Project Management

 

The correct understanding of the definition and significant characteristics is of significant importance. A project is a distinctive and advanced effort or venture made to generate various forms of tangible or intangible results. This may entail unique products, services, benefits, competitive edge, amongst others. It generally consists of a sequence of interconnected responsibilities prearranged for implementation over a scheduled duration and within specific necessities and limits—for instance, the cost, quality, and performance.

Characteristics of Projects

Foremost, a project is considered to be temporary. This significant aspect denotes that each project has a determinate start and a finite ending. The commencement is regarded as the project’s inception and concept development. The end is attained when each objective concerning the project is accomplished. The next significant aspect is the unique deliverables. Every project aims at producing several deliverables that may be a product, a service, or other outcomes. Deliverables address issues or needs analyzed before the commencement of a project. The next characteristic is progressive elaboration. During the project progress, constant investigation and advancement become available. This allows the generation of precise and all-inclusive strategies.

Major activities and Deliverables at every project life cycle

They sour phases of a project life cycle include initiation, planning, execution, and termination. In the initiation stage, the plan’s goals are determined. This may be a business opportunity or problem. A feasibility study is done to ascertain if every option addresses the objective of the project and the ultimate determination of a recommended resolution. The next phase involves planning. This is the level whereby the project resolution is developed further and planning the steps necessary to accomplish the project’s aims. The project’s responsibilities and resource necessities are identified, and the approach for development. The next phase is implementation. During this phase, the progress is supervised, and proper modifications are done and documented as modifications. The next stage is the termination phase. The focus is on releasing the ultimate deliverable to the consumer, presenting the project documentation, and conveying project closure to interested parties.

Knowledge areas and five process groups

This knowledge area covers the responsibilities that sustain the entire project. They include project management of integration, scope, schedule, budget, quality, resources, communication, risks, purchasing, and interested parties.  Projects require five course groups. The first aspect is the initiating process that involves launching new projects. The next process is the preparation of the project execution. This phase involves procedures associated with the definite conclusion of activities. Monitoring & controlling process involves procedures that cover everything linked to supervision and regulating the performance of the project. The closing process group involves finalization and completion of the project.

Measures of Project Success and Failure

There are three ways of measuring the success of a project. Foremost, success can be measured through the schedule as it can be assessed on whether the timeline has been adhered to. The other mode is quality, as the ultimate project is a good period for reviewing the project’s quality standards. The next aspect is regarding the costs involved—management of costs in one of the significant priorities of a project. Therefore, evaluation of the financial performance of the project is crucial (Besteiro 19). The next aspect is the scope that assists in determining if the aims are achieved in the provided framework.

Predictive and adaptive project life cycle approach

The adaptive live cycle is projected to the stakeholders’ ongoing contribution and responds to the changes of higher levels (Cobb 12). The techniques are similarly incremental and iterative. However, iterations are very fast and are fixed in intervals and rate. The delivery of products using this technique is done regularly. On the other hand, a predictive approach is whereby the scope, time limit, and price are established. The efforts are concentrated on meeting the obligations ascertain for every aspect. These undertakings are generally prearranged into a sequence of successive stages, each concentrating on a precise activity.

Project Roles and Responsibilities

Productive projects are typically the outcome of cautious preparation and partnership amongst various team members. One of the significant roles involves a project manager, who plays a vital part and is accountable for its successful finishing. The manager’s responsibility is to guarantee that the project continues within the indicated duration with the ascertained financial plan. The other role involves project team members. They are persons that work on different project phases. Their roles include offering expertise, process documentation, and completion of personal deliverables. The next role entails project sponsors. They closely associate with project managers. They legitimize the development’s goals and contribute to elaborate project preparation. Guarantee resource availability and approves the budget.

 

 

Works Cited

Besteiro, Élen Nara Carpim, Jefferson de Souza Pinto, and Olívio Novaski. “Success factors in project management.” Business Management Dynamics 4.9 (2015): 19.

Cobb, Charles G. The project manager’s guide to mastering Agile: Principles and practices for an adaptive approach. John Wiley & Sons, 2015. 12