UniversityA project refers to a unique endeavor with the aim of producing a set of deliverables within specified time, quality and cost constraints. On the other hand, project managements refer to the tools, skills, and management processes needed to undertake a project successfully. Each generic project must undergo a project lifecycle, which consists of various phases that outline the required activities. The activities of a generic project model include project initiation or justification, project planning, project tracking and change control, and project reporting. It is extremely vital for the project management team to know each activity and its importance in project management.
In addition, it is crucial for project managers to know the skills they must possess in order to manage a project effectively. Project initiationThe foremost activity in the initiation process is project justification, review, and approval. The project management team is responsible for this activity because the resulting decisions affect the whole project. This activity involves determining the need and feasibility of the project. It involves the assessment of potential projects, the approval of a feasibility study, review of projects business case, and regular review of project progress in achieving business case.
The project management team must undertake other, several and vital activities. These activities include goal definition, concept definition, and needs analysis, market analysis, and strategy definition, and cost-benefit analysis, preparation of the project charter, approval, and review of the project charter. Therefore, project initiation is significant because it enables the management team to define the objectives of a project. It enables the management team to establish the viability of a project and prevent investing in an endeavor that might lead to loss.
Project initiation or justification is a vital activity because it allows management to identify a business problem or opportunity. This activity helps the management to identify and define a business case, and provide various solutions. In project management, justification is extremely crucial because it allows the project to run in a legal environment after the approval of the project charter. Many organizations have numerous projects running at the same time, and managers of these projects do not have enough skills. Failure to justify, approve, and review the project might lead to overstretching existing projects because new projects divert precious effort.
This explains why it is essential to justify, approve, and review the project process. After the project undergoes justification, review, and approval the next activity is project planning. Project PlanningProject planning is a chief activity in effective project management. An accurate and detailed planning of a project helps to produce the managerial information, which is the foundation of project justification and business case. This activity hosts other detailed activities, which a crucial for a successful project.
Project planning helps to create a formal document that consists of project needs, tools, activities, stakeholders, and resources. Project planning is an activity that assists the management teams to create a project plan that outlines the tasks, activities, timeframes, and dependencies of the project. Therefore, it is a crucial activity because it enables the project team to identify the project activities and allocate activities to project members. It also assists in the management and proper utilization of the available time to avoid delays.