Four Ps of PROJECT MANAGEMENT: Product Process People Project
“A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others. He does not set out to be a leader but becomes one by the equality of his actions and the integrity of his intent.” ~ Quote by Douglas MacArthur, American Army general, and war hero.
As we discovered in a previous blog about project management, here we shall expand a bit more and bring out some of its details. Let’s recap for those who may not have read it. Project management is the art of planning, executing, monitoring, and closing a set of tasks, duties, and chores to achieve a set goal/endeavor be it of small, medium, or long-term duration. The main person to oversee the project is called a project manager. A project could be of any scope such as building a bridge over a river in Assam, construction of a factory in Haryana, curating a mobile app for an Ayurveda company based in Kerala, and so on.
Also read What is Project Management in detail.
There are 4 critical components puff project management which is known as the ‘4Ps” namely Product, Process, People, Project. Let us delve into each of them a little in detail to get a better understanding:
Product – The meaning of this term is self-evident. It refers to the result of the project, the purpose of the project. The project manager needs to explain the product scope so that everyone is clear on the end results. The product refers to be both tangible and intangible. For example, it could mean relocating the office or factory to a new premise or migrating to a new software/tool.
Process - A clearly defined and mapped out process is the key to the success of any project. It factors in issues, hurdles and probable solutions to ensure minimum disruption. Each stage of the process in the project needs to be mapped so that everyone knows what to do and how to do it. The correct process strategy leads to the proper execution of the project hence success.
People - The most critical component of a project and its successful implementation is human resources. A well-managed team with clear cut roles defined for each person/team will lead to the success of the project. Some of the assigned roles in project management are project manager, team members, stakeholders, process analysts, and information technology personnel. Managing people successfully is tricky and a role played well by good project managers.
Project – The fourth but not the least component is the project. This is where the big role and responsibility of the project manager are under the spotlight. The manager is also known as PM informally, has the task of overseeing the project, delegating tasks, guiding and assisting team members with issues, checking on budget, and trying to ensure the project stays on track with the well-defined deadlines.
The 4Ps of project management is a term familiar to all project managers as well as those studying in business schools. They can spell success in projects or if not managed well disaster. Would you like to share your experiences on this topic with us?
For a complete guide, must-read Five Different Phases of Project Management.