Defining a project:

A project is a temporary endeavor undertaken to create a unique product, service, or result.

Key characteristics include time cost and scope.
Mismanaged time is one of the leading
causes of project failure.
Cost is usually defined by specific
budgetary limits.
Scope defined what is to be
accomplished


Components of the project life cycle:
A project is the initiation of project management
Project life cycle is how a project is planned, controlled, and monitored from beginning to end.
The project life cycle includes 4 distinct phases:
Initiation phase developing a business case, maybe a study, creating a charter and appointing
a project team
Planning stage proj plan is established, resource and financial plan developed & risk
considered.
Execution time, cost, quality,change, and risk all monitored and controlled
Closure or terminatioin phase end of project.
Projects and Organization strategy:
Projects that are associated with strategic organizational objectives are most likely to be supported by
the organization. Projects not linked to organizational strategy are usually terminated and resources are
redistributed to projects that are aligned to strategic goals.
Implementing Projects:
One of the most imp. Aspets of project management is knowing how to implement projects for success.
Successful implementation includes :
Preparing the organization - Preparing the organization is critical in implementing your project

Coordinating with key stakeholders at the implementation stage it is essential to maintain
close coordination with key stakeholders. During this time, everyone affected needs to see value
added to organization.
Articulating the charter comm. to the organization. a well drafted charter will keep the team
on track a make sure the team implementing the project has focus. The charter will also be
important in comm. The purpose of the project to the organization as a whole.