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Project Management, Defining Project Management, The Phases Of A Project Cycle

1251 words - 5 pages

PAGE PAGE 7 Project Management
Project ManagementLaura GabbardUniversity of PhoenixMGT 437 Project ManagementScott T. DavisJune 30, 2008Project ManagementDefining a ProjectIt does not matter what business or industry is involved, all projects have the same trio at their cores. That trio is time, money, and scope. A project has a clear objective, with specific beginning and ending dates, and a budget. A project is a temporary enterprise in creating a unique product or service. Unlike business processes, a project is not routine or recurring, (Ernst, 2007). A project consists of a progression of tasks, planned from start to finish, and constrained by time, resources, and defined outcome and deliverables. The project's budget restricts the amount of people, supplies, and capital needed for completion.Successful projects have a structured, well-ordered approach, with a dedicated project team. The project team keeps balance between time, resources, results, and customer satisfaction. In order to define a project certain elements have to be present. Those elements include a distinct objective, expectation of time obligation, fundamental expenses in attaining the objective, and a described design of accomplishment. Other elements include a record of the objective's main sub-elements, explanation of hazards or indefinite factors, and achievement measurement methods. Additional elements exist in defining a project, such as financial support resources and potential, problem background information, crucial reference documents, and necessary capital equipment. Other project elements include the project methodologies of management and operation.The Importance of Project ManagementProjects need organization and management in order to optimize schedule, budget, scope, and quality. Changing any one of the trio of time, money and scope changes the other two members of the trio. For example, shortening the project's duration may decrease scope. Increasing the scope increases the time and money involved in the project. Project management is the planning, scheduling, and controlling of activities for the achievement of performance, cost, and time objectives for a given scope of work, while using resources efficiently and effectively, (Microsoft, 2008).The Phases of the Project Life Cycle"The project life cycle defines what work is done in each phase, when the deliverables need to be produced, who is involved at which phase, and how each phase is controlled and approved," (Visitask, 2008, p. 1). The first phase is the concept, or Project Initiation Phase. In this phase, the purpose is the specification of what the project should accomplish. Certain processes happen in the Project Initiation Phase. These processes include the creation of a product, the project description document, the development of a project feasibility document, the development of a project concept document, and the creation of a project charter, (Visitask, 2008).The project description document...

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