Project Managment

Attributes of a project:

Attributes of a project are a collection of detailed features and parameters of a project to define its data, statistics, and facts and figures so that to transfer it to the stakeholders. Attributes of any project can tell the status of the project and its performance. Some of the examples of project attributes are requirements of the project, risk management, cost, schedule etc.

Project Life Cycle:

  All the phases in the project combine to form a project life cycle. Life cycle structure of all projects are similar either they are large or small. Phases of project life cycle are:

Ø  Initiation:

 Initiation means starting a project or starting of a new phase in the current project and for this authorization is needed. In initiation project charter is developed and stake holders of the project are identified.

Ø  Planning:

 This phase of project life cycle involves the establishing of the scope of the project. This is done by upgrading the objectives and describing the essential course of action so that to attain the goal due to which project was taken by the company or organization. In planning process requirements of the project are collected and then the work breakdown structure (WBS) is created. After this proper schedule of the project is developed and in the end budget is estimated. 

Ø  Execution:

          Execution process includes all the processes performed which were stated in the management plan of the undergoing project to meet its specifications. The two processes are directing and managing of the project work and other is managing of stakeholder’s engagement in project.

Ø  Closing:

         In this phase of the project life cycle formal closing of the project or phase is done in all process groups by concluding all the activities. It involves:

–     Close Project /  Phase

–     Close Procurements

Ø  Scope:

          This process ensures that project includes only and only the work needed to successfully finish the project. In scope few points are to be followed like in management plant only explain that what IS the part of the project and what IS NOT also not allowing members to make additions randomly without a structured change control system to the scope.

Ø  Schedule:

         This means to create a project schedule by the analyzation of the estimated activity resources, sequence of the activities and the estimation of the activity duration. This schedule is said to be the heart of planning process group. The developed schedule of the project is iterative. Starting and ending dates of the project are determined by using the results of other time management processes.

Ø  Cost:

  It involves the estimation, determining budget and cost control of the undergoing project so that to complete it in the budget cost which was approved for the project.

Ø  Customer Satisfaction:

  This means to meet the requirements of the customers by understanding, dealing, describing and evaluating their expectations. This is done only if the project meets its scope and it satisfy the actual needs of the customers.

Ø  Project Constraints:

 The things which limit or restrict the output of the project are project constraints. They do not depend but compete with each other. Every project is influenced by one or more constraints.