- A project may be defined as a process that is carefully planned an aimed at achieving a certain aim within a specified term and involves research and design tasks. The most illustrative sample is a business project.
- The first stage of the project is the so-called project initiation stage, which defines the objectives of the project and formulates general frames of the one. It is followed by the project planning stage, which in its turn defines who will execute the project, how the roles will be distributed among the team members of the project, what deadlines will be followed. At the next stage the project is exercised (Project Execution Stage). At the stage of Project Closure the results are estimated.
- Project Initiation deals with the general idea of the project, the financing of the project and the project maintenance. Project planning is associated with the deadlines, the team, the partners and the methods of planning. The execution stage is connected with the project control and monitoring and the project closure is connected with the assessment of the project and with the project results.
- The nine areas are
4.1. Project Integration - the s frames are defined
4.2. Project Scope Management – the limitations of the project are defined
4.3. Project Time Management defines the deadlines of the project
4.4. Project Quality Management defines the criterion of the project success and monitors the performance of the team
4.5. Project Cost Management defines the budget of the project and allocates finds appropriately
4.6. Project Human Resources Management defines the team of the project
4.7. Project Communication Management defines the ways the team intercourses
4.8. Project Risk Management defines the risks that pertain to the project
4.9. Project Procurement Management defines the maintenance of the project
- The five project management process groups are
5.1. Project Initiation is the first stage of the process which defines the stages and outlines the goals
5.2. Project Planning group defines the schedule that should be followed by the team
5.3. Project Execution. The project is physically executed.
5.4. Project Monitoring and control. The project is supervised and analyzed.
5.5. Project Closure. The project is terminated and its results are assessed.
- Project is deemed successful when the goals of the project are fulfilled more than on 75% of the initially defined goals.
- Project is deemed failed when more than 25% of the initially defined goals have been frustrated. Anyhow, the concept of project success and failure are relative in their nature and shall be assessed in each separate case differently. The common approach is that the ratio of the spent efforts and the results achieved must be positive.
- The major forces that contribute to the project are the team members of the projects, careful planning of the project and the partners of the partners. In business projects financial constituent is also an important issue.