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Project management is the tool and administration procedures needed to attempt a task successfully. These procedures oversee inputs to and produce yields from particular exercises.The movement from information to yield is the core of venture administration and obliges incorporation and iteration. Isolating a task into stages makes it conceivable to lead it in the best conceivable course. Through this association into stages, the aggregate work heap of an undertaking is separated into smaller parts, subsequently making the monitoring easy. Project management contains five stages : Initiation stage, Planning, Production, and Project monitoring and controlling systems and Closing the Project. One by one it is finishes the task during the execution. After the starting stages basically project management provides basic planning for actualization of project and also provides the resources that are motivates to execution of project. Sub process groups includes Time Management, Cost Management, HR Management, Quality Management, Project Risk Management, Procurement Management, Integration Management. these knowledge areas are described by their inputs, tools and techniques, and outputs.
Project management includes six phases :
1. Initiation phase
The start stage is the start of the task. In this stage, the idea for the venture is investigated and expounded. The objective of this stage is to look at the attainability of the task.
2. Definition phase
After the task arrangement (which was produced in the start stage) has been verified, the project enters the second stage: the definition stage. In this stage, the necessities that are connected with a project result are determined as plainly as conceivable. This includes distinguishing the expectations of the undertaking result.
3. Design phase
The requirement list that is created in the definition stage can be utilized to settle on outline decisions. In the configuration stage, one or more plans are created, with which the project result can obviously be accomplished.
4. Development phase
During the development stage, everything that will be expected to actualize the undertaking is arranged.
5. Implementation phase
The task comes in process during the execution stage. This stage includes the development of the genuine project result.
6. Follow-up phase
During this stage, everything is organized that is important to convey the project to a effective fulfillment.
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Project management defines ways to manage a project by planning, organizing and implementing it within a specific time to produce a defined outcome. It is the application of methods, processes, skills, knowledge and experience to achieve the project objectives. A project can be defined as a piece of work which should be completed within a specific time by meeting the requirements of its clients. Project management comes with a number of methodologies which are described below:
Critical Chain Project Management: it mainly focuses on the use of resources without considering timelines.
Agile: this methodology is used for speed and flexibility which produces short delivery cycles.
Waterfall: it is defined as a sequential management style.
Critical Path Method: it involves step by step procedures and PM techniques.
PRINCE2: this methodology is mostly adopted by U.K. government and private industries to manage the projects.
Project management is concerned with deliverables and a finite timespan since a project’s success fulfills the criteria of agreed timescale and budget. Project management has five important phases given as:
Performance monitoring and Control
Project management has a wide range of applications in the area of integration, cost, quality, human resources, procurement, scope, time, risk management, communications and stakeholder management.
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