Project Management

What is Project Management?

After completing the task of reviewing your business or organisation’s Business Strategy you may have identified specific products or services that require further development, in order to make them more palatable to your clients or customers.

Assuming you have, identified specific products or services requiring further development you will need to address this as being part of a specific project. To meet specific goals and objectives and to ensure success of the project you will need to install a working/project team to manage the project.

Project Management can be defined as being a sequence of steps or a number of disciplines required to be completed by the working/project team. This will require developing and managing the following key control processes:

1 – Initiating Process

The initiating process is extremely important as it will determine the nature and scope of the specific project. To ensure that the project will be successful, it is important for the project team to fully understand the business environment and to make sure that all necessary controls are incorporated into the specific project.

2 – Planning Process

The main purpose of the planning process is to:

  • Develop the scope statement and develop a Project Management Plan;
  • Identify deliverables and the activities needed to complete the deliverables
  • Create a work breakdown structure;
  • Estimate the time and cost for activities and develop a schedule;
  • Develop the budget; and
  • Gain formal approval to begin work.

3 – Monitoring and Controlling Process

The key function in monitoring and controlling the project is to regularly observe and measure the project activities to the Project Management Plan. This process will enable the project team to identify where they are, where they should be and how to get on track again.

4 – Closing Process

This phase consists of finalising all project activities, formally closing the project and to obtain formal acceptance from the stakeholders of the project and the ending thereof.

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