Phases of Project Management Cycle - 4209 Words

INTRODUCTION Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavour with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. Project Management is the skills, tools and management processes required to undertake a project successfully. It incorporates: †¢ A set of skills: Specialist knowledge, skills and experience are required to reduce the level of risk within a project and thereby enhance its likelihood of success. †¢ A suite of tools: Various types of tools are used by†¦show more content†¦A major contributor to this phenomenon is that the cost of changes and error correction generally increases as the project continues. In general, the project life cycle consists of four phases: †¢ Project Initiation †¢ Project Planning †¢ Project Execution †¢ Project Closure In few cases, monitoring and control is taken as a separate phase which comes after the project execution phase. PROJECT INITIATION The first phase of a project is the initiation phase and essentially involves starting up the project. The project is initiated by defining its purpose and scope, the justification for initiating it and the solution to be implemented. This phase also involves recruiting a suitably skilled project team, setting up a project office environment and performing a phase review before proceeding to the next phase of the project management life cycle: project planning. Activities of project initiation The project initiation phase involves the following six key steps: †¢ Develop a business case In most businesses, completing a business case is the first step towards initiating a project. The business case justifies the start-up of the project and describes the - Business problem (or opportunity) that currently exists in the business. - Alternative options for delivering a solution to resolve the problem. -Show MoreRelatedProject Management Paper-Mgt 4371100 Words   |  5 PagesProject Management Paper Manuel Angel Cortez University of Phoenix Project Management Paper Organizations leaders are facing difficult challenges because of the rapid changes in government and technology, which has created pressure in organizations. The aforementioned changes have made way for a new type of management; project management, far different from the traditional structure for managing. This document will describe the definition of a project. The paper will also touch basis on theRead MoreProject Management: An Initiative Toward Development of Employees and the Company1052 Words   |  5 Pages Project Management Paper University of Phoenix MGT/437 Project Management Paper Rapid growth of technology in the marketplace has companies examining ways in which businesses operate on a normal level. Managers face challenges with the task of adapting to a changing surroundings and a different breed of employees. Managers must implement a different approach that will allow them to become accustomed to situations that develop inside and outside of the company (Kerzner, 2006). ProjectRead MoreProject Management Life Cycle1720 Words   |  7 PagesProject Management Life Cycle The Project Management Life Cycle (PMLC) addresses the project management needs for all systems development projects. It is applicable to new system development projects and to maintenance projects for existing systems. What is a Project Management Life Cycle? A system development project is a set of activities that starts and ends at identifiable points in time and that produces quantifiable and qualifiable deliverables. Projects are staffed by people using processesRead MorePerformance1552 Words   |  7 PagesTHE MEANING OF PROJECT: A project is a unique venture with specific start and end dates. This is different from an ongoing task that doesnt have an end date. Projects often involve different parts of an organization. Constraints on project include cost, schedule, resources, and quality. There is a give and take between these items i.e. you cant have it all. Usually projects are divisible into stages or phases each with their own set of priorities and goals. A project is an important and carefullyRead MorePmbok Chapter 2 Summary1192 Words   |  5 Pages09533699 Summary of chapter two Project life cycle and organisation 12/09/12 4BCM1 Headings: 1. Project life cycle 2. Projects V. Operational work 3. Stakeholders 4. Organizational Influences on Project Management Project life cycle and organisation: The life cycle structure can be broken down into four headings. * Starting the project * Organizing the project * Carrying out the project work * Closing the project The above chart shows time againstRead MoreProject Management Life Cycle1218 Words   |  5 Pagesï » ¿ Project Management Life Cycle Chi Zhang Herzing University MBA 631 Operations and Projects Management Dr. Gary Hanney Abstract To control the process of a project and manage the operation of a project, the theory of project management life cycle is widely used in nowadays business administration. Treating the whole time dimension of the project as a life cycle, project management life cycle separates the project to some steps and uses checkpoint, milestone andRead MoreEffective Quality Management And Risk Management874 Words   |  4 PagesIII. Effective Quality Management Although hundreds of management methods are developed, most research considers a non-holistic software quality management (SQM) viewpoint and focuses on development-phase-specific quality assurance (QA) methods and activities. To support SQM, we study effective quality management (EQM) to get acceptance of adequate product quality assurance activities by a minimum set of stakeholders, developers, customers, and users.[1] Value engineering (VE) is a method thatRead MorePMBOK guide defines TM as the â€Å"Use of available time and your own productivity along with the700 Words   |  3 Pagesand your own productivity along with the appropriate planning and management of the project schedule† highlighting the link between Time Management and productivity and its closely knit relationship to scope and cost areas. Max Wideman presents a wider definition for TM as the â€Å"function required to maintain appropriate allocation of time to the overall conduct of the project through the successive stages of its natural life-cycle, by means of the processes of time planning, time estimating, timeRead MoreProject : Project Management Life Cycle1221 Words   |  5 PagesProject Life Cycle Project Initiation, Project Planning, Project Execution and Project Termination are the four general areas of the project management life cycle. Before defining the project management life cycle one must first understand what a project is. â€Å"A project is a temporary endeavor undertaken to create a unique product, service, or result.† (PMI 2013, p. 3). There are companies and organizations that break down all undertakings to projects; however, it must be identified that althoughRead MoreProject Management : The Way A Project1454 Words   |  6 Pages Project Management The way a project is conducted can have a significant impact on the success (PMBOK, 2013, p. 1) and that is why best practices for project management are needed. A project’s goal is to create a product, service, or result, which can be tangible or intangible, but always needs to have a clear beginning and ending (PMBOK, 2013, p. 3). Even though every project is different and unique, all projects are created for long lasting outcomes (PMBOK, 2013, p. 3). Because of these reasons