Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.The primary challenge of project management is to achieve all of the project goals within the given constraints.This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, quality and budget The secondary—and more ambitious—challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.The object of project management is to produce a complete project which complies with the client's objectives. In many cases the object of project management is also to shape or reform the client's brief to feasibly be able to address the client's objectives. Once the client's objectives are clearly established they should influence all decisions made by other people involved in the project – for example project managers, designers, contractors and sub-contractors. Ill-defined or too tightly prescribed project management objectives are detrimental to decision making.Project management typesProject management methods can be applied to any project. It is often tailored to a specific type of projects based on project size, nature and industry. For example, the construction industry, which focuses on the delivery of things like buildings, roads, and bridges, has developed its own specialized form of project management that it refers to as construction project management and in which project managers can become trained and certified. The information technology industry has also evolved to develop its own form of project management that is referred to as IT project.For each type of project management, project managers develop and utilize repeatable templates that are specific to the industry they're dealing with. This allows project plans to become very thorough and highly repeatable, with the specific intent to increase quality, lower delivery costs, and lower time to deliver project results.
Introduction to Accounting BasicsThis explanation of accounting basics will introduce you to some basic accounting principles, accounting concepts, and accounting terminology. Once you become familiar with some of these terms and concepts, you will feel comfortable navigating through the explanations, quizzes, quick tests, and other features of AccountingCoach.com.Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits as we show you how to record transactions. You will also see why two basic accounting principles, the revenue recognition principle and the matching principle, assure that a company's income statement reports a company's profitability.In this explanation of accounting basics, and throughout all of the free materials and the PRO materials—we will often omit some accounting details and complexities in order to present clear and concise explanations. This means that you should always seek professional advice for your specific circumstances.