PROJECT MANAGEMENT

Business Project Management

Introduction4

Project4

Project Management4

Project Life Cycle4

Discover5

Design5

Develop5

Deployment5

Aim of the Study5

Critical Discussion5

Time6

Example6

Cost6

Example7

Quality7

Example7

Relationship7

Time/Cost7

Quality/Cost8

Critical Evaluation8

Critical Path Method8

Internal Rate of Return9

Total Quality Management9

Critical Appraisal10

Critical Path Method10

Advantages10

Disadvantages10

Internal Rate of Return10

Advantages10

Disadvantages11

Total Quality Management11

Advantages11

Disadvantages11

Conclusion12

References13

Business Project Management

Introduction

Project

Project is defined as “A temporary Endeavour to accomplish some specific objectives in a defined time”. Projects vary considerably in size and duration, involving people in small groups or large numbers in different parts of the organization or even in different countries. A project is considered unique in content and is not likely to be repeated again in exactly the similar way (Young 2006, p. 13).

Project Management

Project management is a dynamic process that utilizes the available resources of the organization in a structured and a controlled manner to achieve some evidently defined objectives identified as strategic needs. It is always carried out or conducted within a defined set of constraints (Young 2006, p. 13).

Project Life Cycle

Project life cycle refers to a logical sequence of activities that are required to accomplish the objectives and goals of a project. In project life cycle, project activities are grouped in to different phases so that the resources could be planned for each of the activity involved in a project. With the help of planning of activities, project manager can measure the achievement of goals and can justify their decisions to move forward on a project, correct the deficiencies indicated or to eliminate the entire project. The 4d's of project management system is used to ensure that all of the projects are within budget and are delivered on time (Project Mechanics 2013, p. n.d). The 4d's of project life cycle/project management are

Discover

This is the first and foremost phase of project life cycle. This phase involves all of the collection of information about the needs and requirements of clients and how they need to be delivered.

Design

The second phase of project management cycle involves taking the ideas and requirement from clients and translating them in to figures and diagrams. It would help make sure that client agrees with the interpretation of how the project will be implemented and to guide the company with through the development of project with the help of design documents.

Develop

Third phase involves putting of design documents in place to creation of assigned tasks. This involves identifying start and end time of a project module. Once it is developed then tasks are assigned to project team members.

Deployment

At final stage of project life cycle, client and internal team is being communicated regarding the completion of design, has been tested and is ready to use. In this way, project life cycle ends.

Aim of the Study

The aim of the study is to understand the project planning process and decision making based on different tools and techniques that are deployed to achieve overall goals and objectives of a project.

Critical Discussion

Project management is all about achieving objectives. Time, cost and quality are always the main objectives for achieving the objects in the domain of project management. Time cost and quality are primary objectives that are used by managers to understand and ...