Project Management for Business

LO1 Project management principles

Introduction of project management

Project management is a planned and structured effort to achieve an objective or is the process of managing, allocating, and timing available resources to achieve the desired goal of a project in an efficient and expedient manner, for example, creating a new system or constructing a project. Project management is widely recognized as a practical way of ensuring that projects meet objectives and products are delivered on time, within budget and to correct quality specification, while at the same time controlling or maintaining the scope of the project at the correct level.
Project management includes developing a project plan, which includes defining and confirming the project goals and objectives, identifying tasks and how goals will be achieved, quantifying the resources needed, and determining budgets and timelines for completion. It also includes managing the implementation of the project plan, along with operating regular 'controls' to ensure that there is accurate and objective information on 'performance' relative to the plan, and the mechanisms to implement recovery actions where necessary. Projects usually follow major phases or stages (with various titles for these), including feasibility, definition, project planning, implementation, evaluation and support/maintenance
Principles of project management
The Success Principle
The main goal of project management is to create a successful product. Without making a successful product there is no good point in incurring the project Management overhead cost. Opposing to conventional wisdom, there have been many Projects that have been “On time and within budget” but the product has not been successful, and similarly many that have not been “On time and within budget” yet the product has been very