It is really important to know about term “project” before learning the term “project management”.
Project has a definite description that a project as a temporary endeavor undertaken to create a unique product, service, or outcome (result). Because of its temporary nature of projects indicates a definite starting and ending point. When the project’s requirements have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists.
Project has various Characteristics:-
i. A project is temporary means that project has starting time and ending time.
ii. A project is unique.
iii. A project is finished when a specific goal is achieved or when the need for the project no longer exists.
It can be clearly seen from its wording “Project Management” that it is a study of project that gives the information regarding how to manage a project and in the other words we can say that project management case study explaining how a project is to be managed, the challenges faced and the tips and tricks used to deliver the successfully project. Basically, it is a set of knowledge, skills, steps, tools and techniques or approaches that are used to make a project and to meet project requirements (demands of project and stakeholders).
For better management project managers, divide a project into four or five phases or steps and by doing this they can ensure that produced outcome will meet the expectations of stakeholders .In the other words we can say that for smooth functioning of project it is mandatory to obey these phases.
The following are the phases of project and we can also called project life cycle.
· Monitor and Controlling
Initiation:-This is the first phase of project life cycle. In this phase basic product description and initial documentation is defined. Initial documentation contains project requirement or objectives and project’s goal also be settle down in this step with in specific time and limited budget.
Planning:-This is the second phase of project life cycle. This phase is also called Designing and Preparation phase .This phase is really important for whole project because at the time of planning you have to select the right people, resources, methodologies or approach or strategy, and supporting tools in place for each planning phase, so that you can deliver the project to stake holder with in time, limited budget, and to appropriate quality standards and moreover, initial infrastructure is also planned for respective project. Everything is depends on this high level of planning. In this phase every segment of is noticed like, cost estimation (budget), time estimation, roles and responsibilities of all employees to their respective work, project staffing (recruitment of workers as per need of project), risk identification and assessment (to identify what type of risk may affects and assessment of phase which is most affected with this risk) and solution progress (what are the solution to reduce the level of risk or solution to resolve the risk).
Implementation (execution):- After the completion of the planning process, then next step is to execute the planning. Tasks are performed with in planned project’s components. We can say that this phase is a development phase where tasks are performed to make an output.
Monitor and Controlling:- Once implementation phase is completed then, it’s time to monitor and controlling phase. It is mandatory to measure or identify or control cost, time, risk, benefits (solutions) effectively. Project managers can compare project status and progress with their actual plan that was scheduled to perform task. During this phase, project managers may need to adjust schedules or do what is essential to keep the project on track. Project managers can monitor or track daily activities because it is really important to provide to take over the project with great quality and finish the project with in time and budgets.
Closure:- This is the final or last phase of project life cycle. The stake holder or client has approved the final product or outcome and an evaluation is essential to point out or highlight the success of project and a final feedback is also collected to learn from both success and mistakes so, that mistakes will not repeated in other project.