The Basics of PM
PM stands for Project Management, which is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria.
Roles of a PM
A PM is responsible for the success or failure of a project. They must have a wide range of skills, including leadership, communication, time management, and budgeting.
Importance of PM
PM is crucial in ensuring that projects are completed on time and within budget. It helps organizations meet their strategic objectives and improve overall performance.
Examples of PM
- Construction projects
- Software development projects
- Event planning projects
Case Studies
In a study by the Project Management Institute, organizations that invest in PM practices waste 28 times less money than those who don’t. This highlights the importance of PM in achieving project success.
Statistics
According to a report by Wellingtone, 44% of project managers do not have formal training in project management. This can lead to project failure and inefficiencies.
