Projects managed by Project Management Professionals (PMP) can be divided into many categories according to their goals, nature, and methodology. Effective project management requires an understanding of the many PMP project types because it enables project managers to choose the best project management methodology and approach for each project. PMP is one of the Best Project Management certifications among professionals who aspire to become project managers or those who want to enhance their project management skills and knowledge.
This article explores the many types of PMP projects in project management and how they vary from one another in this context.
What is PMP?
PMP stands for Project Management Professional, a worldwide recognized professional certification for project managers issued by the Project Management Institute (PMI). PMP Certification exam is a criterion used to identify project managers who have proven their ability to manage projects successfully. A project manager must fulfill specific qualifying standards, pass a challenging exam with the help of a PMP study guide, and follow PMI's ethical standards and professional behavior to become PMP certified.
What are the Types of PMP Projects?
The PMP (Project Management Professional) certification is a broad qualification that may be used for a wide range of projects, independent of industry or sector. The PMP certification focuses on project management concepts and best practices that may be applied to many types of projects. KnowledgeHut offers the best online project management certificate programs, making it the one-stop solution for PMP certification training.
Based on their nature, complexity, and scope, projects may be divided into many categories. The following are the different types of PMP projects.
- Business Implementation: Business implementation projects are a form of PMP project that focuses on the implementation of organizational business strategy, procedures, or systems. These initiatives are frequently undertaken in reaction to changes in the business environment or to improve the organization's performance and efficiency.
- Foundational Business Improvement: Foundational Business Improvement project methods can be used by project managers to discover possibilities for improvement, evaluate data, plan and implement process changes, and measure the impact of those changes.
- IT Infrastructure Improvement: The hardware, software, networks, and other technological components that enable an organization's activities are referred to as IT infrastructure. This sort of PMP project is concerned with enhancing an organization's IT infrastructure.
- Product Development: Product development is the term used to describe all phases involved in taking a product from an idea or concept to market release and beyond. Product development is a type of project that falls under the broader category of research and development (R&D) projects.
- Physical Engineering: Designing, developing, and maintaining physical systems like structures, bridges, roads, pipelines, and other infrastructure are all included in physical engineering projects. These projects frequently necessitate the collaboration of various disciplines, such as civil, mechanical, electrical, and structural engineering.
- Physical Infrastructure Improvement: A project that seeks to enhance the physical infrastructure of a structure, building, or public works, such as roads, bridges, and other infrastructure systems, is referred to as a physical infrastructure improvement project.
- Procurement: The act of acquiring products, materials, and/or services is known as procurement. Procurement in a PMP project involves the acquisition of goods or services from outside sources. A procurement manager or a project manager with procurement knowledge often manages this type of project.
- Regulatory: A regulatory type of PMP project is one that is governed by a regulation or legal requirement. PMP candidates must be knowledgeable about the various types of regulations that can affect projects and be able to establish methods for managing regulatory compliance.
- R and D: Research and Development projects are typically characterized by higher levels of scope, schedule, and cost uncertainty and risk than well-defined initiatives. These projects are focused on developing new information, products, or processes by utilizing scientific and technological expertise.
- Service Development: The process of planning, producing, and delivering services that fulfill the needs and requirements of consumers or stakeholders is referred to as service development. Service Development is a project type that focuses on the creation and improvement of services rather than the delivery of tangible items.
Factors Affecting PMP Projects
Several things might have an impact on PMP projects, both positively and negatively. Some of the most common elements influencing the success of a PMP project are:
- Project Scope: It is common for the scope of work to be expanded at the last minute. This puts you under undue stress since it requires you to deliver something you neither promised nor planned for. The project's scope can have a big impact on its success. When the scope is overly broad or unclear, it can cause confusion, delays, and cost overruns. A well-defined project scope is essential for keeping the project on track and delivering the required results.
- Timeframe: Time is an important aspect of PMP projects since it can affect the scope, budget, quality, and overall success. The project schedule, which explains the sequence of duties, their duration, and their dependencies, often defines the time range for a project.
- Organization: The organization of a project relates to how the duties and responsibilities are organized, as well as the sorts of projects that are prioritized. Each project's workflow is estimated to achieve the intended goals. Project capabilities, customers, management, competitiveness, culture, and teamwork are just a few of the organizational aspects that might affect business transformation initiatives.
- Cost: The cost of a project refers to the amount of money necessary to properly accomplish it. This comprises expenses such as labor, material, and equipment costs, as well as overheads. Cost is the fundamental constraint that project managers must address during the project's planning, execution, and control stages.
- Communication: Project Management Professional (PMP) projects require effective communication. Communication is critical to ensure that stakeholders are engaged, informed, and involved throughout the project, as well as that it runs smoothly and successfully.
- Stakeholder Management: Meeting with stakeholders and corporate executives before starting a project will help you establish the boundaries and direction of the project, as well as offer a larger picture of how it fits into the business's overall strategic plan. Stakeholder participation may have a substantial influence on project success. Miscommunications and delays can occur if stakeholders are not involved or do not have a clear understanding of the project goals and objectives.
- Task Assignation: The allocation of tasks has a considerable influence on the success of PMP projects. Effective task assignment ensures that the appropriate tasks are allocated to the right team members at the appropriate time, with clear expectations and responsibility.
- Quality of Results: Quality is vital since it has a direct influence on stakeholder and customer happiness, as well as the overall success of the project. When the quality of the outputs is strong, stakeholders are more likely to be pleased with the project's outcome. This can result in more trust and confidence in the project team, as well as good comments and ideas for future projects.
Classification of PMP Projects
Project Management Professional projects can be classified depending on a variety of factors such as project content, complexity, involvement, source of capital, and objectives.
The following factors can be used to classify projects.
1. As per Complexity
- Easy: A project is classified as easy to handle if it has a minimal level of complexity. These projects usually have a small scope and a small number of stakeholders. The project crew is often small, and the project length is brief. Simple projects include planning a modest event and developing a short marketing campaign.
- Complicated: These are extremely difficult projects that involve extensive preparation, coordination, and execution. Complex projects often have a broad scope and several stakeholders with competing needs. The project team is generally large, and the project lasts a long time. Building a new hospital or a highway are two examples of complicated projects.
2. As per Project Content
- IT: Any project involving the creation and use of hardware, software, and network systems, including network upgrades, website construction, database administration, and security implementations.
- Construction: These are projects that involve any aspect of building civil or architectural work. These projects include constructing new buildings or remodeling old ones, including residences, workplaces, bridges, roads, airports, and other infrastructure projects.
- Service or product production: These are projects that include the creation of a unique product or service, the design of a new product, and so on. They are frequently employed in the R&D department.
- Business: These projects often involve the creation of a business concept, team management, cost control, etc., and they adhere to a business plan.
3. As per Involvement
- Departmental: When a certain branch or division of an organization is engaged.
- Internal: Projects that are carried out within a company to enhance its current operations, procedures, or systems are referred to as internal projects.
- Matriarchal: Whenever many departments are engaged.
- External: When a business hires an outside general contractor or team to carry out the project.
4. As per Objectives
- Educational: These projects are focused on educating others. It is always done to improve them.
- Community: These projects are also aimed at people, although with their participation.
- Production: These projects are targeted at producing a good or service while taking into account a certain predetermined goal that a business must achieve.
- Social: The goals of these projects are to solve social problems including poverty, education, health, and environmental sustainability. The goal is to have good social influence and contribute to society's advancement.
- Research: These projects aim to improve knowledge and create new goods, services, or technologies.
5. As per the Source of Capital
- Public: Government agencies at the federal, state and municipal levels provide funding for these projects. These projects often receive funding from tax revenue.
- Private: Private organizations, including businesses and individuals, provide the funding for these projects. These initiatives often receive funding from private investments, bank loans, or other sources.
- Both: These are projects that receive funding from both public and private sources. Projects involving public-private partnerships may focus on the construction of infrastructure, like roads or airports, or the delivery of public services, like healthcare or education.
Drive Every Project to Success
In conclusion, knowledge of the various PMP project types is essential for efficient project management. PMP eligibility is a widely respected professional credential that equips project managers with the abilities and know-how necessary to oversee numerous projects in various sectors.
The different PMP project types, including business implementation, IT infrastructure improvement, physical engineering, procurement, and regulatory, among others, have been covered in this article. The aspects that can impact PMP projects, such as project scope, timeline, organization, cost, communication, and stakeholder management, have also been emphasized in this article. Project managers can select the most effective project management methodology and approach for each project to ensure its success by being aware of the various project types and factors affecting PMP projects. In addition to many other certifications, KnowledgeHut also offers PRINCE2 Certification at a minimal project management certification cost.