Project Management Lifecycle

Project is a temporary endeavour undertaken to create a unique product, service or result. It has definite beginning and end. Project come into existence for solving an existing problem or need came from market. Project is performed by people, constrained by scarce resources. Project is planned, executed and controlled.

Project has limitations of  time, budget and scope of work.

Project management is defined as application of knowledge, skills, tools and techniques to project activities to meet project requirements.

Project team manages quality work of the project by completing demands of stakeholders with differing needs, wants, risk tolerance and expectations within the scope, time and budget framework.

Project stakeholders are the individuals and organisations that are actively involved in the project or they have interest in the project.

For e.g. team members, team owners, suppliers, vendors, sub-contractors are actively involved in the project and sponsors, government, customers, public are not actively involved in the project but they have interest in the project. Their interest may influence the project and its results.

Project comes under the program which has wider objectives. Program comes under Portfolio which is collection of different programs for strategic business objectives.

There are nine knowledge areas for project management

1)Scope: this is the identification of processes included in the work breakdown structure.

2)Time: it contains scheduling, planning, sequencing, estimating and control of activities

3) Cost: it includes estimation and approval of budget.

4)Quality: it includes planning for quality assurance and its control throughout the project.

5)HR: human resources talent acquisition, training and development, awards and incentives are managed by this team.

6)Communication: It includes activities related with information reporting to senior managers.

7) Risk: It includes identification of present and future risks involved in the project and managing it by analysis, monitoring and control.

8) Procurement: These are the processes of acquiring goods and services from outside. It consists of selection, administration and control of supplier/vendor/subcontractor.

9) Integration: It is coordination in execution, monitor, change control of various elements of project from initiation to smooth completion of project.

Project is divided into phases for better management. These phases are initiating, planning, executing, controlling and closing. Starting a phase before approval of deliverables of a previous phase is called as fast tracking. As the time proceeds opportunities of value addition in project decreases as the cost of making changes increases.

Project management process knowledge, interpersonal and behavioural skills, technology skills are required for the success of project manager.

Reference : A Guide to the Project Management Body of Knowledge, PMI Standards Committee, Project Management Institute, Four Campus Boulevard, Newtown Square, PA 19073-3299 USA.