Managing Project: Characteristics, Stages, and Importance of Feasibility Study

SIM 335 MANAGING
PROJECT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Six Characteristic of project and importance of any two of them in brief...................................3
Five key stages in project life cycle.............................................................................................3
Purpose of project initiation document........................................................................................5
Nine knowledge areas in project management............................................................................5
Feasibility study importance in project........................................................................................6
Network diagram.........................................................................................................................7
TASK 2............................................................................................................................................7
Introduction about ABC company acquire DEF..........................................................................7
Assumption..................................................................................................................................7
Skills and competencies required by project manager.................................................................7
Activities required to successfully manage project.....................................................................8
Overview....................................................................................................................................10
Stages of project life cycle.........................................................................................................10
Project team role and accountabilities.......................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Project management is practice of planning, controlling, initiating and closing work of
group to achieve particular goals and meet specific criteria of success at specified budget or time.
It is one of the best way in which project manager manages and organizes resources that is
important to complete the task (Liu and et.al., 2016). The present report is based on ABC
company, running their business in retailer sector successfully. It explains the characteristics of
project, five key stages of project life cycle, purpose of PID and knowledge areas in project
management. It justifies, feasibility study importance in project. Furthermore, it clarifies skills
and competencies required in project manager and also explain the activities needed to
successfully manage acquisition project.
TASK 1
Six Characteristic of project and importance of any two of them in brief
 Project set the objective to achieve within distinct cost, technical performance and time
effectively. Importance- setting the objective in project is important because it converts
vision into clear mensurable targets. With the help of objective team have idea what they
need to achieve through hard work.
 Project is managed, controlled as well as planner by assigned group the project team
planted within firm to achieve the specific goals and objective as per description.
 It has different and unique set of necessitate that will be delivered within timeline of
project.
 It is temporary in nature and project have definite ending and starting date. It will
complete when the goal of work is achieved.
 It creates ability to perform a better services and its always developed in phases,
continued by increments- progressive amplification. Importance- development of stages
in project is quite essential because it helps to cover all the criteria of work effectively
and in results provide better outcomes.
 Project is undertaking including further activities for closing of project within estimates
and include complex budgeting process with the clear mission statement.
Five key stages in project life cycle
Project initiation-

It is the beginning of project, initiation define the project at wide level, it's usually started
within specific business case (Piemonte and et.al., 2014). In this stage project team identify
needs, opportunity and brainstorm procedure that helps people to meet requirement and seize this
opportunity. During this phase, research team figure out project main objective and identify
whether project is feasible. In project initiation scope, deliverables and project stakeholders is
identified.
Planning-
Once project is sanctioned to move forward based on current business case and statement
of work, team will move into planning stage which is the second essential part of project life
cycle. During this procedure, team break down the broad project into small task, prepare
appropriate schedule and build strong team for completion of assignments on time. In this phase,
smaller aim for project is created, and making assure that each is achievable within time-frame.
Execution-
Team received approval for project, develop plan and build strong team, now it's time to
get to perform. This stage turns people plan into action, the project manager with team members
keep work according to planning, manage timelines, organize team individual and assure that
work is complete accordant to actual plan. In execution phase several things is included such as
creating task, briefing people include on project, organizing workflow, measuring the quality of
work etc.
Monitoring-
Project monitoring is all about measuring performance and progression of project and
assuring that each and everything occurrence aline with project management plan. To measure
Illustration 1: Project Life Cycle Stages
(Source: 5 Phases of Project Life Cycle, 2017)