April 20, 2015
Projects and their life cycle are used across all types of businesses across the world. Projects are used to solve problems ranging from large to small. All projects demand resources, time, staffing and budget to complete. The stages of a project include, but are not limited to, conception, planning, launch, control, and closure to ensure a quality final product. The management of the project is as important as the project itself, because without good management, the project might fail or go over the allotted budget; therefore wasting precious Company resources and personnel.
Basic phases and functionality
The life cycle of a project takes into account a series of activities, which are necessary to fulfill project goals or objectives. Generally, these five bullets can map a project life cycle.
• Conception and Initiation
• Planning and Definition
• Launch or Execution
• Performance and control
• Project Close
Conception and Initiation
An idea for streamlining a process or project will be thought of and be examined to determine whether or not the project to streamline will benefit the project financially or by time. A team or a think tank will be utilized to decided if the project will benefit the organization and, if the project is a realistic goal.
Planning and Definition
A project plan or scope of work will usually be put in writing with an outline of the work that needs to be performed. During this phase, the team would prioritize the project, calculate a budget and schedule, and determine what resources are needed.
Launch or Execution
A kick off meeting is usually scheduled and all appropriate personnel will be asked to join or their management. Tasks will then be distributed amongst the attendees or team. This would be the time to b=ring up and all concerns regarding time management or and issues you may have with the project being kicked off.
Performance and Control
Project managers or leads of each group will report project status as well as the progress of the complete plan as stipulated in the initial planning and definition of the project. Resources being used will discuss the limitations or adversity of the tasks being tracked. They will then decide if the schedule of the project is realistic if there are limitations presented. They will also decide whether or not the schedule in place is possible and make concessions where possible in order to keep the project on track.
After project tasks have been completed and the stakeholder has approved the outcome of the project. An evaluation of the project, start to finish is necessary to highlight lessons learned and successes of each phase of the project. Projects and the management of a project will vary from company to company or industry-to-industry, these are typical of a start to finish of a project. The goal of each project is to change a process or solve a problem being experienced by a business or a customer. To benefit an organization problems that occur can present a project that could reduce cost and answer the problem being asked.
Importance of Project Management
Project management is getting increased usage across all sizes of businesses both big and small. While upper management are busy dealing daily with organizational needs ensuring profitability, it is important that project managers are assigned and dedicated to overseeing...