What is Project Management?

Effective project management keeps everything on track, on budget, and aligned with your goals. But managing a project from start to finish takes a lot of coordination. The right tools can make all the difference — helping your team stay organized, connected, and on schedule.

Let’s dive into how solid project management and the right tools can set your next project up for success.

What is project management?

Project management is all about guiding a team to reach a project’s goals while working within set limits, like time and budget. Project managers are the ones who keep everyone on the same page: They talk to stakeholders about the project’s purpose, key details, budget, and timeline, and keep the team informed on what’s coming next.

In the planning phase, project managers lay out a roadmap for the project. They’ll organize tasks, assign them to team members, and make sure everything flows smoothly. They’re also on the lookout for any possible roadblocks or bottlenecks, so they can handle those before they have a chance to slow things down.

Project management can be used for any type of project, from marketing campaigns and product launches to onboarding new hires. It’s a role that calls for clear communication, teamwork, attention to detail, and strong organizational skills.

Why is project management important?

Poor project management can lead to delays, scope creep, budget overruns, and, in the worst case, failure. Conversely, companies that manage projects effectively usually see results faster. Because they can pivot to new customer demands quickly,  they often gain a competitive edge.

A successful project manager ensures a project:

• Moves forward efficiently
• Makes the best use of resources
• Addresses risk
• Stays within scope and budget
• Facilitates collaboration
• Manages stakeholder expectations
• Adapts to changing circumstances
• Aligns with organizational goals

Project management is the glue that holds everything together, and requires regular communication between team members, project managers, and stakeholders. 

Let’s explore a few common methods for implementing a strong workflow.

Project management methods

To lead a project to success, companies often use one or more project management methods. Let’s break down some of the most popular approaches out there so you can find one that best suits your team’s needs. 

Waterfall

The Waterfall approach is one of the oldest, most established project management methods. This model has clear, sequential project phases with well-defined requirements. Members of the project team simply complete each task in order, checking them off in a linear fashion. 

This method is great for projects with fixed deliverables and scope. But it doesn’t handle unexpected changes as well as other methods. You might use the Waterfall method for a big construction project, like a bridge or skyscraper.

Critical Path Method (CPM)

If your timeline is a high priority, the Critical Path Method (CPM) might be for you. First created in the 1950s, CPM is one of the earliest project management methods. 

This approach maps and manages key tasks that may affect the project timeline and their expected durations. It suits complex projects with interdependent, time-bound tasks. You might use CPM to organize a large manufacturing project to make sure it’s completed on time.

Program Evaluation and Review Technique (PERT)

When a project’s timeline is a moving target, a method like PERT comes in handy. A project manager and their team can use PERT to assign three time estimates to each task. These include “optimistic,” “pessimistic,” and “most likely.” Taking the weighted average of all the project’s tasks — not just those on the critical path — a project manager can generate a more reliable timeline.

The PERT method is often used in combination with the CPM. For example, a project manager might apply the three time estimates to tasks on the critical path. The team then has a more realistic view of the timeline based on the most important pieces of the project. PERT is often used in research and development (R&D) scenarios where timelines are fluid and uncertain.

Six Sigma

Six Sigma is a popular choice when quality is a top priority. Designed to improve manufacturing quality by minimizing defects and process variations, this method relies on statistical analysis and quality management. Its goal is to boost efficiency, cut costs, and improve customer satisfaction. It may also require forming a skilled internal team. 

The term “Six Sigma” does not refer to the number of phases, but rather a process that’s so well-defined it leaves little room for error. Six Sigma actually has five phases: Define, Measure, Analyze, Improve, and Control (DMAIC). This method is great for manufacturing. But it can also improve processes in healthcare, finance, and IT.

Lean Project Management

When efficiency is the goal, consider Lean Project Management. The purpose of the lean approach is to cut down on waste and add value during each project phase. This method helps project managers and their teams spot and remove unnecessary elements to deliver the best product possible. 

Lean Project Management began in Japan’s manufacturing industry. It emphasizes continuous improvement, or kaizen. A startup might find the Lean Project Management method useful for completing a software project on a tight deadline with limited resources.

Agile

The Agile method is great for flexible project management. Unlike Waterfall’s fixed approach, Agile is iterative. It organizes a project into several phases, called sprints. After each sprint, the team syncs up to discuss how things went and apply what they’ve learned to the next sprint. This method helps a team respond to change faster and fosters a spirit of continuous improvement.

The Agile method is a good choice if you’re developing a mobile app and rolling out new features in batches. After each new feature release, review the process with your team. Then, make changes and improvements based on your learnings.

There are several Agile frameworks in use today, including Scrum and Kanban.

Scrum

Scrum enables close collaboration in small teams. It uses short sprints — a few weeks long — to produce a deliverable. This method usually has a “Scrum Master.” They run daily meetings, conduct demos, oversee sprints, and hold sprint recaps after each one. Scrum has other defined roles, like the product owner and development team. It’s often used for ongoing product development at tech companies.

Kanban

Kanban (“signboard” in Japanese) is a visual approach to project management. It uses visual boards with cards and columns. They help teams manage workflows and visualize progress. Everyone can see completed and pending tasks, when they’re due, and who’s responsible. This way, teams stay focused on the most important tasks and can identify bottlenecks. Teams often use kanban-based software to manage these visual elements. This framework works especially well for managing a remote customer support team.

PRINCE2

PRINCE2 (Projects In Controlled Environments) is a great choice for highly structured projects. Using a Waterfall approach, PRINCE2 divides a project into controlled and manageable stages. It emphasizes business justification, creates a clear organizational structure, and streamlines individual project tasks for maximum efficiency. PRINCE2 is mostly seen in government settings, but some enterprises use it, too. You might pick PRINCE2 for a large government IT project that requires a structured approach with clearly-defined roles and responsibilities.

Project management tools

To oversee work, project managers often use project management software like Trello, Jira Cloud, Asana, Miro, and Notion. If you use a comprehensive work operating system like Slack, project management integrations ensure processes run even more smoothly. By keeping all details in one place, you can avoid context-switching, save teams time, and help everyone stay organized.

Let’s take a closer look at how Slack helps facilitate three core aspects of the project management process:

1. Collaboration. In Slack, you can add team members to a project channel where everyone can talk, share, and collaborate, regardless of location. For quick communication, huddles let you instantly chat live with others. For deeper team collaboration, you can turn on video, share your screen, message, and share files. To connect with your team without a real-time meeting, record a clip to quickly share updates, progress, and feedback.
2. Tracking. You can easily track and organize your projects with lists in Slack. Teams can use lists to manage project tasks, prioritize work, monitor progress, and hold members accountable.
3. Organization. Slack helps your team stay organized during a project. Canvases are one tool you can use to collect, manage, and share project info in one workspace. And with Workflow Builder, you can automate everyday processes to make the most of your time.

The 5 stages of project management

The Project Management Body of Knowledge (PMBOK) says there are five common project phases: 

• Initiation
• Planning
• Execution
• Monitoring and Controlling
• Closing

Depending on your project management method, various stages may overlap or repeat during the project’s lifecycle. Some project management methods, like Agile and PRINCE2, may have extra stages not listed here.

1. Initiation

The initiation stage is where it all begins, and it’s really about setting clear goals and objectives for your project. It’s important to define the project scope so that everyone involved is aligned. During this stage, project managers have conversations with stakeholders to get a good grasp of the project’s purpose and identify its key components, like goals, phases, and deliverables.

Once the project manager has had those initial discussions, they usually put together a project charter or summary. This document is super helpful because it gives everyone on the team a clear picture of the project and their specific roles. The charter typically outlines who the project manager is, who the stakeholders are, and what the targets and responsibilities will be.

Using Slack canvases can be a great way to keep everything organized in one spot, making it easy for the whole team to access important documents and stay on the same page.

1. Planning

A plan ensures everyone knows their role in a project and how to help bring it to life.

Considering risks, delays, and other issues in the planning stage greatly boosts your project’s chances of success. You’re also much more likely to complete it on time and within budget. Spending extra time and care during this stage may allow others to go faster and more efficiently as the project progresses.

Some questions that typically come up during planning include:

• What do we need to complete this project on time and within budget?
• What are the risks involved in this project?
• Who will work on this project, and what resources do they need?
• What are the key milestones, and what tasks are required to complete them?
• What are the success criteria for this project?

Teams can use a project channel in Slack to track all conversations, ideas, and decisions. 

1. Execution

Work begins in the execution stage. The project manager assigns resources and manages vendor relationships, and each member works on their assigned tasks in the project plan.

Lists in Slack help teams track their progress, and workflow automation can streamline task-related processes. Project managers should hold regular team meetings and provide stakeholder status updates to keep everyone informed about progress.

Faster than email, project channels are a great way to send weekly project recaps — including files — to both stakeholders and internal teams.

1. Monitoring and controlling

Throughout the project, the project manager oversees everyone’s work to stay on schedule. They should minimize delays, scope changes, and handle any necessary budget adjustments. At this stage, teams may heavily rely on project management tools and methods to find and fix any problems or risks. The project manager should also track their team’s progress against KPIs as they near each milestone.

Close collaboration is essential during this stage. Tools like huddles, which let members meet virtually, are useful for discussing progress or connecting on urgent issues. Clips are also a great option for asynchronous status updates and feedback.

1. Closing

In the closing stage, team members finish their tasks and deliver the final product or service to the client. Once delivered, and pending approval, the team can consider the project complete.

Project managers will usually review the project against its KPIs, assessing what went well and identifying areas for improvement. They may also hold a wrap-up or “lessons learned” meeting as part of this process, so the team can share their experiences and feedback.

It’s important to document, save, and share all project components with necessary stakeholders. To make things easier for everyone, you can use Slack’s app integrations to share files in various formats.

The future of project management

The way we work is evolving, and so have project management techniques. The Project Management Institute’s Pulse of the Profession 2024 report says that organizations are now using flexible, fit-for-purpose project delivery practices. This shift comes as they face new challenges in the aftermath of the pandemic and a push for digital transformation. In fact, the use of these hybrid approaches has increased from 20% in 2020 to 31% in 2023.

Remote and hybrid work has also changed how and where projects get done. With 61% of project managers working at least partially remotely, they need the right tools to stay on track from anywhere.

By doing all tasks on the same system where you chat with teammates and access data, it’s simple to streamline project management. With all their tools in one place, teams can work faster and collaborate from anywhere without sacrificing quality. 

Drive business success with better project management

Good project management improves your business outcomes. Without it, projects may stall, go over budget, or fail. Proper planning and the right strategies — and collaboration tools — can keep your projects on track. They can also keep your team nimble and responsive to changing customer demands. As your organization improves at project management, you may even find that it gives you a competitive edge. With the right tools and methods, you can confidently manage your next project from start to finish.