B. P.

PODDAR INSTITUTE OF MANAGEMENT AND TECHNOLOGY

DEPARTMENT OF COMPUTER SCIENCE & ENGINEERING
AY: 2024-25 [ODD Semester]

TERM PAPER

Paper Name: ___Project Management and Entrepreneurship_____ Code CSE HSMC701___

Term Paper Title: ______Explain the skills that are required in project management_______

Group No. _14___ Student Details:

University Roll. No. Name

11500121084 DIPNARAYAN SEN

11500121058 MEGHNA GUPTA

11500121083 ARNAL SAMADDER

11500121044 AYAN CHOWDHURY

11500122133 ANKITA BAIDYA

<Please do not write anything below the dotted line >

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Abstract
Project management is a dynamic and diverse occupation, ranging from the technical skills to the art
of leading. The principle behind project management lies in the fact that organizational objectives are
aimed at aligning with undertaking activities in practice to ensure projects come into scope on time
and within budget. It outlines the key competencies in project management: planning and organizing,
time and risk management, stakeholder management, and control over quality. Working with these
competencies will allow one to deal with or overcome the challenges that come with project-based
work when uncertainties and requirements change.

Introduction
Project management is a vital discipline that harnesses a variety of processes, methods, knowledge,
skills, and tools to achieve specific project goals. It is a comprehensive approach involving the
planning, organizing, and managing of resources to ensure the successful completion of projects
within defined constraints such as time, budget, and scope. Effective project management is crucial in
guiding projects to meet their objectives, overcoming challenges, and delivering value. This paper
explores key aspects of project management, including planning and organizing, time management,
risk management, communication and collaboration, stakeholder management, budget and cost
control, quality management, and change management. Projects generally comprise five phases:
initiation, planning, execution, monitoring and controlling, and closing. Each phase brings a different
set of tasks and challenges, and success in each phase requires a unique combination of skills. A
project manager must define the objectives of the projects during the initiation phase and determine
the project's feasibility. While planning, it gives the way forward on how the project will be done and
states the resources, with timelines, it needs and also points out what possible risk factors might pop
up. The execution deals with teams and workflows that need to be managed for the progress of the
project; whereas, monitoring and controlling talks about the performance, tracking which must be
done against the project plan. Finally, the close is the last phase, where the deliverables are complete,
and the owners review the results.

Planning and Organizing

Planning and organizing effectively are critical components of project management success. Projects
can go off track quickly, resulting in an lost deadline, budget overspending, and unhappy stakeholders,
without a detailed, well-planned, and organized project plan. Project management planning involves
determining the project scope, goals, objectives, deliverables, and the tasks needed to get them done
while an organizing component makes certain that the project's human and material resources are
being utilized effectively and efficiently.
1. Defining the Project Scope: The first step in project planning is determining the project's scope.
This defines what is included by creating boundaries that reflect what is out of scope; therefore,
defining the scope is critical to timelines, resources, and costs. It is the project manager's
responsibility to ensure that scope has been defined explicitly, and changes to scope during the project
are documented and managed through the change control process to avoid scope creep.
2. Setting Goals and Milestones: Goals illustrate what the project hopes to deliver. Goals should be
broken into smaller milestones so that detailed sections can be checkpoints to check on the status of
progress. By breaking large forms into milestones, the project manager keeps the team on the same
page to ensure all progress is as planned against delivery.
3. Work Breakdown Structure (WBS): The WBS provides full project deliverables in hierarchical
form and breaks the project down into smaller manageable components thus allowing them to be
assigned to someone and implementing control over progress and potentially determining bottlenecks.
WBS provides a further structure for the work package and ever ensures that critical deliverables have
not been missed.
4. Resource Allocation and Scheduling: Organizing the project includes a consciously organization
of people (human resources) and materials (materials resources) regarding assigned activities in the
project planning. A well-organized project ensures that the right people with the right skills, and
resource team are working on tasks appropriate for them at the right time. Resource allocation also
consists of managing time through timekeeping and schedules, money through budgets, and
equipment needed to make available that will be used wisely.
5. Project Scheduling and Timeline Management: Scheduling consists of creating a detailed
timeline that shows when each task will start and end. Project managers regularly use topic-related
tools, such as Gantt charts and critical path analysis, to visually represent the project timeline and
discern the dependency of each task. The process of keeping the project on schedule entails
continuous monitoring, oversight, and changes to the project if unforeseen events occur or if a
challenge presents itself.
6. Contingency Planning: No project plan is ever complete without allowing for the unexpected.
Contingency planning involves determining the possibility of risks and alternative plans to prevent
risks from occurring. When a solid contingency plan is in place, project managers can react
appropriately to the issue without (often) disrupting the project as a whole.

Time Management
Effective time management is an important skill among project managers as it directly affects the
project’s ability to meet deadlines and stay within workload constraints. Effective time managers are
able to balance multiple priorities to get tasks done in the timeframe allotted. Meanwhile, poor time
management can result in delays, cost overruns, and missed opportunities.
1. Develop clear timelines and deadlines: An important first step in time management is to develop
a clear timeline for when tasks and activities will be completed. Both project timelines and more
precise deadlines for specific tasks should be included. Projects are more reliable when project
managers create achievable and realistic deadlines, ensuring the team understands when project
deliverables are due.
2. Estimate time appropriately: Estimating time is an important practice for developing a more
realistic project schedule. Estimating approaches, such as a Program Evaluation and Review
Technique (PERT) or critical path method (CPM), and historical data from past projects can be helpful
in predicting how long it will take to complete specific tasks on the project as well as the entire
project.
3. Prioritize tasks: With multiple tasks often occurring at the same time, project managers will need
to prioritize tasks based on importance and urgency. Frameworks such as the Eisenhower Matrix can
be used to figure out which needs to be done first and which can wait. Prioritization allows for the
completion of the most important tasks first, reducing the risk of missing milestones.
4. Management of Dependencies: In just about every project, there are dependent tasks, meaning
that a task cannot start until another task has been completed. It is important for a project manager to
understand these dependencies, as they relate to time management. A project manager must advocate
for the most favorable development of tasks and manage the delays in one area of the project so that
they do not cascade into other areas of the project.
5. Time Tracking and Optimization: Several project managers also use time-tracking software to
analyze time being used for each task. This information can help project managers optimize workflow
and to analyze a more fair time estimate for projects in the future.

Risk Management
Risk management is a critical skill in project management, as projects are inherently uncertain and
can face various risks that impact their success. Risks may arise from internal or external factors, such
as resource shortages, market fluctuations, or regulatory changes. Project managers must identify,
assess, and mitigate these risks to ensure that the project stays on course.
1. Risk Identification: The first step in risk management is identifying potential risks that could
affect the project. This involves looking at all aspects of the project, from resources and schedules to
external factors such as market trends or political changes. Common risk identification techniques
include brainstorming sessions with the project team, reviewing historical data, and conducting risk
workshops.
2. Risk Assessment and Prioritization: After identifying risks, project managers assess the
likelihood and impact of each risk. This assessment helps prioritize which risks require immediate
attention and which can be monitored with less urgency. Risk matrices, which plot the probability of a
risk against its potential impact, are commonly used for this purpose.
3. Developing a Risk Management Plan: A comprehensive risk management plan outlines how risks
will be managed throughout the project’s lifecycle. This includes processes for monitoring risks, roles
and responsibilities for risk owners, and contingency plans for high-impact risks. The plan also
establishes protocols for updating the risk register as new risks emerge or existing risks change in
severity.
4. Monitoring and Controlling Risks: Risk management is an ongoing process. Project managers
must continuously monitor risks and adjust mitigation strategies as necessary. This requires regular
risk reviews, status updates, and communication with the project team and stakeholders to ensure that
emerging risks are addressed promptly.

Communication and Collaboration

Effective communication and collaboration are vital to project success. Without clear and open lines
of communication, teams can experience misunderstandings, delays, and conflicts. Project managers
must excel in:

1.Clear Communication: At the core of effective communication is clarity. Project managers must
ensure that all messages are clear, concise, and free from ambiguity. This involves using
straightforward language and avoiding jargon that might confuse stakeholders or team members.
Consistency in messaging helps prevent misunderstandings and ensures that everyone is on the same
page regarding project goals, progress, and changes.

2.Active Listening: Effective communication is not just about speaking clearly but also about
listening actively. Project managers must pay attention to feedback from team members and
stakeholders, asking clarifying questions when necessary and demonstrating empathy. Active
listening helps in understanding concerns, addressing issues promptly, and building trust among all
parties involved.
3.Conflict Resolution: Conflicts are a natural part of teamwork, but how they are managed can
significantly impact project success. Project managers must be adept at resolving conflicts by
mediating discussions, finding common ground, and ensuring that disagreements are addressed
constructively. A proactive approach to conflict resolution helps in maintaining a positive team
environment and preventing disruptions to the project.

4.Collaboration Tools: Effective collaboration requires facilitating teamwork through structured

processes and tools. This includes setting up collaborative platforms where team members can share
documents, track progress, and communicate seamlessly. Tools like shared project management
software, collaborative documents, and task management systems enable teams to work together
efficiently, regardless of their physical location.

Stakeholder Management
Stakeholder management is a critical aspect of project management, as stakeholders are the
individuals or groups that have an interest in or are affected by the project's outcome. Managing
stakeholder expectations, building trust, and ensuring open communication are essential for a project’s
success. Stakeholders may include project sponsors, clients, team members, suppliers, regulators, and
the general public, depending on the project's scope.
1. Identification of Stakeholders: The first step in stakeholder management is identifying all the
relevant stakeholders. This involves understanding who the key influencers are and who will be
impacted by the project's outcomes. Project managers must conduct a thorough stakeholder analysis to
determine the power, interest, and influence of each stakeholder on the project.
2. Understanding Stakeholder Needs and Expectations: After identifying stakeholders, project
managers need to engage with them to understand their expectations, concerns, and requirements.
Each stakeholder will have different priorities, and it is important to align these with the project’s
goals. This may involve negotiating compromises and finding common ground to satisfy the majority
of stakeholders.
3. Managing Stakeholder Expectations: One of the biggest challenges in stakeholder management
is balancing conflicting interests. Project managers must set realistic expectations from the start and
ensure that stakeholders are aware of the project’s limitations in terms of scope, time, and resources.
By managing expectations early on, project managers can reduce the likelihood of dissatisfaction or
conflicts later in the project.
4. Conflict Resolution: Stakeholder conflicts can arise when different parties have opposing priorities
or when expectations are not met. Project managers must be skilled in conflict resolution techniques,
such as mediation and negotiation, to ensure that disputes do not escalate and jeopardize the project.
It’s important to foster a collaborative environment where stakeholders feel heard and valued.

Budget and Cost Control

One of the primary responsibilities of a project manager is to ensure that the project is completed
within budget. Budgeting and cost control are about balancing the project's expenses with the
available resources.
1.Budget Planning: Budget planning begins with defining the project’s financial requirements based
on a detailed understanding of the project's scope, objectives, and deliverables. This involves
estimating the costs associated with all project activities, including labor, materials, equipment, and
overheads. The budget should align with the project plan and be based on realistic and well-
researched cost estimates.
2.Cost Estimation: Accurate cost estimation is essential for setting a realistic budget. Various
estimation techniques can be employed, including expert judgment, analogous estimating (using
historical data from similar projects), parametric estimating (using statistical relationships), and
bottom-up estimating (breaking down costs into individual components). Each technique has its
strengths and is suitable for different types of projects and phases.
3.Monitoring Expenses: Effective cost control involves regularly tracking and monitoring project
expenditures to ensure they align with the budget. This requires maintaining detailed records of all
costs incurred, comparing them with the budgeted amounts, and identifying any discrepancies. Project
management software and financial tools can facilitate real-time tracking and reporting.
4.Value Optimization: The project manager seeks to achieve maximum value within the project's
budget, ensuring that resources are used efficiently and waste is minimized. Value optimization in
project management is about maximizing the benefits and outcomes of a project while effectively
managing costs. It involves ensuring that every dollar spent contributes to the project's overall
objectives and provides the best possible return on investment. The goal is to enhance the value
delivered to stakeholders without compromising on quality or performance.

Quality Management
Quality management is an essential skill in project management, as it ensures that the project’s
deliverables meet or exceed stakeholder expectations. The goal of quality management is not only to
complete the project within scope, time, and budget but also to achieve a level of excellence that
satisfies both the client and the organization’s standards.
1. Defining Quality Standards: Quality management begins with defining what quality means for
the specific project. This involves setting clear quality standards that align with the project’s goals and
stakeholder expectations. These standards should be measurable and include specific criteria for
deliverables, processes, and outcomes. The project manager works closely with stakeholders to
establish these standards early in the project.
2.Quality Planning: Quality planning is the process of determining how the quality standards will be
achieved. This includes selecting the tools, techniques, and methodologies that will be used to monitor
and measure quality throughout the project. Quality planning also involves assigning roles and
responsibilities for quality control and ensuring that the project team is equipped to meet the quality
requirements.
3.Quality Assurance: Quality assurance (QA) is a proactive process that ensures the project’s
processes and deliverables adhere to the established quality standards. QA activities focus on
preventing defects and errors by reviewing processes, training team members, and conducting regular
audits. By ensuring that best practices are followed, project managers can reduce the likelihood of
quality issues later in the project.
4.Quality Control: While QA focuses on prevention, quality control (QC) is about detecting and
correcting defects or variances in the project’s outputs. QC involves inspecting deliverables, testing
products, and verifying that they meet the agreed-upon quality standards. If any deviations are
identified, corrective actions are taken to bring the deliverables back into compliance with the
standards.
Change Management
In today’s fast-paced business environment, projects are frequently subject to change due to market
conditions, technology advancements, or organizational shifts. Change management is the process of
guiding teams through these changes smoothly.
1.Change Identification: Change management begins with recognizing when a change is necessary.
Changes can arise from various sources, including shifting stakeholder requirements, technological
advancements, regulatory changes, or unforeseen obstacles. Project managers must remain vigilant
and adaptable, always considering how changes might impact the project’s scope, timeline, and
resources.
2.Change Control Process: A structured change management plan outlines how the change will be
implemented, who will be responsible for executing the change, and how the team and stakeholders
will be informed. The plan should include a clear timeline for the change, along with any necessary
adjustments to the project’s schedule, budget, or scope.
3.Stakeholder Buy-In: Managing change effectively requires clear communication with stakeholders
to ensure that they understand the reasons for the change, its implications, and how it will be
implemented. This is particularly important when the change affects key project deliverables or
timelines. Gaining stakeholder buy-in is critical for minimizing resistance and ensuring that the
change is successfully adopted.
4.Implementation: After the plan is in place, the project manager leads the implementation of the
change. This involves coordinating the necessary adjustments, assigning tasks, and ensuring that all
team members are aligned with the new direction. Successful implementation requires flexibility and
adaptability, as unexpected challenges may arise during the process.

Conclusion
A structured approach to project management not only enhances the likelihood of achieving project
goals but also contributes to overall project success and value delivery. In conclusion, successful
project management is not just about technical execution—it’s about leading teams, managing
complexities, and navigating the ever-changing landscape of project environments. The ability to
balance the demands of time, cost, quality, and risk while maintaining clear communication with
stakeholders requires a mix of analytical and interpersonal skills. Project managers who master these
competencies can drive projects to successful completion, delivering results that align with both short-
term objectives and long-term organizational goals. As organizations increasingly rely on project
management to drive innovation and efficiency, the importance of these skills will only continue to
grow, making them essential for professionals looking to excel in the field.
References
1. Project Management Institute (PMI). (2017). A Guide to the Project Management Body of
Knowledge (PMBOK Guide) (6th ed.). Project Management Institute.
2. Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling,
and Controlling (11th ed.). Wiley.
3. Lock, D. (2020). Project Management (11th ed.). Routledge.
4. Larson, E., & Gray, C. (2017). Project Management: The Managerial Process (7th ed.).
McGraw-Hill.
5. Meredith, J. R., & Mantel, S. J. (2015). Project Management: A Managerial Approach
(9th ed.). Wiley.
6. Turner, J. R. (2014). Handbook of Project Management (3rd ed.). Gower