What is Project Management? | Explained in 10 Minutes

00:09:30
https://www.youtube.com/watch?v=bw-NvGvLHtM

Summary

TLDRThis video provides an overview of project management, focusing on its definition, significance, and the role of project managers. Project management involves orchestrating various tasks and people to achieve a goal efficiently and effectively. The video outlines the five key phases of project management: initiation, planning, executing, monitoring and controlling, and closing. The speaker also emphasizes the importance of project managers in guiding teams, managing resources, and aligning projects with strategic objectives. Additionally, the video highlights the rewarding aspects of project management, such as process improvement and the satisfaction of completing projects successfully.

Takeaways

  • 📊 Project management enables efficient goal achievement.
  • 🔑 Project managers coordinate teams and resources effectively.
  • 📝 Five phases: initiation, planning, executing, monitoring, closing.
  • 💼 Importance of meeting time, budget, and quality standards.
  • 🎉 Successful project closure leads to client satisfaction.
  • ⚙️ Process improvement is a key benefit of project management.
  • 🤝 Project management fosters teamwork and communication.
  • 💡 Different projects provide exciting challenges for managers.
  • 📈 Efficient processes contribute to business growth.
  • 🌍 Project management skills are valuable across industries.

Timeline

  • 00:00:00 - 00:09:30

    This video introduces project management as the process of planning, organizing, and managing resources to achieve specific goals. It outlines its importance in helping organizations meet deadlines, control budgets, ensure quality, and manage risks. A project manager is critical in coordinating the efforts of specialized team members, ensuring efficient communication and order of operations for project success, exemplified through a sub shop scenario. The video details the five key phases of project management: initiation, planning, executing, monitoring and controlling, and closing, highlighting the project manager's role in each phase. The speaker emphasizes the satisfaction derived from process improvement and successfully delivering projects, making project management both challenging and rewarding.

Mind Map

Video Q&A

  • What is project management?

    Project management is the process of planning, organizing, and managing resources to accomplish specific goals.

  • Why is project management important?

    It helps organizations achieve goals by ensuring projects are completed on time, within budget, and to quality standards.

  • What are the five phases of project management?

    The five phases are initiation, planning, executing, monitoring and controlling, and closing.

  • What does a project manager do?

    A project manager coordinates teams, ensures communication, and manages resources to deliver project success.

  • How does project management improve efficiency?

    It organizes complex tasks and aligns resources, making processes clearer and reducing chaos.

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  • 00:00:00
    project management explained in less
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    than 10 minutes let's get into it this
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    video is for those who are either
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    looking to break into project management
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    or for those who literally have no idea
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    what project management is but are
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    interested to learn more so let's start
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    with what is project management so in
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    one sentence project management is the
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    process of planning organizing and
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    managing resources to accomplish a goal
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    so why is project management important
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    well per chat GPT project management is
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    important because it helps helps
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    organizations achieve their goals by
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    ensuring projects are completed on time
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    within budget and to the required
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    quality standards it also helps to
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    manage risks and ensure that projects
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    are aligned with the organization's
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    strategic objectives wow that was a
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    mouthful so that was a lot of
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    information here's how I would explain
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    it basically you know when you work on a
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    team and you when you work for a company
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    you're likely hired for a certain role a
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    certain task right and likely you are
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    very good at doing your one thing that
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    you were hired for so for example when
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    it comes to a company that builds houses
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    often times you'll have someone who just
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    paints walls you'll have someone who
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    specializes in doing the roofing you
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    have someone that specializes in doing
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    the
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    plumbing you have all these people that
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    are doing various types of jobs but the
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    project manager's role is to make sure
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    that all of these people that are really
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    good at doing their job they're doing it
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    in the right order and that they're
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    communicating with each other in order
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    to get the project done in the most
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    efficient way is a project manager 100%
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    necessary for a company you know in some
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    scenarios maybe not but in other
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    scenarios it's critical by my definition
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    a project manager is someone who
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    understands the business goal who
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    understands what needs to happen in
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    order for the goal to be achieved who
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    understands the right people and the
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    right order of operations to get the job
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    done so naturally you may ask okay well
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    why is a project manager necessary then
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    right let me give you an example where
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    you can really see the value ad that a
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    project manager
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    provides so let's think about maybe a
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    sub shop right name your favorite Jimmy
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    John's
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    Subway anyone out there in order to
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    create a sub sandwich you need to have
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    someone that creates the bread someone
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    that gives you the meat someone that
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    gets you all the vegetables all the
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    seasonings all the dressings you need
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    someone to give you the equipment in
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    order to toast the bread if that's what
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    your calling is and you need someone to
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    assemble all at the end so that's a lot
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    of different moving parts right so what
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    happens if you know the baker bakes the
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    bread and you know the the sub shop
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    hasn't opened yet well the baker loses
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    money because the sub shop isn't able to
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    purchase their bread to sell it what
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    happens if there's a shortage on you
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    know vegetables on the dressings well
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    the sub shop probably can't be
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    successful the customer really wants
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    that dressing at that spot and I know
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    I'm kind of going on tangent here but
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    stay with me where a project manager
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    comes into play is it's their job to
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    finding the most efficient way to get
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    all these different teams to get all
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    these moving Parts assembled and aligned
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    to make sure it's a Well oiled machine
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    so that you get to your end
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    goal so one example of this is you're a
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    project manager you'll make sure that
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    you align the bakery you'll align the
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    sub shop you'll align all of your
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    vendors and Distributors to make sure
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    that they are engaged at the right
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    points in time so that once the sub shop
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    opens you'll have all the materials and
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    all the goods your customer customers
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    will be loving it again probably a
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    pretty weird example to use here but I
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    like to use these visual examples
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    because they honestly help me with
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    understanding and interpreting you know
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    such an ambiguous role out there so in
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    conclusion project management is useful
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    because there's a lot of Chaos in this
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    world and project managers are skilled
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    in building processes in making the
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    chaos more understandable so that
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    companies and that teams can be more
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    efficient as a result of that efficiency
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    companies can often times generate more
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    Vue which is a direct value add to the
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    company so now that we've gone over what
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    is a project manager and you know why
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    should you care about project management
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    let's go over some of the key
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    fundamentals that every project manager
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    should know so in general there are five
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    phases that a project manager follows
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    from start to finish for a project phase
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    one is the initiation phase phase two is
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    the planning phase phase three is the
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    executing phase phase four is the
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    monitoring and controlling phase and
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    then phase five is the closing phase so
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    initiation phase that basically means
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    you know very start of a project it's
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    understanding who your teams are
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    understanding what the goals of the
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    project are understanding what resources
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    what limitations you have and to just
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    understand in general what needs to be
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    accomplished phase two planning phase
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    this is where the project manager
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    creates a master plan to figure out you
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    know how are we going to accomplish this
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    the master plan consists of many other
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    smaller plans you can think about like
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    cost plan resource plan vendor plans
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    scheduling plans all these different
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    plans that project manager should think
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    about in order to successfully reach the
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    end goal during the planning phase the
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    project manager is thinking about what
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    things need to be in place in order for
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    the project to be successful and how to
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    carry the project out very thoughtfully
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    phase three the executing phase this is
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    where all that preparation in the
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    planning phase is being put to the test
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    so you taking action on the plans that
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    you've put into place you're fully
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    mobilizing your teams and getting them
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    to work on the project and you're
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    tracking you're making sure things are
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    going smoothly phase four monitoring
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    controlling so the Project's now you
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    know actively being worked on you're
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    making progress hopefully monitoring
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    controlling phase is for the project
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    manager to keep an eye on the project to
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    make sure that things are progressing in
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    the right direction and within the right
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    time so if there are any roadblocks if
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    there are any issues the project
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    manager's responsibility is to figure
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    out the best way to resolve those issues
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    to free up their teams and to allow
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    their teams to focus on how to move
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    forward and then we reached phase five
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    the closing phase and this is honestly
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    one of the most exciting parts of a
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    project because all that hard work that
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    your teams have put in all the effort
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    throughout those months or potentially
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    years of you guys working on the project
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    finally comes to a close and you get to
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    deliver the final product or project to
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    you know whoever you've been working
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    with closing phase is exciting because
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    if things have gone well your client
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    will be super ecstatic and it'll be a
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    time of Celebration can be super
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    nerve-wracking if things do not go well
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    and there a lot of revisions there are a
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    lot of things to be made then but in
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    general those are the five phases that a
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    project manager
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    follows it's a process that helps to
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    organize how a project will be carried
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    out regardless of what industry you work
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    in Okay so we've gone over what is a
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    project manager why does it matter why
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    do you care and what are the phases of
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    project management I'll leave you guys
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    with one last piece before we get to the
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    conclusion and that is you know what do
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    I find most enjoyable about project
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    management personally I would say it's
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    the process Improvement part A lot of
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    times when you work at a company
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    um often times there are inefficiencies
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    especially as a company grows and scales
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    a lot of times things just aren't being
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    done in a very strategic or efficient
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    manner being able to provide order to a
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    world full of chaos is super exciting
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    you get to ultimately see the benefits
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    that manifest from that so helping teams
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    put process together to make things just
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    better seeing my teammates faces when
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    you know some of the Pains of their work
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    have been alleviated I think that's one
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    of the most exciting parts of being a
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    project manager to add on to that as
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    well I would say being able to just work
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    on new things as a project manager you
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    get assigned new projects and ultimately
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    the exciting part is there is a start
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    and there is a finish once a project is
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    complete you get the satisfaction of
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    delivering you know something to your
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    client getting to see their reactions
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    and if you done a good job you've
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    created you know a new business partner
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    and things never get boring when it
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    comes to projects every project is
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    completely different even on paper if
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    it's the exact same it's still not
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    because you're working with different
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    stakeholders you're working with
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    different types of people being
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    successful at those projects is
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    something that continues to move me
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    forward I hope you found this video
  • 00:09:15
    informative and helpful you know for
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    those beginners who looking to break
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    into project management or for anyone
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    else who's just curious about the
  • 00:09:22
    industry comment below if you have any
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    questions or any comments and thanks so
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    much for watching we'll catch you on the
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    next video yeah
Tags
  • project management
  • project manager
  • management phases
  • planning
  • execution
  • monitoring
  • closing
  • efficiency
  • team coordination
  • process improvement