Learning Outcome 1

1. What is Project Management?

It is the process, methods, knowledge, skills, and experience to achieve the project objectives.

2. 5 Phases of the Project Management Lifecycle:

1. Project conception and initiation
• Ideas of the project. In this phase, a decision making team will identify if the project can realistically be completed.
2. Project definition and planning
• Plan of the project.In this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed.
3. Project launch or execution
• Take action. Resources' tasks are distributed and teams are informed of responsibilities.
4. Project performance and control
• Project managers will check the project status whether the project is on the right path or not. This phase is necessary to to keep the project on track.
5. Project close
• Evaluation. It is necessary to highlight project success and/or learn from project history.

Project management is important because it is to ensure the expectations are on set.

3. Importance:

• Mapping
• Think systematically
• Unique task
• Specific Objective
• Variety of resources
• Time bound

4. Advantages

1. In-Build monitoring
2. Easy to identify bottleneck
3. Activity based costing
4. Identify the missing objective
5. Time completion
6. Assigning tasks
7. Reporting

References

Apm.org.uk. (2018). What is project management?. [online] Available at: https://www.apm.org.uk/resources/what-is-project-management/ [Accessed 9 Apr. 2018].