Project Management Life Cycle and its Phases
Added on 2020-09-21
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Leadership Management
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Word Count for Task 1 : 810 (Excluding Q5, Introduction and References)IntroductionToday project management has emerged as a leading solution in business operations. Large andsmall organization realize that a structured approach to controlling and planning projects is thekey approach to success. Boddy and Buchanan (1992) defined a project as: a unique venture witha beginning and an end, conducted by people to meet established goals, schedule and qualitywhile Turner (1993) described a project as an endeavour in which human (or machine), materialand financial resources are organized in a novel way, to undertake a unique scope of work, ofgiven specification, within constraints of cost and time, so as to deliver beneficial change definedby quantitative and qualitative objectives. Project management includes all of the initiating,planning, executing, monitoring, controlling, and closing activities needed to successfully createthe desired project deliverable. Pinto (2004) chronicles the evolution from the simple irontriangle of cost, schedule, and quality known as Triple Constraint through benefits to theorganization and benefits to stakeholders. 1.Four stages of Project Life Cycle, and importance of the final stage Project life cycle can be used to gain understanding and control, for operational planning and forpredicting (Kotler and Keller 2012). The project life cycle phases are as follow:The Initiation phase indicate the beginning of the project. In this phase, the idea for the project isexplored and elaborated. The goal of this phase is to examine the feasibility of the project.Development Phase : The requirements that are associated with a project result are specified asclearly as possible. This involves identifying the expectations that all of the involved parties havewith regard to the project result.Implementation Phase : includes everything that will be needed to implement the project asplanned and arranged.Commissioning phase: In this phase, it confirms the project has been completed to the design,then the project is closed.The closing phase is a critical step in the project management life cycle. It begins when theproject’s customers formally accept the project deliverable and ends when documentation iscomplete and resources are reassigned.It signals the official end of the project and provides aperiod for reflection, wrap-up, and organization of materials.
While all projects may begin with the initiation stage, the emergence of projects along their lifecycle may not exactly and perfectly map on to the planning and execution stage as was initiallyintended. The project life cycle process may therefore vary along the deliberate and emergentcontinuum (Mintzberg & Waters, 1985).2.‘Scope Management’ The scope can be divided into product scope and project scope. According to Alexander et al(2009), the product scope is related to everything that is within the boundaries of the product, asfeatures, restrictions and details that allow to define the results or product desired in a project. Onthe other hand, the project scope is related to description of all necessary work to achieve whatwas defined on the product scope, attending all features and functions previously specified(PMBOK, 2013). The scope management is related to other areas of project management, ascost, time and risk management. Thus, when the scope is not well defined, it causesinconsistencies and many failures may happen throughout the project (Bjamason et al, 2012;Kumari et al 2014)3.Purpose of risk managementDouglas (2009) defines risk management as identifying and assessing the risks to the project andmanaging those risks to minimize the impact on the project to control the probability ofunfortunate events or to maximize the opportunities. There are no risk-free projects because thegreater the uncertainty, the greater the risk (Crane, Gantz, Isaacs, Jose, 2013).Risk managementis not about eliminating risk but about identifying, assessing, and managing risk.The purpose ofrisk management is to identify potential problems before they occur so that risk-handlingactivities may be planned and invoked as needed across the life of the product or project tomitigate adverse impacts on achieving objectives. Risk management should address issues thatcould endanger achievement of critical objectives. A continuous risk management approach isapplied to effectively anticipate and mitigate the risks that have critical impact on the project.
The project risk management can be divided into five parts:Risk Identification, Risk Analysis,Monitoring (Tracking and Controlling)Phase, Defining risk management strategy which includesthe implementation of risk mitigation, risk avoidance, risk transfer and risk acceptance. 4. NPV and it’s benefits NPV is the net present value which is the sum of all the future cash flows to determine thepresent value. The NPV is described as the difference between the present value of the cashinflows and the present value of the cash outflows (Awomewe & Ogundele 2008).It is calculatedas: NPV = Cash inflows – Cash outflows or expenditure of Investment With this method, all cash flows are discounted to present values using the required rate of return(Van Horne, 1992).The main advantage of NPV method is that takes into account the time valueof an investment opportunity by discounting the cash flows (Awomewe & Ogundele 2008). 5.Outline and explain the main aspects of monitoring project quality. (6marks)6. Question 6i.Project network diagrams assist teams in setting deadlines and simplifying the process ofordering material resources and equipment. They also help to manage cash flow and assemblingthe right team.ii.The critical path is the longest-duration path through the network. The critical path determinesthe total calendar time required for the project. It significantly provides a graphical view of theproject and estimate the time required to complete the project. It also shows which activities arecritical to maintaining the schedule and which are not . Because of its impact on the entireproject, critical path analysis is an important aspect of project planning.
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