does that by breaking projects into small, flexible units called sprints in order to enable continuous improvement and to respond to changes in a very quick way. Agile methodologies prioritize individuals and interactions over processes and tools. Furthermore, the agile path method is a project approach that puts functioning software over documentation, cooperation with customers over negotiating contracts, and responding to change over following the plan.
This model is quite popular in software development but is also used in other sectors as well. Agile promotes re-planning and adaptation of plans at regular intervals. This produces more innovative results and has less chance of failure in the project. Its core principles include customer focus, embrace of change, delivering complete, working solutions frequently, and maintaining close collaboration among cross-functional teams. So, agile is best for projects in a dynamic environment.
Scrum Project Management:
Scrum is a specific framework within the Agile methodology tailored for complex product development. It focuses on teamwork, accountability, and iterative progress toward well-defined goals. Scrum works in short, time-boxed iterations called Sprints, which lasts 2 to 4 weeks. The three primary roles involved in Scrum are the Product Owner, Scrum Master, and Development Team. The framework features regular ceremonies such as Sprint Planning, Daily Stand-up, Sprint Review, and Sprint Retrospective.
Scrum is based upon principles such as transparency, inspection, and adaptation, thereby providing the teams with the ability to react at a fast pace against changes and come up with high-quality products. Furthermore, Scrum is very useful in situations where many updates are needed or when the environment is rapidly changing. Originally designed for software projects, it is used quite successfully in various industries today, offering a structured yet flexible approach toward project management.
Lean Project Management:
Lean Project Management focuses on maximizing value while minimizing waste. This way to manage projects aims to deliver more value with fewer resources and less time. The five core principles of Lean include identifying value from the customer’s perspective, mapping the value stream, creating flow, establishing pull, and continuous improvement. Furthemore, a key principle of Lean project management is to eliminate non-value-adding project activities, reduce variability, and improve process flow.
Lean encourages a culture of continuous improvement where team members are encouraged to identify problems and ultimately solve them. Tools, such as Kanban boards, often help visualize workflow and highlight bottlenecks most of the time. Even though lean principles were mainly designed for manufacturing industries, they have been successfully applied to many other sectors, including software development, healthcare, and service sectors. It provides a streamlined approach to executing projects and delivering value.
Five Stages of Project Management Process
Project managers are responsible for defining the stages of the development process. In most project cases, there are five steps in the project development process. Therefore the following are those five stages and they shape up what is project management as a whole.
Stage 1: Initiation
The very first initiation stage is the official commencement of a project. In this stage, the development firm assesses whether a project is feasible and if it conforms to organizational goals. Furthermore, this stage includes key activities such as the development of a business case, defining project objectives, identifying stakeholders, and appointing a project manager. This process will create a project charter by stating its purpose, scope, and high-level requirements. This initial step lays the foundation for all the remaining stages of a project. Moreover, it ensures that efforts and resources are committed only to initiatives that are feasible and aligned strategically.
Stage 2: Planning
Planning is one of the most important element of project management and a project’s success. This is the planning phase where the project manager develops a detailed roadmap for the entire project. Key deliverables at this phase include developing a detailed project plan, defining scope, creating a work breakdown structure, eliminating resources and budgets, establishing timelines, and identifying potential risks. Furthermore, the phase allows project managers to plan while identifying communication strategies, quality standards, and procurement requirements. This well-planned phase creates a clear direction, facilitates resource allocation, and sets realistic expectations with all the stakeholders involved in the project.
Stage 3: Execution
The execution stage is where plans are put into action. The project manager organizes the team’s efforts, allocates resources, and controls work completion based on the project plan. Furthermore, this stage of project management involves regular meetings, progress tracking, and addressing problems that arise. Effective communication and leadership are critical during execution to ensure the project is on track. This phase produces deliverables, and the project starts to take physical form. The execution stage tests how effective a planning phase is and might need adjustments as factors from the real world enter the scene.
Stage 4: Monitoring and Control
Monitoring and control run side by side with the execution stage, ensuring the course of a project stays as intended. This phase involves tracking progress, comparing it to the project plan, and making any necessary changes. Key activities in this phase include monitoring timelines, budgets, and quality metrics, as well as managing risk and changes. In addition, this phase conducts regular status reports and performance reviews. Therefore, this is a very important stage in identifying and correcting any deviations from the plan early. It makes sure to keep the project aligned with objectives and constraints.
Stage 5: Closing
This is the last stage in a project and marks the project’s formal closure. It is characterized by activity finalization, deliverables handed over to clients or end-users, and visual representation of a project resource. Key tasks in this stage involve conducting a final project review, documentation of lessons learned, archiving project documents, and celebrating success. Furthermore, this stage completes any outstanding administrative or contractual obligations. Also, this closing stage is where the goal of the project is checked off. Moreover, this stage is important for helping project managers ensure that stakeholders are satisfied and capture many valuable insights for future projects.
Four Components of Project Management
There are four main components of what is project management. These components act as pillars of project management, and these are the main areas of project management usage. Therefore, these components are as follows:
Time:
Time management is crucial in project execution, and it includes creating schedules and adhering to deadlines. It includes task duration estimation, sequencing activities, and, finally, developing a timeline. Effective time management requires identifying critical paths, managing dependencies, and allocating resources efficiently. The project manager will monitor the progress of the project against this schedule, promptly react to any delays, and change schedules when necessary. Quite often, time constraints interact with various other elements of the project. Therefore, it is a must to balance time management with scope, cost, and quality constraints for the successful completion of projects.
Scope:
Scope defines the boundaries of a project, identifying what is in and what is out. It includes all of the work necessary to provide the objectives and outcomes agreed upon for the project. For this reason, effective scope management involves clearly defining project goals, deliverables, and constraints. It requires careful documentation through scope statements and work breakdown structures. Therefore, project managers must be wary of scope creep, which refers to uncontrolled change or expansion in the scope of a project. Regular scope reviews and change control processes are very useful in keeping a project focused and avoiding additional complications that may impact time, cost, and quality.
Cost:
Cost management involves planning, estimation, budgeting, and controlling project expenses. Furthermore, it requires detailed financial planning at the beginning, including initial budgeting, cost estimation for resources and activities, and ongoing financial tracking. Therefore, project managers must balance cost constraints with project requirements and find cost-effective solutions that will not compromise quality. Useful methods of effective cost management include regular budget reviews, earned value analysis, and proactive actions for addressing potential overruns. It also involves making informed choices on resource allocation and procurement to optimize project spending while achieving the desired outcomes.
Quality:
Quality management ensures that the project outcome is in line with specified requirements and meets stakeholders’ expectations. This involves setting quality standards, implementing quality assurance processes, and conducting quality control measures throughout the project life cycle. Project managers must balance quality with time and cost constraints. Furthermore, quality management fosters a culture of continuous improvement, where lessons learned lead to improved quality in projects moving forward. Therefore, effective quality management is key to the satisfaction of stakeholders and to increases the chances of project success.
Project Management Tools
While there are many types of tools used in project management for different purposes, there are two purpose-specific tools that stand out above the rest. These two types of tools are the essence of what is project management as a whole. Moreover, these two types of project management tools are a must for managing a project, and they are as follows:
Project Management Software
Project management software is a basic requirement in the modern execution of projects because it provides comprehensive solutions to project planning, tracking, and collaborative activities. Furthermore, these tools include task management features, resource allocation, scheduling, and progress monitoring. Some of the popular project management tools used by project managers include Microsoft Project, Asana, Trello, and Jira. They provide customizable dashboards, Gantt charts, and reporting capabilities. Furthermore, they allow real-time updates, facilitate document sharing, and often integrate with other business systems.
Advanced project management software includes features for risk management, budget tracking, and portfolio management. Moreover, other benefits of the cloud-based project management software include accessibility from anywhere, allowing for easy remote collaboration. However, when it comes to choosing the best project management software, project managers must consider factors such as the size of the team members working on the project, the complexity of the projects, integration needs, and scalability to ensure the best fit for your organization’s requirements.
Communication Tools
Effective communication lies at the root of any successful project management. Modern tools really did change how teams interact with and share information. Communication tools start with simple instant messaging tools like Slack or Microsoft Teams and finish with video conferencing solutions like Zoom or Google Meet. Therefore, there are many options that allow for real-time discussions, file sharing, and virtual meetings in remote and distributed teams. Therefore, choosing the right mix of communication tools depends on the team and project manager’s preferences, the needs of the project at hand, and the culture in an organization to establish clear, efficient, and inclusive communication among all stakeholders.
Consult Your Project Professional Development With a Good Project Manager
Consulting with a skilled project manager may be just about what your business needs. Furthermore, it will put your project in a better place to realize success. However, if you intend to outsource your project, then Linkitsoft is one of the best options available. This is simply because their team has experienced project managers with strong project management skills. They will guide you through the process of handling your project. By collaborating with Linkitsoft’s project managers, you gain access to their project management body of knowledge and best practices in mobile application development. These professionals can help you refine the project scope, define realistic timelines, and manage resources. Moreover, they provide valuable insight into risk management, quality control, and communication with stakeholders. All of these are very critical to the success of the project.
Apart from the technical expertise, outsourcing your project to LinkItSoft will also give you a learning opportunity. That is because their project managers can guide you on the basics of project management. They can help you with various project management methodologies, tools, and techniques involved in mobile app development. All this practical experience by your side, together with seasoned professionals, goes a long way toward increasing your project management capability and career growth. Therefore, if someone wants to pursue a career as a project manager and wants to become a project manager, they can consult with Linkitsoft’s project manager. While Linkitsoft is not like the project management institute, it offers consultancy on best project management practices like the project management professional institute. They help people start a project management career. Therefore, you can learn more about project development and start a career in project management by consulting with Linkitsoft.
Final Thoughts
That is all there is to discuss in this blog on what is project management. We hope this blog can help you understand what is project management and can help you manage your project. However, if you require expertise in the concept of project management from a professional project manager, you can choose Linkitsoft’s project managers. To read more blogs like these, visit the blog section on our website.
