The project management life cycle is usually broken down into four phases: initiation, planning, execution, and closure. These phases make up the path that takes your project from the beginning to the end.
It includes six phases:
A project life cycle is the sequence of phases that a project goes through from its initiation to its closure. The number and sequence of the cycle are determined by the management and various other factors like needs of the organization involved in the project, the nature of the project, and its area of application.
PIP: The 6 stages of the family life cycle are identified as: 1) family formation (marriage to first birth), 2) family expansion (first birth to last childbirth), 3) completion of expansion (child raising to departure of first child from home), 4) family contraction (through departure of last child from home), 5) ...
Definition: ensuring that project objectives are met by monitoring and measuring progress regularly to identify variances from the plan so that corrective action can be taken.
Here are the three “must-have” skills for every successful project manager:
There are three basic types of control mechanisms- cybernetic, go/no-go, and post-performance.
The triple constraint theory, also called the Iron Triangle in project management, defines the three elements (and their variations) as follows: Scope, time, budget. Scope, schedule, cost.
To remember the Six Constraints, think “CRaB QueST” (Cost, Risk, Benefits, Quality, Scope and Time).
Top Five Most Challenging Things about Managing Projects
The 10 Knowledge Areas that have been defined in project management are:
There are 5 phases to the project life cycle (also called the 5 process groups)—initiating, planning, executing, monitoring/controlling, and closing. Each of these project phases represents a group of interrelated processes that must take place.
PMBoK Knowledge Areas: 9 Must Know Aspects Related to PM
Project Management Knowledge Areas
Five Essential Project Management Skills
Correctly estimate the amount of human resources needed, based on task estimates. Selecting staff with the right skills....Next, we review the steps for project resource planning.
When tracking a project the project manager and everyone on the team, should be continuously asking questions throughout the project. These questions should be focused around the four core knowledge areas: scope, time, cost and quality.
Stakeholder Management
By ensuring that your project management knowledge and frameworks are up-to-date and consistently applied, PMI's global standards are the foundation of the profession. PMI global standards provide guidelines, rules and characteristics for project management.
Success in the management of a project has been traditionally associated with the ability of the Project Manager to deliver in time, cost and quality. These three factors, commonly called the triple constraint, are represented as a triangle.
Topics: Career Development. We're all familiar (I hope) with the golden triangle/triple constraint of scope, time and cost management—with quality as the fourth constraint to rule them all (or quality may be one of the points of the triangle).
3 Types of Goals in Project Management These goals measure efficacy, productivity, and success.
There are many ways to categorize a company's financial risks. One approach for this is provided by separating financial risk into four broad categories: market risk, credit risk, liquidity risk, and operational risk.
The basic methods for risk management—avoidance, retention, sharing, transferring, and loss prevention and reduction—can apply to all facets of an individual's life and can pay off in the long run.
There are different types of risks that a firm might face and needs to overcome. Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk. Business Risk: These types of risks are taken by business enterprises themselves in order to maximize shareholder value and profits.