The demands on the business world are presently growing at a rapid rate. The booming population, the explosive developments in technology, and the commonality of corporate globalization have made the business world quite competitive. In order to remain competitive, businesses have begun to evaluate the effectiveness of their current procedures in delivering their goods and/or services without increasing prices exponentially or decreasing the manpower necessary to produce the goods and sacrificing profitability. Executives have found that the best possible technique to resolve these issues is through project management.
Before thoroughly understanding project management, it would be beneficial to understand just exactly what a project is and what it entails. The definition of a project is a task that has a specific desired outcome, with specific start and end dates. It is usually accompanied with budget restraints and a definition of resources needed to complete the project. The text defines a project as ÃÂÃÂany series of activities and tasks that have a specific objective to be completed within any specifications, have defined start and end dates, have funding limits (if applicable), consume human and nonhuman resources, and are multifunctionalÃÂÃÂ.
(Kerzner, 2006) The objective of a project is to produce a deliverable, a tangible result.
In order for the project manager to maintain uniformity and control over the project, the project is broken down into four basic life-cycle phases. The first phase is Initiation, which involves brainstorming, researching, conducting a feasibility study, appointing a team, and defining the project. The purpose of the feasibility study in the Initiation phase is to determine how to develop the project plan, assist in estimating the amount of time it will take to complete certain project tasks and complete the project in its entirety, staff and other resources required, and the risks involved in investing in...