Project Management

Project Management

MGT/437

University of Phoenix

Project Management

According to Harold Kerzner (2009), “Project management is the planning, organizing, directing, and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives” (Ch.1, para.7). A project is a work assignment that contains multiple parts, or tasks, with each task having clearly defined goals. Projects may be completed by individuals or by a group of individuals making up a team. Project planning has a clear goal, budget, and performance expectations, which make up a detailed plan of action. Though there are more detailed requirements for every project, this basic outline of a clear goal, budget, and performance can be used to determine whether a project is successful or not. Project management is an important element to every organization because it provides a detailed plan of action for employees to follow in order to achieve organizational goals.

Phases of the Project Life Cycle

There are four main phases to the project life cycle, each with its own underlying requirements. These phases include initiation, planning, execution, and closure. The first phase, initiation, involves identifying the problem an organization is facing, as well as identifying possible solutions to the problem. It is in this phase that ideas are gathered and the foundation is laid for a project. Also determined during the initiation phase is whether the project is feasible. Several considerations are made to determine whether the project should actually be pursued. Some of these considerations include estimating the amount of time the project will need, the amount of staff necessary, and what equipment is needed to bring the project to completion. Costs are also estimated, as well as whether or not the organization will ultimately benefit from undertaking the...