Managing Projects: Characteristics, Life Cycle, PID, and More

MANAGING PROJECTS
ASSESSMENT QUESTION
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TASK 1
1. Characteristics of a project with importance of two of them
Six characteristics of project are:
 Every project has some set of objectives that are required to be achieved (Meredith, Mantel
and Shafer, 2017).
 Importance: Every project need to set some objectives to be achieved because it helps an
organization to complete a project within defined time period, technical performance and
within the defined budget. Achievement of these projects also helps in determining
whether the project is viable or not.
 Each project is managed and controlled by project manager that has an assigned team
working on a project.
 Importance: Every project requires a project manager so that it is managed and controlled
in a proper manner. Not only this project manager also helps in allocating required
resources for completion of all the tasks within defined milestone.
 Each project is temporary in nature and has an ending and a beginning date.
 Each project has some unique requirements set that are required so that it could be delivered
within the boundaries of the project.
 Projects sometimes can either be cross functional or cross organizational.
 Successful implementation of a project involves co-ordination between team members
supervised by project manager.
2. Project life cycle Five key stages
 Initiation: At this stage foundation of a project is being laid for other stages of life cycle. At
this stage overall value and feasibility of the project is measured (Fleming and Koppelman,
2016).
 Planning: At this stage blueprint of the project is made in order to achieve objectives and
goals of the project within specified tine and budget.
 Execution: it is one of the main stage of the project where deliverables of the project are
build as per the requirements of the project.
 Monitoring and control: Most of the time this stage is implemented with execution stage
where project manager monitors and controls progress of entire project.
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 Closure: At this stage final project is delivered to the client and project completion is
communicated to all the stakeholders.
3. PID purpose and three items documented in the PID
Main purpose of PID is to record and capture all the basic required information of the
project in order to define and plan the project accordingly (Kerzner, 2017). It also helps all the
stakeholders of the project to understand project requirements in a proper manner.
Three main items that are documented in PID are:
 Project Goal: It helps in specifying main goal of the project which is required to be achieved.
 Business case: it helps in capturing reasons for initiation of a project
 Scope: it Specified the work which is required to be accomplished so that delivery of the
project is done according to the specified functions and features.
4. Project Management Knowledge areas and significance of any two
 Project integration management: it focuses on activities and processes that are required to be
identified, unified, defined, combined and coordinated with project management process
group.
 Significance: It is important for project manager so that they can check each and every
aspect of project and check whether is going on according to the plan.
 Project Scope management: It focuses on collecting scope, requirements control and verify
scope and create work break down structure (Walker, 2015).
 Significance: It is important for project manager so that all the milestones associated with
the project can be achieved.
 Project time management: It helps in defining all the activities of a project in sequence,
estimate both time and resources required, develops as well as controls the overall schedule
of the project.
 Project cost management: It helps in estimating cost of the project, determine and control
overall project budget.
 Project quality management: it helps in ensuring that all the projects activities designed,
planned and implemented are effective and efficient with respect to project’s objectives and
overall performance.
 Project human resource management: It is a set of processes as well as activities that involves
management, leading, organizing of project team.
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