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What Is Project Management?

Project management is the application of established processes, knowledge, skillsets, and experience to reach objectives. Project management includes an end goal that has deliverables that are to be completed by a certain time and within a certain budget.

The main components of project management are:

  • Defining and justifying why a project is needed
  • Specifying project details including schedule, budget, and deliverables
  • Leading a team to complete the desired objectives
  • Managing the risks and any issues that occur
  • Maintaining communications
  • Closing the project
The person who oversees all these things is the project manager.

Earning Project Management Certification

Project managers are often required to complete a project management certification that shows the knowledge and skills needed to effectively lead and manage projects. The most recognized certification is called Project Management Professional (PMP)®.

The PMP certification requirements are simple. Someone looking to get their certification can do it if they meet either of two sets of requirements. The first way is by having a 4-year degree, 36 months leading projects, and 35 hours of project management training. The other way is to have a high school diploma, 60 months (three years) of leading projects, and 35 hours of project management training. There is also a cost to take the exam.

The BizLibrary Collection contains training content specific to helping employees earn their PMP certification. It’s tied into our larger content library, which provides employees access to training on a wide variety of topics. Our PMP training provides convenience and cost savings over standalone training courses that have to be sought out, paid for, and tracked separately from all your other employee training.

Once someone has completed training, passed the exam, and has their certification, they are better able to walk a project through its lifecycle.

The Project Management Lifecycle

There are four phases of a project lifecycle.

The initiation phase is where the project begins. The project manager will research the overall project, determine its feasibility, and get the green light from higher-ups. Important skills needed to accomplish this phase include communication and decision-making.

The planning phase starts with laying out a project roadmap. The PM develops SMART goals, defines the budget, determines resources, and plans anything else that is needed.

The executing phase focuses on the deliverables. This is where managers can apply their skills, such as communication, conflict resolution, accountability, and time management.

Finally, there is the closing phase. This is when the project manager puts on the finishing touches, ties up any loose ends, and leads a discussion about the overall project.

However, during any of these phases, projects can begin to fall apart.

Why Projects Break Down

The reasons why projects fail are complex and often attributed to multiple factors. Each industry is likely to have its own reasons and patterns it follows that cause breakdowns. Some common factors are:

  • Projects having unclear goals and objectives. Without these, there is no way to know if everyone is meeting the requirements or if the project is a success.
  • Lack of resource planning. Everyone always plans for schedules, budget, design, and meetings, but often managers overlook resource planning. It’s important to know what resources are available, including work hours, software, etc.
  • Communication problems. The tools used to communicate need to be shared at the onset of a project. Decide how files will be shared and stored so no one is left confused and lost.
  • Unrealistic expectations. It is essential that a project manager has a clear picture of what a team can do and how quickly they can reasonably do it.

How Project Management Affects Business

Having strong project management is crucial to running and growing a business. The 2020 Pulse of the Profession® report from the Project Management Institute found that 11.4% of investment is wasted due to poor project performance. The 2018 version of the same report stated that 9.9% of every dollar is wasted due to poor project performance, meaning that this cost is only rising.

On top of just the fiscal risks, there are other downfalls as well. Projects will be delayed or left incomplete and clients will be disappointed and could look elsewhere. When employees can’t complete a project, it can be seen as a failure and that breaks down morale. Once morale starts to break down, it’s difficult to build it back up.

How Online Training in Project Management Can Help

Whether you have employees that have a PMP certificate, are working toward it, or just want to know how to better manage their own projects, providing training on project management skills is beneficial for everyone. By developing certain skills, employees will be able to accomplish goals more quickly, improve the quality of their work, learn basic budgeting, and be able to meet deadlines on a more consistent basis.

Online training is quickly becoming the best way to teach employees skills they need to do their jobs. Numerous studies have shown that online training is often more effective, and learners retain more information than with classroom training alone.

BizLibrary curates a large and diverse video training library with numerous courses focused on project management skills, including courses specific to earning a PMP certification.

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Our micro video format breaks content up into smaller, more manageable chunks, making it easier for employees to learn and apply this knowledge when they need it. These online courses can be viewed on an individual basis – where an employee learns by themselves at work or at home – or as part of a group training environment or discussion.

Tarrant Regional Water District (TRWD) came to BizLibrary after years of focusing on getting the job done, regardless of cost, while maintaining the status quo. This resulted in silos, and jobs were getting done, but with little regard to their impart on workers.

When they saw a change in leadership, they realized they had many skill gaps, one of which was project management. TRWD shared that one employee sought the project management courses in our library that helped them pass the PMP exam and that a whole team used the course to create a Project Management Master Plan and series of tools to increase productivity and consistency.

By joining with BizLibrary, and starting TRWD University, 67% of employees have taken a course in soft skills and productivity has increased 52%.

Help your employees become better project managers by using engaging content in an easy-to-use platform. Talk with an expert today about how BizLibrary can help transform training in your organization.

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