Principles of Project Management

Week 6 Assignment: Principles of Project Management

Name

BUS 611: Project Planning and Management

Professor: Name

April 16, 2013

Organizations across the globe are involved in projects attempting to meet the needs, goals, objectives, and strategies set forth by the stakeholders and upper management of the company. Project management is used as a way to plan, control, and implement these needs, goals, objectives, and strategies given the resources available to them. Some additional elements of note can be considered cost, deliverables, risks, and quality throughout the project management processes. In order for an organization to control all of these elements and to deliver them to some element of success, the organization will need to ensure that project management is a part of normal operations in order to ensure successful outcomes. In project management it does not matter what type of kind of project you are involved in, because you will always go through the same four phases. Those phases are planning, build-up, implementation, and closeout. In this paper we will discuss the various elements of those phases as they pertain to the project life-cycle, importance to leadership and sponsorship, team building, project scope, work breakdown structures, phase reviews, and project management software.

In project life-cycle management there are four main phases, which are initiation, planning, execution, and closure. Although, these differ slightly from the ones I stated above, they accomplish essentially the same things. In the initiation phase you are developing your business case, establishing the project charter, setting up a team and project office, as well as performing some studies and reviews. In the planning phase you are creating detailed project, resource, financial, quality, risk, and communication plans. The execution phase involves deliverables and monitoring and control aspects. Lastly the closure phase is exactly that the point where you close...