Fundamental Tools for Project Management, an Overview

Now days, most of the youngsters are showing their interest in project management due to its attractive salary packages. These youngsters usually get masters or equivalent degree in project management before applying for this job. Some of these individuals become successful in this profession while others fail to prove themselves. Have you ever thought why these people face failure as they also have same education and qualifications? It is due to the fact that they do not follow the essential tools of project management.

Almost every project manager uses certain tools for ensuring the success of project but not all the tools are efficient and effective. Selection of only the appropriate project management tools can lead you towards success. Before discussing some of the essential tools for project management, I must tell you that these tools have been made by some of the well experienced project managers after doing great research and hard work. These tools if implemented efficiently, always give extraordinary results.

Fundamental Tools for Project Management, an Overview

Critical Path – Critical path method is a time management technique that helps you to complete the project within minimum time and utilize the given time efficiently and effectively. In this technique, the shortest and most effective way of performing the project tasks is calculated by using certain mathematical procedures.

Gantt Charts – Gantt charts as the name implies are charts that show the overall flow of project. It encompasses all the details about every step along with the identified time given for every step. In short, these charts divide the whole project in to small tasks and then give time to every task.

Risk Management Plan – It is a project management tools that helps you to avoid or overcome the risks associated with your project. It also helps you to prepare yourself for the future risks. It involves the development of various risk management and mitigation strategies. This tool is particularly important for those projects which are exposed to greater risk.

Budget – Budget is yet another project management tool that helps you to get maximum results by using minimum resources. Budgets are made throughout the life time of project. The project tasks are assigned according to your budget that is why budget should be made very carefully.

Brainstorming – According to the market experts, brainstorming is the least complicated and highly efficient project management tool that enables you to generate innovative ideas. Brainstorming can be done to add more value in to your project or to find the solution of any particular problem.

Fishbone Diagrams – A Fishbone diagram also helps us to achieve our project goals and objectives. This name is given to the diagram due to its resemblance with fish. Fishbone diagram is divided in to two parts. One part shows the causes of any problem while the other shows its effects. The ribs of fish shows sub causes. It is generally suggested to discuss factors like people, process, materials, equipment, environment, management and training in your fishbone diagram as most of the problems arises in the project due to any of these factors.

There are thousands of software packages specially designed for project planning, project execution, project closure, change management cost management, quality management, issue management etc. They tools and techniques also help you to achieve your project targets successfully.

Recommended Project Management Software

If you’re interested in learning more about top rated project management software, the editors at actively recommend the following:

Mehwish Majeed

Mehwish Majeed is an enthusiastic youngster, a business graduate and a well-known article writer. She has written a large number of articles for various blogs. She uses simple language to explain even the complex issues. Article writing is her passion.