Page 29 - DMGT521_PROJECT_MANAGEMENT

Project Management

Notes campaigns, global mergers, and capital acquisitions are often handled as projects, and the methods
have spread to the non-profit sector. Functions, weddings, fund drives, election campaigns,
parties, recitals etc all make use of the principles of project management. Most striking has been
the widespread adoption of project management techniques for the development of computer
software.

Did u know? Each project phase is marked by completion of one or more deliverables. A
deliverable is a tangible, verifiable work product. The conclusion of a project phase is
generally marked by (a) completion and review of both key deliverables and project
performance to date, to (b) determine if the project should continue into its next phase and
(c) detect and correct errors cost effectively.

Self Assessment

Fill in the blanks:
1. The successful …………………… is all about structure, control, sufficient attention to detail
and continuously driving action.

2. Project management is a formal discipline for …………………… projects.
3. Projects …………………… with functional departments for resources and personnel.
4. …………………… construction firms found that project organization was helpful on smaller
projects, such as the building of a warehouse or an apartment complex.
5. The role of the …………………… is to understand enough project management to apply
its structure and ensure that project is successfully completed within the time and cost
required.

2.2 Project Life Cycle

Like organic entities, projects have life cycles. From a slow beginning they progress to a buildup
of size, then peak, begin a decline, and finally must be terminated. Some projects end by being
phased into the normal, ongoing operations of the parent organization.

2.2.1 Interdependencies

Projects often interact with other projects being carried out simultaneously by their parent
organization; but projects always interact with the parent organization’s standard, ongoing
operations. Although the functional departments of an organization (marketing, finance,
manufacturing, and the like) interact with one another in regular, patterned ways, the patterns
of interaction between projects and these departments tend to be changeable. Marketing may be
involved at the beginning and end of a project, but not in the middle. Manufacturing may have
major involvement throughout. Finance is often involved at the beginning and accounting at
the end, as well as at periodic reporting times. The PM must keep all these interactions clear and
maintain the appropriate interrelationships with all external groups.

2.2.2 Uniqueness

Every project has some elements that are unique. No two construction or R&D projects are
precisely alike. Though it is clear that construction projects are usually more routine than R&D

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