Show
Types of projectsProjects can be diverse in the ways in which they are implemented. Here are some examples of projects:
The boundaries of a projectEvery project operates within certain boundaries called constraints:
All of these project constraints depend on what the project aims to achieve and when. The outcome of a project results in deliverables. Anything that’s produced during the project’s development such as documents, plans, and project reports is considered a deliverable. A deliverable may also be the result of the project itself. Having a final deliverable, as well as a finite timespan, distinguishes project management from business-as-usual operations. Since projects are unlike routine operations, most people involved are those who usually don’t work together. Sometimes, the professionals involved will come from different organizations and geographies. If the desired outcome is achieved on time and within budget, a project is considered to be a success. Project life cycle – 5 stagesOften, projects are divided into five project phases each of which comes with a distinct set of tasks, objectives, and a particular deadline. Dividing a project into different phases enables teams to stay on track throughout their entire life cycle. 1. InitiationThe first phase in a project’s life cycle is called project initiation. Here, a project officially launches. It is named, and a broad plan is defined. Goals are identified, along with the project’s constraints, risks, and shareholders. At this point, shareholders decide if they want to commit to the project. Depending on the project, studies may be conducted to identify its feasibility. For IT projects, requirements are usually gathered and analyzed during the initiation phase. 2. PlanningA roadmap that will guide teams from creating a project plan throughout the project’s execution and closure phases is developed comprehensively during the planning stage. Deadlines must be set, and resources must be allotted. Breaking down tasks into smaller, manageable activities makes it easier to manage project risks, costs, quality, time, and so on. In addition, team members familiarize themselves with the necessary status meetings and reports that will be conducted throughout this phase to collect project metrics. The project execution phase is a critical point in a project’s life cycle as it will help everyone determine if their efforts will ultimately be fruitful or not. 4. Monitoring and ControllingThe project monitoring and controlling phase happen at the same time as the execution phase. It’s the job of the project manager to oversee operations and make sure that everything is headed in the right direction, according to plan. Aside from overseeing the project’s performance, project managers have to monitor resources, manage risks, head status meetings, and reports, etc. If unforeseen issues arise, the project manager may have to make adjustments to the plans, as well as the project schedule. 5. ClosingThe final phase of the project management life cycle known as the project closure phase isn’t as simple as delivering the output itself. Project managers have to record all deliverables, organize documents in a centralized location, and hand over the project to the client or the team responsible for overseeing its operations during the project closure phase. Not only that, but teams come together for a final meeting to discuss the insights they’ve learned and to reward the hard work of each member. When is a project considered a success?The short of it is that a project that is completed on time and on a budget can be considered a success. However, a project can be evaluated on many criteria:
What defines a successful project is likely to change based on the type of project. This is why it is important to define what project success means during the initiation and planning phases of a project. How to implement a projectProject implementation can vary based on the methodology used. In traditional project management, implementation is done in 5 phases.
Once these steps are complete, a project can be said to be implemented well. How project management helps you manage projectsProjects can be very complex undertakings that require a huge amount of effort and resources. No matter what the goal is, using project management principles will help the initiative run smoothly. Without proper project management principles, projects will be handled haphazardly and are at a much higher risk of
Knowing the fundamentals of project management improves one’s chances of completing a project successfully. No matter what industry or niche an organization is in, project management methodologies and frameworks enable them to steer the project in the right direction. In which stage of the project life cycle project the product is delivered to the customer and resources are assigned?The Termination Phase typically involves
Personnel and tools are reassigned to new duties.
What is a series of coordinated related multiple projects?Program Defined. - A series of coordinated, related, multiple projects that continue over an extended time and are intended to achieve a goal.
In which stage of the project life cycle is the project's schedule and budget determined?The schedule and budget are determined in the planning stage of the project life cycle.
What is an organizational challenge as the amount of small projects increase within an organization's portfolio?As the number of small projects increase within an organization's portfolio, what is a challenge an organization faces? Managing risk Measuring efficiency Prioritizing projects Sharing resources All of these are challenges. All of these are challenges.
|