Alex Rivera
PM Fundamentals · 20 min
Project management is the practice of **initiating, planning, executing, controlling, and closing** the work of a team to achieve specific goals within defined constraints.
Every project is shaped by three constraints that form what's called the "Iron Triangle":
Scope — What needs to be delivered
Time — When it needs to be done
Cost — The budget available
Changing any one of these affects the others. A good PM understands how to balance these trade-offs.
Research by PMI (Project Management Institute) shows that organizations with mature PM practices:
- Waste **28x less money** than those without
- Complete **71% more projects** on time and budget
- Experience significantly higher stakeholder satisfaction
| Role | Responsibility |
|------|---------------|
| Project Manager | Overall delivery accountability |
| Sponsor | Provides resources and direction |
| Team Members | Execute project tasks |
| Stakeholders | Affected by or influence the project |
1. **Initiation** — Define the project, create the charter
2. **Planning** — Map out scope, schedule, budget, risks
3. **Execution** — Do the work!
4. **Monitoring & Control** — Track progress, manage changes
5. **Closing** — Deliver, document, celebrate 🎉
💡 **Key Insight**: Most PM failures happen in the Planning phase — either too much planning (paralysis) or too little (chaos). Aim for "just enough" planning.
Test your understanding with 3 questions. You need 70%+ to mark this module complete.