Page 27 - DMGT521_PROJECT_MANAGEMENT

Project Management Neha Tikoo, Lovely Professional University

Notes Unit 2: The Project Life Cycle

CONTENTS
Objectives
Introduction
2.1 Concept of Project Management
2.2 Project Life Cycle

2.2.1 Interdependencies
2.2.2 Uniqueness
2.2.3 Purpose
2.2.4 Conflict
2.2.5 Delivery and Deliverables
2.2.6 Overlapping of Activities
2.2.7 Sharing of Resources

2.3 Project Classification Extended and Project Life Cycle
2.4 Summary
2.5 Keywords
2.6 Review Questions
2.7 Further Readings

Objectives

After studying this unit, you will be able to:

 Discuss about Concept of Project Management
 Define Project Life Cycle
 Describe about Extended Project Life Cycle

 Explain about Project Classification
Introduction

Essentially, a project is a task with a known end point. For example, building a new house is a
project, the end point being when the house is built. Similarly, creating a new piece of computer
software is a project, as is launching a new product for a business. Projects can be used to
complete many different types of tasks.
Usually the term ‘project’ is applied to tasks with some degree of complexity. Projects fulfil
some clear predefined objective, in a planned period of time, and to a planned cost. Once the
project is complete something will have changed – for example, you have a new house, a new
computer system or a new product.
The Project Management Institute defines a project as “a temporary endeavor undertaken to create a
unique product or service”. There is a rich variety of projects to be found in our society. Although
some may argue that the construction of the Tower of Babel or the Egyptian pyramids was some

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