Project Management Framework.

Managing Business Projects

Projects have become the way of the working world. Computers and automation have eliminated many types of repetitive work. This has freed people to focus on building new things—new products, new services, and improved organizations.

And where there are things that need to be created, there is a need for projects.There is a clear cut distinction between projects and regular work. “All Projects are work but not allWorks are Projects”

Project Management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements.

Project Management Components

Project management knowledge and practices are best described in terms of their component processes. These processes can be placed into five process groups and ten knowledge areas.

Project management can be applied to any project regardless of size, budget, or timeline. These are:

• Initiating
• Planning
• Executing
• Monitoring and Control• Closing

"The project manager will set the tone for the project team and will help the team members work through the various stages of team development to become fully functional"

What is Project Lifecycle?

This refers to the series of phases that a project passes through from its initiation to its closure. The phases are generally sequential and their names and numbers are determined by the management and control needs of the organization or organizations involved in the project, the nature of the project itself and its area of application.

The lifecycle consists of the project lifecycle and the project management methodology or process for managing the project.

Although projects vary in size and complexity, all projects can be mapped to the following generic life cycle structure.

• Starting the Project
• Organizing and Preparing
• Carrying out the project work and
• Closing the project