Key characteristics of Project Management:

1) Risk Management: It is the process of identifying, analyzing and responding to any risk that
arises over the life cycle of a project to help the project remain on track and meet its goal.
2) Objectives oriented:
https://www.quora.com/What-are-the-differences-between-project-program-and-portfolio-
management-in-the-PMBoK

Characteristics of Project Management

1. Objectives oriented: Project management is focused on achieving specific project objectives
with customer satisfaction. It is results-oriented.
2. Change oriented: Project management is a vehicle for planning and managing change in an
organized manner. It adopts flexibility in doing things in a risky environment.
3. Single Responsibility Center: The project manager is the single responsibility center
accountable for project outcomes. The role of project manager is crucial from inception to
completion of the project. He is a project leader and champion. He motivates team members to
excel.
4. Team-based: Project management consists of a multi-disciplinary project team with a wide
range of skill and experiences. The team has project dedication. Each member has responsibility and
accountability for a unit of work. Self-management is emphasized. So is member participation. The
team membership is flexible and changes with project needs.
5. Functional Coordination: Project management requires coordination along functional lines.
The work flow is both vertical and horizontal in a matrix organization structure.
6. Planning and Control: Project management required integrated planning and control
systems for continuous improvement.
7. Constraints: Project management achieves results within the constraints of time, cost and
quality. It is a time and resources limited activity. It is focused on customer needs.
8. Body of Knowledge: Project management consists of a body of knowledge like;
 Scope Management
 Time Management
 Change Management
 Integration Management
 Cost Management
 Quality Management
 Human Resource Management
 Conflict Management
 Risk Management
 Procurement Management

Initiation, Planning and Design, Construction and Execution, Monitoring and Control, Completion

Reasons:
1) Due to advancement in technology, evolving industry needs and digitization, the nature of
work is continually changing across the world. This ultimately leads to work being organized
around projects, with teams that are grouped together based on the skills and expertise
required to carry out specific tasks. Due to this, project management has become very
demanding profession since it is about delivering outputs to maximize benefits to an
organization.
2)  Project management helps the organizations to get maximum return by using the minimum
resources. It also helps you to cut your expenses. Moreover, it increases the productivity of
employees or team members. Project teams work professionally which results in customer
satisfaction. In current scenario when there is tough completion, a business can only
succeed if it adopts innovation and creativity and project management ensures both these
things. Project management helps you to complete the work systematically as everything is
done in a proper sequence starting from setting the goals and objectives of the project to
implementing the strategies for achieving these goals.

3) In today’s market, the

length of product life cycles
is shortening. This means
businesses are under
4) pressure to produce new
or improved products at an
increasingly rapid pace.
Growing global
5) markets, consumer tastes,
and competition demand
 that products constantly be
improved to be
6) better, faster, and sleeker
and offer more features.
Most organizations are
planning their next
7) product or product
improvement as their latest
innovation is just on its way
out the door. Under
8) conventional business
practices, keeping up with
this demand for innovation
can be difficult.
9) Project management
offers companies a manner
 in which to become more
innovative and to
10) develop products at a
faster pace.
11) In today’s market, the
length of product life cycles
is shortening. This means
businesses are under
12) pressure to produce new
or improved products at an
increasingly rapid pace.
Growing global
13) markets, consumer tastes,
and competition demand
that products constantly be
improved to be
14) better, faster, and sleeker
and offer more features.
Most organizations are
planning their next
15) product or product
improvement as their latest
innovation is just on its way
out the door. Under
16) conventional business
practices, keeping up with
this demand for innovation
can be difficult.
17) Project management
offers companies a manner
in which to become more
innovative and to
 18) develop products at a
faster pace.
19) In today’s market, length of product life cycles is shortening. This means businesses are
under pressure to produce new or improved products at an increasingly rapid pace. Growing
global markets, consumer tastes and competition demand that products constantly to be
improved to be better, faster and sleeker and offer more features. Most organizations are
planning their next product or product improvement as their latest innovation is just way
out of the door. Under conventional business practices, keeping up with the demand for
innovation can be difficult. Project management offers companies a manner in which to
become more innovative and to develop products at faster pace.

An example distinguish the major characteristics of a project program and portfolio:

A program is a group of similar or interrelated projects managed together in a coordinated manner.

The aim is to regulate projects that have a common goal and would yield better results and
profitability when managed together. An example of a program in the software industry would be an
update containing several new features expanding the product.

A portfolio is a group of different programs and/or projects within the same organization. These
programs or projects may not necessarily be related to one another. Taking the initial example, all
the individual townships, societies, or malls, when grouped together, can be considered a portfolio.