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Brandice Grant. Project Management. July 21st , 2021.

From this list you must then identify what is known as 'Key Success Criteria', and these are the objectives that are 'key' to the success or failure of the project - even if other objectives are met. These obviously vary from project to project. Once the project has been given the go ahead, then a contract document is drawn up and the project sponsor uses this to give formal agreement to funding the project and for the project to begin. The initiation phase is then considered to be completed.

All projects require the project manager to constantly juggle three things: cost, scope and schedule. If the project manager increases one of these, then one of the other elements will inevitably need to be changed as well. So, for a project which is running behind schedule to recover so it can be delivered to it's original planned schedule, the budget might be increased by employing more staff (although this invariably never achieves the desired result of reducing the time left to complete the project), or the scope will need to be reduced. It is the juggling of these three elements - known as the project triangle - that typically causes a project manager to tear their hair out in frustration!

Often we can make assumptions about people or situations and it is the same with projects, everyone can have different ideas about what is a project is or is not. This in itself is worth defining and it can vary from company to company depending on the size and scope of the project. There could in fact be more than one project and many different tasks. A good idea is to generally an endeavor with an aim and objectives, consisting of a variety of tasks and deliverable.

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The work breakdown structure (WBS) is a deliverable-based description of your project scope. The work breakdown structure essentially describes the total scope of the project in a hierarchical style. Developing the WBS is a very crucial project management step that allows you to get a complete understanding of everything that needs to be completed. Even knowledgeable project managers frequently do not take full advantage of the value of a correctly-produced work breakdown structure.

The project manager also needs to define the scope of the project. Is the organization of transport to take staff to the blood bank within the scope of the project? Or, should staff make their own way there? Deciding which activities are within the scope or out of scope of the project has a big impact on the amount of work which needs to be performed during the project.



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The purpose of this paper is to gain an understanding of project management and to give a brief overview of the methodology that underpins most formally run projects. Many organizations do not employ full time Project Managers and it is common to pull together a project team to address a specific need. While most people are not formally skilled in project methodology, taking a role in a project team can be an excellent learning opportunity and can enhance a person's career profile.

Importance of Project Management is an important topic because all organizations, be they small or large, at one time or other, are involved in implementing new undertakings. These undertakings may be diverse, such as, the development of a new product or service; the establishment of a new production line in a manufacturing enterprise; a public relations promotion campaign; or a major building program. Whilst the 1980's were about quality and the 1990's were all about globalization, the 2000's are about velocity. That is, to keep ahead of their competitors, organizations are continually faced with the development of complex products, services and processes with very short time-to-market windows combined with the need for cross-functional expertise. In this scenario, project management becomes a very important and powerful tool in the hands of organizations that understand its use and have the competencies to apply it.

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