10 Areas Of Project Management Knowledge (Part 2)

3. Time – Project Time Management 

The knowledge in this area is the management of the time used, and progress made, on project tasks and activities. Excellent time management in project management requires the planning, scheduling, monitoring and controlling of all project activities. When project time management is mentioned, the tools and techniques used for managing time are also being referred to. In order to meet the end date, every project needs a schedule, and every project manager needs to manage their own time and the team’s time to ensure that the schedule is met. Mastering project time management is an effective way to earn more PDUs in maintaining your PMI® certificate.

4. Cost – Project Cost Management 

It is clear that mismanaging project costs is the fastest way to cause project failure. Project cost itself represents the many multi-faceted experiences that occur on a project, however, stakeholders see only the bottom line and draw rapid conclusions from it. The knowledge of project cost management involves the project budget, which means having good estimating tools to make sure that the funds cover the extent of the project and are being monitored regularly to keep stakeholders or sponsors informed.

5. Quality – Project Quality Management 

In project quality management, plan quality management is part of the overall project management plan, though it can be a standalone document if it contains the quality specs for the product or service. A project can come in on time and within budget, but if the quality is not up to the standard set, then the project is a failure, hence the role of project quality management is very crucial. 

6. Procurement – Project Procurement Management 

Procurement, in terms of project management, is when you need to purchase, rent or contract with some resources to meet your project demand. Managing these relationships means getting the best quality from the outside vendors to support doing business. Procurement management is a way to more efficiently and productively manage the process of sourcing, requisitioning, ordering, expediting, inspecting and reconciliation of procurement. 

(to be continued)

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