Project team member describing a project A passing grade on an exam, an increase in profits, championship celebrations, vacations, cruises, colonizing Mars, improved quality, family gatherings, newly built venues, or residential buildings—all these are outcomes or results of projects. But what exactly is a project? What Is a Project? According to A Guide to the Project Management Body of Knowledge’s 7th edition , a project is defined as “a temporary endeavor undertaken to create a unique product, service, or result” (PMBOK Guide -- Seventh Edition and the Standard for Project Management, 2021, p. 4). Projects have a clear start and end date and are not ongoing. They can last from several weeks to several years and may consist of one phase or multiple phases. Strategic management (projects) cannot be implemented without business management (operations). While top-down and bottom-up approaches can be used independently, they work best when aligned, especially from an organizational perspective. The top-down approach often relates to project direction and strategy, while the bottom-up approach is closely tied to business operations and day-to-day decision-making. Together, they create a more balanced and effective way to manage both projects and the overall business. In the context of family, projects are a spouse to operations, and operations are a spouse to projects. They are married and in it together. One is not more important than the other. The Nature of Projects Projects imply action. You can think of projects as verbs. Developing, designing, testing, identifying, modifying, expanding, and divesting represent actions taking place. These verbs are utilized in a temporary context against a requirement, task, or responsibility. Examples of Projects Projects can encompass a wide variety of activities. Here are some examples: Executing a strategic plan Identifying and targeting a market segment Developing a new mobile app Implementing a new methodology Finding a new doctor Completing coursework towards a degree Selecting a new business location Hiring new staff Shopping Constructing a new residential condominium Creating a new division within the organization Projects can be anything. However, the level of detail in a project can be a game-changer. Projects can lead to high or low morale, happy or unhappy stakeholders, wealthier clients, satisfied customers, reduced waste, and lower costs. “Projects drive change in organizations. From a business perspective, a project is aimed at moving an organization from one state to another state in order to achieve a specific objective" (PMBOK Guide Sixth Edition, 2017, p. 6). Figure 1-1: From Current State to Future State Figure 1-1 illustrates an organization at its current state with only three divisions seeking to undertake a project to create a new division, its future state. The perceived benefit is that the new division will bring value (or generate revenues) and better efficiency for the organization and its affected stakeholders. Project Activities and Deliverables Project activities, also known as work packages, are the tasks needed to achieve the project deliverables. Project deliverables can be thought of as pieces of a puzzle. Like a puzzle, all pieces must fit for the puzzle to be completed. The same concept applies to projects. Completing deliverables on time and under budget is considered a project success. In the case of the new division project, success would mean launching the division by the agreed-upon deadline without exceeding the allocated budget. Meeting both time and cost goals is a clear indicator that the project was effectively managed and achieved its objectives. However, does a completed project guarantee excellent or even good quality? Of course not. That’s where the triple constraints theory becomes crucial. Figure 1-2: Triple Constraints Theory Understanding the Triple Constraints Theory See Figure 1-2 for the Triple Constraints Theory. What you do or do not do in a project (scope), project budget (costs), and how long it takes (time) all influence the quality of a project. These three elements are known as the triple constraints, and they impact the quality of results, services, or products. Trade-offs must be made. An extension of time may require additional funding; lowering the project budget may mean reducing the scope; or low quality may necessitate additional scope. These decisions depend on the client or customer's requirements and budget allocated for the project. Projects can be a match made in heaven, a total nightmare, or somewhere in between. Good strategic planning and execution lead to effective selection and implementation of projects. Careful consideration of these relevant constraints during projects is critical for success. The Importance of Quality Quality brings value. Business value creation is derived from projects. Value can be strategic, financial, tangible, or intangible. Most organizations strive for a combination and a healthy balance between them all. Many factors can spark a project. External drivers, macroeconomic conditions, the need for improvements, regulatory and legal requirements, demands from clients or customers, political changes, social needs, environmental considerations, or economic changes can all be factors in deciding to launch a project. The key point is that projects are initiated to address issues, resolve problems, execute plans, meet social or regulatory requirements, satisfy stakeholder needs, or respond to what 'sparked' the project in the first place. Resources and Time Management Projects utilize time and resources, such as money and people. Because projects are temporary and have a defined start and end point, the time and resources needed are also temporary. Once the project is finished, these resources are released back to operations. A common misconception is that the same people in operations work on projects with the expectation of at- or above-average performance results. In practice, projects are separated into project teams with specific roles and responsibilities. Day-to-day titles and responsibilities are non-existent on a project team, while project roles and responsibilities govern the culture and norms of projects. The reality is that humans can reach burnout sooner than machines or automation. Low morale and declining mental or physical health can also be significant issues. Projects help to support, attack, protect, and improve situations that need attention. They can be predictive or uncertain. The Role of Project Management Projects can be conceived and executed by any individual, team, or organization. The effectiveness and efficiency of these projects can determine success or failure. Project management is essential and naturally comes into play during the project process. The application of project management is where the fork in the road becomes most apparent. “Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements" (PMBOK Guide Sixth Edition, p. 10). Most organizations seek certified project professionals who can apply project management knowledge, tools, and techniques to support or drive change. Stakeholder buy-in, understanding roles and responsibilities, governance, and oversight are crucial for a successful project. Certified project professionals initiate, plan, execute, monitor, control, and close out projects, increasing the likelihood of achieving success. Transitioning to Operations Once the project is finished, the results can be incorporated into the organization’s operations as seamlessly as possible, and the resources are released back to their normal duties. As we progress into the second half of the decade, we are likely to see an increase in projects. More projects are being implemented to find and reduce waste, achieve cost savings, and improve business processes. While operations are here to stay, automation is being pushed by organizations, freeing up resources for projects. The best thing organizations can do is embrace this inevitable change and find a way to coexist with the onset of artificial intelligence and automation. After all, projects that focus on optimizing automation and artificial intelligence alongside human resources will have greater leverage than organizations focusing solely on one area. Conclusion Understanding the intricacies of projects is essential for any organization aiming for success. Projects are not just tasks; they are strategic endeavors that drive change and create value. By effectively managing projects and considering the triple constraints, organizations can achieve their objectives and thrive in an ever-evolving landscape. References A Guide to the Project Management Body of Knowledge (PMBOK Guide) -- Seventh Edition. (2021). Newtown Square: Project Management Institute. A Guide to the Project Management Body Of Knowledge Sixth Edition. (2017). Newtown Square: Project Management Institute. Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

A risk manager conducting a team meeting on potential risks and opportunities for the company. Risk management might sound intimidating at first, but it’s one of the most helpful—and even exciting—parts of running a project or business. Why? Because risks are part of everyday life . Some bring challenges, while others present great opportunities. The key is learning how to handle both effectively. What Is Risk Management? At its core, risk management is about being prepared . It involves looking ahead, considering what might go wrong or right, making a plan, and protecting the project’s success. Most teams have a dedicated person for this role—a risk manager —who helps guide the team through any bumps in the road. What Does Risk Management Involve? Risk management includes several critical steps: Identifying risks – the good (opportunities) and the bad (threats) Evaluating how likely they are and how much they could affect the project Making a plan to deal with those risks Taking action to reduce problems or take advantage of opportunities Keeping track of everything and making changes as needed As stated in the PMBOK® Guide – Seventh Edition, a “risk management plan is a component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed” (Project Management Institute, 2021, p. 186). In simple terms: the goal is more success, fewer setbacks. It’s a Team Effort Risk managers don’t work alone—they collaborate with everyone involved in the project. Some risks can be: Accepted (you live with it) Avoided (you prevent it from happening) Reduced (you lessen the impact) Transferred (you hand it off, perhaps to a legal team or insurance company) Not all risks are negative! Positive risks—like a new chance to grow sales—can lead to big wins if planned for properly. Why Team Input Matters One of the smartest aspects of risk management is listening to your team . The people doing the work often spot potential problems early or offer simple solutions. Including their feedback from the beginning can save time, money, and stress. It’s also wise to incorporate contingency planning —a backup plan in case something unexpected happens. Why Learn Risk Management? In a fast-changing world, knowing how to manage risk helps you stay calm, think clearly, and make smart choices . It’s a skill that can boost your confidence and help you grow your career—especially in jobs where things change frequently. The Benefits of Effective Risk Management Effective risk management can lead to numerous benefits, including: Increased Project Success Rates : By identifying and addressing risks early, teams can enhance their chances of project success. Improved Resource Allocation : Understanding risks allows for better allocation of resources, ensuring that time and money are spent wisely. Enhanced Team Collaboration : Engaging team members in the risk management process fosters collaboration and strengthens team dynamics. Greater Stakeholder Confidence : A well-managed project instills confidence in stakeholders, leading to better relationships and support. How to Implement Risk Management in Your Projects Establish a Risk Management Framework : Create a structured approach to identify, assess, and manage risks throughout the project lifecycle. Conduct Regular Risk Assessments : Schedule periodic reviews to evaluate new risks and reassess existing ones. Engage Stakeholders : Involve stakeholders in the risk management process to gain diverse perspectives and insights. Document Everything : Keep detailed records of identified risks, assessments, and actions taken to manage them. Review and Adapt : Continuously monitor the effectiveness of your risk management strategies and make adjustments as necessary. Conclusion In conclusion, risk management is an essential component of successful project management. By understanding and implementing effective risk management strategies, teams can navigate challenges and seize opportunities. Want to learn more? Explore certificate and degree programs at your local community college or university. If you want to go even further, consider earning the PMI Risk Management Professional (PMI-RMP) certification to strengthen your skills and stand out. References A Guide to the Project Management Body of Knowledge (PMBOK Guide) -- Seventh Edition and the Standard for Project Management. (2021). Newtown Square: Project Management Institute. PMI Risk Management Professional (PMI-RMP)® . (2025, June 30). Retrieved from Project Management Institute: https://www.pmi.org/certifications/risk-management-rmp Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .