Project Management Student Name Project Management MGT/437 Date Instructor

Project Management According to "Project Management" (2004), Project Management is “a methodical approach to planning and guiding project processes from start to finish.” By following an established project management life-cycle businesses can ensure the established goals and objectives of the organization are realized in a consistent and uniform manner within a defined timeframe and within budget. A brief definition of a project with key characteristics is presented within this paper. Each phase of the project life-cycle, including the definition phase, planning phase, implementation phase, and closure phase are also identified and discussed. In addition, key reasons to underline why it is important for businesses to apply project management techniques to accomplish tasks required to achieve the established goals and objectives are provided. A project is set of related tasks executed to achieve a set of objectives and goals within an established timeline and an approved budget. Projects are temporary and can be short-term (a few days, few weeks, or a few months) or long-term (multiple months or years). Each project is unique in scope, schedule, and budget. Projects consist of a Definition Phase, a Planning Phase, an Implementation Phase, and a Closure Phase ("Project Management Knowhow", 2012). Two key characteristics of a project are projects are temporary with a defined timeline and projects produce unique deliverables, such as products, services, and process improvements ("What Is A Project?", 2012). Project Definition is the first phase of any project. The primary purpose of the project definition