Question

1. Discuss the Three of the Seven Characteristics of a Project &  Two characteristics of Project Management
2. Discuss three of the Key Knowledge Areas of Project Management
3. What is Project Life Cycle? How many phases are there in a Project?

Answer 1

3 Characteristics of project

• Every project is unique.

A project usually requires the doing of something in a different manner, something that was not done previously. Even in some projects which are called as “routine” projects such as house construction, the variables such as terrain, access, zoning laws, labour market, public and local utilities make each of the project different. A project is a one-time, once-off activity, never to be repeated exactly the same way again.

• Projects are temporary activities.

A project is an organization of human resource, material, equipment and facilities that all can be put together to accomplish the goal. This goal is within a specific time-frame.

• Projects cut across organizational lines.

Projects always cut across the regular and routine organizational lines and structures within a firm. This is done  because the project requires to draw from the skills, abilities and the talents of multiple professions departments within the organization and sometimes even from other organizations.

2 Characteristics of project management

• It utilizes skills and talents from multiple professions and organizations.

Projects execution usually involves advanced technology and depends on the task interdependencies that may introduce new and unique problems. Task and skill requirements vary from with project to project

• It is somewhat unfamiliar.

A project execution usually encompass novel and advanced technology and hence possess significant elements of uncertainty and risk as well. Failure of the project might  cause jeopardizing of the organization or the organizational objectives.

3 knowledge areas of project management

• Project time management

The project is usually divided into various tasks, which are then scheduled with starting dates and deadlines, as well as budgets for each task. And since matters are constantly changing over the phases of any project, revising of the project time management should be carried out with utmost most importance.

It involves plan schedule management, that is creating a schedule for the project and then determining who is responsible for that.

• Project cost management

It involves the project budget, which means having good estimating tools to make sure that the funds cover the extent of the project and are being monitored regularly in order to keep stakeholders or other sponsors informed.

This  will determine the method for establishing the budget, which involves how and if it will change and what procedures will be used as a control measure. Each and every task will have to be estimated for cost, which means including all resources such as labor, materials, equipment and anything else needed to complete the task.

• Project Quality Management

A project can come in on time and within budget, but if the quality is not up to the standard set, then the project is considered as a failed one. Plan quality management is an important part of the entire project management plan, though it can be a standalone document if it contains the quality specs for the product or service being delivered.

The process needs to include quality assurance  for ensuring that quality standards are being met. Hence for control quality, the deliverables must be inspected to make sure that those standards outlined in the quality management plan are being met properly.

Project lifecycle

A project life cycle may be defined as the sequence of phases that a project goes through from its initiation to its closure.

The 4 Phases of the Project Management Life Cycle

1. Initiation
2. Planning
3. Execution
4. Closure.

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