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-It is really important
to know about term “project” before learning the term “project management”.

Project has a definite description
that a project as a temporary endeavor undertaken to create a unique product,
service, or outcome (result). Because of its temporary nature of projects
indicates a definite starting and ending point. The end is reached when the
project’s requirements have been achieved or when the project is terminated
because its objectives will not or cannot be met, or when the need for the
project no longer exists.

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Project has various Characteristics:-

 i.           
A project
is temporary means that project has starting time and ending time.

ii.           
A project
is unique.

iii.           
A project is finished when a specific
goal is achieved or when the need for the project no longer exists.

A successful project is
one that meets or exceeds the expectations of the stakeholders.

Project Management:-                         

It can be clearly seen
from its wording “Project Management”
that it is a study of project that gives the information regarding how to
manage a project and in the other words we can say that project management
case study explaining how a project is to be managed, the challenges
faced and the tips and tricks used to deliver the successfully project.
Basically, it is a set of knowledge, skills, steps, tools and techniques or
approaches that are used to make a project and to meet project requirements
(demands of project and stakeholders).

For better management
project managers, divide a project into four or five phases or steps and by
doing this they can ensure that produced outcome will meet the expectations of
stakeholders .In the other words we can say that for smooth functioning of
project it is mandatory to obey these phases.

 

The following are the
phases of project and we can also called project life cycle.

·       
Initiation

·       
Planning

·       
Implementation(Execution)

·       
Monitor and Controlling

·       
Closure.

 

Initiation:-This
is the first phase of project life cycle. In this phase basic product
description and initial documentation is defined. Initial documentation
contains project requirement or objectives and project’s goal also be settle
down in this step with in specific time and limited budget.

Planning:-This
is the second phase of project life cycle. This phase is also called Designing
and Preparation phase .This phase is
really important for whole project because at the time of planning you have to select
the right people, resources, methodologies or approach or strategy, and
supporting tools in place for each planning phase, so that you can deliver the
project to stake holder with in time, limited budget, and to appropriate
quality standards and moreover, initial infrastructure is also planned for
respective project.  Everything is
depends on this high level of planning. In this phase every segment of is noticed
like, cost estimation (budget), time estimation, roles and responsibilities of
all employees to their respective work, project staffing (recruitment of
workers as per need of project), risk identification and assessment (to
identify what type of risk may affects and assessment of phase which is most
affected with this risk) and solution progress (what are the solution to reduce
the level of risk or solution to resolve the risk).

Implementation
(execution):- After the completion of the planning process, then next step is to
execute the planning. Tasks are performed with in planned project’s components.
We can say that this phase is a development phase where tasks are performed to
make an output.

Monitor
and Controlling:- Once implementation phase is completed then, it’s
time to monitor and controlling phase. It is mandatory to measure or identify
or control cost, time, risk, benefits (solutions) effectively. Project managers can compare project status and
progress to the actual plan, as resources perform the scheduled work. During
this phase, project managers may need to adjust schedules or do what is essential
to keep the project on track. Project managers can monitor or track daily
activities because it is really important to provide to take over the project
with great quality and finish the project with in time and budgets.

Closure:-
This is the final or last phase of project life
cycle. The stake
holder or client has approved the final product or outcome and an evaluation is
essential to point out or highlight the success of project and a final feedback
is also collected to learn from both success and mistakes so, that mistakes
will not repeated in other project.

 

 

 

 

 

 Assignment No-1

Problem-What is project
Management? Describe a very prestigious project in your        life?

Solution-

It is really important
to know about term “project” before learning the term “project management”.

Project has a definite description
that a project as a temporary endeavor undertaken to create a unique product,
service, or outcome (result). Because of its temporary nature of projects
indicates a definite starting and ending point. The end is reached when the
project’s requirements have been achieved or when the project is terminated
because its objectives will not or cannot be met, or when the need for the
project no longer exists.

Project has various Characteristics:-

 i.           
A project
is temporary means that project has starting time and ending time.

ii.           
A project
is unique.

iii.           
A project is finished when a specific
goal is achieved or when the need for the project no longer exists.

A successful project is
one that meets or exceeds the expectations of the stakeholders.

Project Management:-                         

It can be clearly seen
from its wording “Project Management”
that it is a study of project that gives the information regarding how to
manage a project and in the other words we can say that project management
case study explaining how a project is to be managed, the challenges
faced and the tips and tricks used to deliver the successfully project.
Basically, it is a set of knowledge, skills, steps, tools and techniques or
approaches that are used to make a project and to meet project requirements
(demands of project and stakeholders).

For better management
project managers, divide a project into four or five phases or steps and by
doing this they can ensure that produced outcome will meet the expectations of
stakeholders .In the other words we can say that for smooth functioning of
project it is mandatory to obey these phases.

 

The following are the
phases of project and we can also called project life cycle.

·       
Initiation

·       
Planning

·       
Implementation(Execution)

·       
Monitor and Controlling

·       
Closure.

 

Initiation:-This
is the first phase of project life cycle. In this phase basic product
description and initial documentation is defined. Initial documentation
contains project requirement or objectives and project’s goal also be settle
down in this step with in specific time and limited budget.

Planning:-This
is the second phase of project life cycle. This phase is also called Designing
and Preparation phase .This phase is
really important for whole project because at the time of planning you have to select
the right people, resources, methodologies or approach or strategy, and
supporting tools in place for each planning phase, so that you can deliver the
project to stake holder with in time, limited budget, and to appropriate
quality standards and moreover, initial infrastructure is also planned for
respective project.  Everything is
depends on this high level of planning. In this phase every segment of is noticed
like, cost estimation (budget), time estimation, roles and responsibilities of
all employees to their respective work, project staffing (recruitment of
workers as per need of project), risk identification and assessment (to
identify what type of risk may affects and assessment of phase which is most
affected with this risk) and solution progress (what are the solution to reduce
the level of risk or solution to resolve the risk).

Implementation
(execution):- After the completion of the planning process, then next step is to
execute the planning. Tasks are performed with in planned project’s components.
We can say that this phase is a development phase where tasks are performed to
make an output.

Monitor
and Controlling:- Once implementation phase is completed then, it’s
time to monitor and controlling phase. It is mandatory to measure or identify
or control cost, time, risk, benefits (solutions) effectively. Project managers can compare project status and
progress to the actual plan, as resources perform the scheduled work. During
this phase, project managers may need to adjust schedules or do what is essential
to keep the project on track. Project managers can monitor or track daily
activities because it is really important to provide to take over the project
with great quality and finish the project with in time and budgets.

Closure:-
This is the final or last phase of project life
cycle. The stake
holder or client has approved the final product or outcome and an evaluation is
essential to point out or highlight the success of project and a final feedback
is also collected to learn from both success and mistakes so, that mistakes
will not repeated in other project.

 

 

 

 

 

 

 

                   

 

 

 

 

                   

 

 

 

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