Project Management

1) What is a Project?

A temporary endeavor with a beginning and end. It is usually time constrained and it is undertaken to meet unique goals and objectives, typically to bring beneficial change or added value.

2) Who is the owner/sponsor of a Project?

The sponsor is the entity that provides the funds necessary to accomplish the project. It can be an organization, a person, or a partnership of two or more people/organizations.

3) What are the most important constraints for a project to succeed?

The most important constraints for a project to succeed are time, money and quality.

4) Why are project managers so demanded nowadays?

Because project managers oversee the individual tasks that move a project toward completion; in addition, when projects are frequently late or fail to meet their objectives, companies hire a skilled project manager so he can improve productivity and morale and often leads to greater profitability.

5) What is the Project’s Lifecycle?

Project lifecycle’ is the sequence of phases and stages of activities that need to be accomplished in order to reach the project’s goals and fulfill its objectives.

6) How many stages do projects have?

1. Definition

2. Initiation

3. Planning.

4. Execution.

5. Monitoring & Control.

6. Closure.

7) Please mention at least to actions of every stage....

Definition:

1. Setting objectives

2. Setting a budget

Initiation:

1. Scope of the project is decided

2. Stakeholders expectations are set

Planning:

1. Determine resources needed

2. Calculate budget and time frame

Execution:

1. Tasks and responsibilities are distributed

2. Execute project plan

Monitoring & Control:

1. Reporting progress and issues found once the project is running.

2. Constant checking on the projects development

Closure:

1. Closing the project properly by closing agreements

2. Record the...