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What is Project Management?

Master the art of getting things done. Learn proven project management techniques that help teams deliver results on time and on budget.
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What is Project Management?

Project management transforms ideas into reality by providing structured frameworks for planning, executing, and completing work. Effectively managing projects is more important than ever, especially with the shift towards digital and remote-first workspaces. According to Mordor Intelligence, the project management software market size is expected to reach over $20 billion USD by 2030.

At its core, project management involves coordinating people, processes, and tools to achieve specific goals. Whether you're launching a new product, organizing an event, or implementing a software system, project management provides the roadmap to success.

Key Components of Project Management

Every successful project relies on these fundamental elements:

  • Scope Management: Clearly defining what work needs to be done (and equally important, what doesn't)
  • Time Management: Creating realistic schedules and tracking progress against deadlines
  • Resource Management: Allocating people, budget, and tools effectively across all project tasks
  • Communication Management: Keeping stakeholders aligned without drowning in endless meetings
  • Risk Management: Identifying potential roadblocks and planning mitigation strategies
  • Integration Management: Connecting all pieces into one cohesive system

Who Needs Project Management?

Project management isn't just for large enterprises or construction companies. Today's fast-moving business environment makes it essential for:

  • Small businesses juggling multiple priorities with limited resources
  • Marketing teams coordinating campaigns across channels
  • Sales organizations managing complex deals and implementations
  • Service teams rolling out new support processes
  • Operations groups improving efficiency and reducing costs

The 5 Project Management Phases

Understanding project phases helps teams know what to expect at each stage. Every project, regardless of size or complexity, follows this predictable lifecycle:

five_project_cycle_phases

Phase 1: Initiation 

This is where projects begin. During initiation, you:

  • Define the business case: Why does this project matter? What value will it deliver?
  • Identify stakeholders: Who needs to be involved? Who will be impacted?
  • Create the project charter: Document that formally authorizes the project
  • Set initial expectations: High-level timeline, budget, and success criteria

Pro tip: Use a standardized project intake form to ensure you capture all necessary information upfront.

 

Phase 2: Planning 

Planning turns your vision into an actionable roadmap. Key planning activities include:

  • Breaking down the work: Create a work breakdown structure (WBS) that divides the project into manageable tasks
  • Estimating time and resources: How long will each task take? Who will do the work?
  • Identifying dependencies: Which tasks must be completed before others can begin?
  • Creating the schedule: Build a realistic timeline with milestones and deadlines
  • Planning for risks: What could go wrong? How will you handle issues?

Phase 3: Execution

This is where the real work happens. During execution:

  • Assign and manage tasks: Ensure everyone knows their responsibilities
  • Coordinate resources: Keep people, tools, and budget aligned
  • Communicate progress: Regular updates keep stakeholders informed
  • Manage changes: Handle scope adjustments without derailing the project

Key insight: Most projects spend 70-80% of their time in the execution phase, making strong coordination essential.

Phase 4: Monitoring and Control

Running parallel to execution, this phase ensures you stay on track:

  • Track progress: Compare actual progress against the plan
  • Measure performance: Are you meeting quality standards? Staying within budget?
  • Identify variances: Spot problems early when they're easier to fix
  • Take corrective action: Adjust course to keep the project on target

Phase 5: Closure

Often overlooked but critically important, proper closure includes:

  • Deliver final results: Hand over completed deliverables to stakeholders
  • Document lessons learned: What went well? What could improve?
  • Release resources: Free up team members for other projects
  • Celebrate success: Recognize team achievements and contributions

With HubSpot, we get one place of truth, but we also get a central place to collaborate. We can communicate within one tool and make sure that we don’t miss out on data

Lucaas Taxgaard

Head of Revenue Operations and Sales Development

TimeLog

Popular Project Management Methodologies

Different projects require different approaches. Understanding these methodologies helps you choose the right one for your team:

 

Waterfall vs. Agile vs. Hybrid: Which Should You Choose?

Methodology Best For Key Benefits Limitations Success Rate
Waterfall Projects with fixed requirements, construction, manufacturing

• Clear structure

• Predictable timeline

• Easy to understand

• Inflexible to changes

• Late testing

• No early deliverables

49% on-time delivery
Agile Software development, creative projects, evolving requirements

• Highly adaptable

• Early value delivery

• Customer collaboration

• Less predictable

• Requires engaged stakeholders

• Can lack documentation

64% on-time delivery
Hybrid Complex projects needing both structure and flexibility

• Balanced approach

• Risk mitigation

• Stakeholder friendly

• More complex to manage

• Requires experienced PMs

• Can create confusion

71% on-time delivery

 

Making the Right Choice

Consider these factors when selecting your methodology:

  1. Project requirements: How likely are they to change?
  2. Stakeholder preferences: Do they want regular updates or just final delivery?
  3. Team experience: What methods is your team comfortable with?
  4. Risk tolerance: Can you afford surprises late in the project?
  5. Timeline flexibility: Is the deadline fixed or adjustable?

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Choosing the Right Project Management Tools

Integrate AppsThe right tools can make or break your project management success. Here's what to look for:

 

Must-Have Features for Modern Teams

When evaluating project management software, prioritize these capabilities:

1. Intuitive Task Management

  • Drag-and-drop task creation and assignment
  • Clear visibility into who's doing what
  • Automatic notifications and reminders
  • Mobile access for remote teams

2. Flexible Views and Reporting

  • Kanban boards for visual workflow management
  • Gantt charts for timeline visualization
  • Calendar views for deadline tracking
  • Custom dashboards for different stakeholders

3. Seamless Integration Capabilities

  • Connect with your existing tech stack
  • Sync with communication tools (Slack, Teams)
  • Link to your CRM for customer projects
  • Integrate with file storage systems

4. Collaboration Features

  • Commenting and @mentions on tasks
  • File sharing and version control
  • Team workspaces
  • Guest access for clients

No matter how your team is set up, it's important to have the right tools and systems in place. The PMI Pulse of the Profession® 2024 Report finds that even when teams are remote or hybrid, project performance is just as strong.

 

The Hidden Cost of Disconnected Tools

Many teams cobble together multiple tools, but this creates problems:

  • Data silos: Information trapped in different systems
  • Manual updates: Wasting time copying data between tools
  • Miscommunication: Teams working from outdated information
  • Limited visibility: No single source of truth for project status

 

Why Unified Platforms Win 

The most successful teams use platforms that connect project management with their broader business operations:

  • Connected data: Projects linked to customer records, deals, and tickets
  • Automated workflows: Trigger project tasks from CRM activities
  • Unified reporting: See project impact on revenue and customer satisfaction
  • Single login: One platform for all team activities

Research by Capterra found that 63% of PMs report increased productivity and efficiency as a top benefit of AI.

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Getting Started with Project Management

Ready to transform how your team works? Follow this proven approach:

Your First Week: Foundation Building

Days 1-2: Assess and Plan

  • Audit current project processes (what's working, what's not)
  • List all active projects and their status
  • Identify key stakeholders and team members
  • Choose your methodology and tools

Days 3-4: Set Up Your System

  • Configure your project management platform
  • Create templates for common project types
  • Set up notification preferences
  • Import existing project data

Days 5-7: Team Onboarding

  • Train team members on core features
  • Establish communication protocols
  • Run your first planning session
  • Start with a pilot project

30/60/90-Day Implementation Roadmap

First 30 Days: Crawl

  • Focus on basic task management
  • Get everyone comfortable with the tools
  • Establish daily/weekly check-in rhythms
  • Document early wins and challenges

Days 31-60: Walk

  • Introduce advanced features (automation, reporting)
  • Refine templates based on team feedback
  • Expand to more complex projects
  • Start measuring key metrics

Days 61-90: Run

  • Optimize workflows for efficiency
  • Create custom dashboards for different roles
  • Integrate with other business tools
  • Scale successful practices across teams

Common Project Management Pitfalls (and how to avoid them)

Common Mistake
How to Avoid It
Over-engineering the process

Start simple and add complexity gradually.

Ignoring team resistance
Address concerns and provide adequate training.
Focusing only on tools
Remember, process and people matter more than technology.
Neglecting documentation
Capture lessons learned from day one.
Skipping celebrations
Recognize wins to build momentum.

Project Management with HubSpot

While HubSpot isn't traditional project management software, thousands of teams use it to manage projects more effectively than standalone tools. Here's why:

The HubSpot Advantage

HUBSPOT_shot_25

Connected Intelligence

Unlike isolated project tools, HubSpot connects projects directly to your customer data. See how projects impact revenue, satisfaction, and growth—all in one place.

Native Integration

No more syncing between systems. Tasks, workflows, and reporting live alongside your CRM, marketing, and service tools.

Unified Teams

Marketing, sales, and service teams work from the same platform, eliminating silos and miscommunication.

Key Features for Project Teams

Task Management

  • Create tasks from deals, tickets, or campaigns
  • Set due dates with automatic reminders
  • Track completion rates by team member
  • Assign tasks based on workload

Workflow Automation

  • Trigger tasks when deals reach certain stages
  • Automate status updates and notifications
  • Create if/then logic for complex processes
  • Set up recurring tasks for regular projects

Custom Objects

  • Build dedicated project tracking systems
  • Create custom properties for your industry
  • Link projects to revenue outcomes
  • Track project-specific KPIs

Reporting and Dashboards

  • Monitor project progress in real-time
  • Measure team productivity and efficiency
  • Connect project success to business metrics
  • Create role-specific dashboard views

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Frequently Asked Questions

Get answers to common questions about project management.