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Operations run a business, but it is projects that change business. Projects are all-pervasive across industries. From infrastructure, IT, real estate, healthcare, movies, creative enterprises, investment banking and insurance to bureaucracy – project management is needed everywhere.

Project Management is a vast field, encompassing a formal discipline. It is a practice of planning, initiating, implementing and executing the project to meet a specified goal within specified time and budget. In project management, unless you don’t document your success, your failures, and the reasons for the delay, you are unlikely to be successful in the next venture.

The Importance of Project Management Distilled From Real-World Projects

The Aadhaar card project is an excellent example from a project management perspective. The challenge of making sure a unique number is provided to every Indian citizen for identification was accomplished with the right project management techniques.

It is one of those rare projects where the goal was met before the target date and in less than the budgeted amount.

Even the case studies of Delhi metro project and ISRO projects throw light on the importance of effective project management. The planning and execution of these mega projects inspire you to learn project management principles to the core.

Failure is Not to Be Feared

In project management, failure is feedback. It's normal to have difficulties throughout the project, but you need to ensure that you view them as training investments. Even if you are a seasoned professional with extensive experience, you’re never immune to the smaller or bigger dangers of project failure. Hence, when working on projects both big and small - one should never fear failure; instead, focus on effectively managing information, people, time, as well as specific challenges and threats that are part of the project. As someone rightly said, ‘’We learn wisdom from failure much more than from success.’’

ConclusionProject management is an advanced method of achieving goals. It is designed to help you initiate, plan, monitor, and successfully complete a project. Basically, it is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Each project has unique objectives and its own project plan, budget, timescale, deliverables, and tasks. However, with a structured project management methodology, one can achieve desirable results within the required timeframe.

Gizel Gomes is a content writer for a digital advertising agency. With a passion for reading and writing, she hopes to provide the community with her insight on different project management tips, techniques & methodologies.