Project Management Flashcards, test questions and answers

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What is Project Management?

Project management is the process of planning, organizing, and managing resources to bring about successful completion of a specific task or project. It involves coordination between different stakeholders in order to ensure that all goals are met on time and within budget. Project management is an essential tool for businesses seeking to achieve success as it helps streamline processes, save costs, increase efficiency and drive innovation. Project managers must identify objectives, develop plans, coordinate resources, manage risks and track progress throughout the duration of the project. They must also communicate regularly with team members and stakeholders regarding updates on the project’s status. Effective communication is key to successful project management as it helps build trust between stakeholders while fostering collaboration among team members. In addition to assigning tasks and managing resources properly, one of the most important aspects of effective project management is setting realistic timelines for completing each step along the way. This allows teams to remain focused on their goals without getting overwhelmed by too much work at once or having unrealistic expectations set for them from day one. Without proper timing, projects run over budget and deadlines become more difficult to meet which can lead to costly delays or even failure altogether. Finally, good project managers understand how important it is to measure results throughout each stage of a project in order gauge its effectiveness against pre-established metrics like cost savings or customer satisfaction levels – this data can then be used as feedback when making decisions moving forward so that improvements can be made where necessary. By following these guidelines closely , businesses should be able to complete projects successfully while maximizing their return on investment (ROI).