Project management is one of the major subjects taught to the management students. A part of the subject, the students are expected to learn how to handle a project and take it to its logical conclusion. In this subject, the students has to apply his skills, knowledge, techniques and tools to varied activities so as to fulfill specific project requirements.

Management students have to be very focused right from the very beginning when studying this subject. There are many steps that need to be kept in mind when taking a project from conception to implementation.

Following are the major project management steps that takes a project from start to finish.

Conceptualization and initiation of a Project

In this step, an idea is analyses and examined carefully to see whether it is beneficial to the business enterprise.

Definition and Planning of a Project

The next step is to create an outline of the project. The project managers also need to calculate a budget, see if the project needs to be prioritized and determine the schedule by when the project needs to be completed.

Execution of a project

The teams are apprised of their responsibilities and duties and resources are allocated to them to start the job. Any information pertaining to the project is shared with the team so as to ensure they are on the right track.

Control of Project

The progress and current status of project is relentlessly controlled. The project manager needs to keep a tab on the same and in case there is any indication of laxity, the team needs to be pulled up and corrective actions needs to be taken.

Closure of a Project

After the completion of all tasks related to a project, it is declared closed. The outcome must be approved by the client.

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