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Project Management Essay

1051 words - 5 pages

Project ManagementRunning an organization in the current market has become a challenge, the fluctuating stock market, unemployment rates and the current recession with no end in sight had lead organizations to initiate projects to help the company lower operating cost without sacrificing employees, some organizations have had to resort to early retirement programs, and layoffs to cut costs to stay in business. Business managers over the last couple of years have had to initiate programs and projects to help their organizations run, as organizations that have laid off employees have been forced to produce their normal output with less manpower. Businesses have experience this predicament ...view middle of the document...

The first phase is completed prior to the planning phase, in the initiation phase the organization's manager sits down with the executives, and the team that will be working on the project entirely, in the meeting the project team will discuss the objectives of the project, set the time line for completion, and discuss how problems will be solved as they arise. The second phase, which is the most important phase, is the planning phase. According to Kerzner (2006) the main objective when planning a project is to completely define all aspects of the project so that the management team can develop a documented project plan so that all participants of the project will understand what purpose they will serve throughout the duration of the project. The planning phase also includes a risk analysis of the project and identification of the project stakeholders for project updating purposes. The third phase of the project life cycle is the execution phase, in the execution phase the participants of the project will execute the tasks assigned by the project manager, during the execution stage the project manager will analyze performance which entails determining the variances between what was actually planned versus what is actually in progress, along with funding and schedule. The execution stage is also an important phase due to the fact that planning mistakes are usually detected during the execution stage, which gives a valid explanation that the execution phase carries the longest duration of all the phases of the project life cycle. The final phase of the project life cycle is called the closure phase, the project manager will ensure that the project is complete by verifying that the objectives established during the first two phases of the project life cycle are complete, after the verification of completion is complete the manager will process a formal project completion report for submission to the client(s), from that point the client(s) will examine the project by ensuring that the initial requirements were met for final approval.It is important...

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