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Project management is the application of knowledge, skills, tools, and techniques to various activities to meet the requirements of organizational projects.Project Management Institute, A Guide to the Project Management Body of Knowledge, 2000. IT management typically has two broad responsibilities. They should control the delivery of technology operations and services to the various lines of business. They should also oversee technology-related changes to operational and business processes. Project management addresses the latter responsibility. An effective project management process is a key factor in a well-managed IT operation.
The operational complexity of the financial institution dictates the formality of project management practices. Generally, project management consists of initiating, planning, executing, controlling, and closing projects. Management uses project management techniques to control projects for systems acquisition and development, as well as other activities including systems conversions, product enhancements, infrastructure upgrades, and system maintenance. A financial institution's ability to manage projects drives its ability to adapt to changes in its business requirements and satisfy its strategic objectives.
Project teams should balance resource investments of time, money, and expertise with the project priority, risk, and requirements. Management should monitor projects closely to control costs and assure adherence to standards and specifications. A project management system should employ well-defined and proven techniques for managing projects at all stages. Controlling a large number of projects requires monitoring systems that include the following elements:
Critical success factors for project management include:
The IT Handbook's "Development and Acquisition Booklet" has additional information on this topic.