Running an organization in the current market has become a challenge, the fluctuating stock market, unemployment rates and the current recession with no end in sight had lead organizations to initiate projects to help the company lower operating cost without sacrificing employees, some organizations have had to resort to early retirement programs, and layoffs to cut costs to stay in business. Business managers over the last couple of years have had to initiate programs and projects to help their organizations run, as organizations that have laid off employees have been forced to produce their normal output with less manpower. Businesses have experience this predicament understand the importance of project management, so this paper will give a brief explanation of what a project is, the phase of project life cycles and the importance of project management, and what project management means to an organization. Organizations are not able to survive if project management on all initiated projects are not utilized in an orderly fashion.
What is a project, for some a project is an enormous task that needs organization and a great deal of time to accomplish, to an organization a project requires discipline, organization and a team willing to participate in the successful completion of a project. According to, Kerzner (2006) a project is considered a series of tasks or activities that include, but not limited to specific objectives that must be completed by a specific period of time, has specific funding or alternative funding if possible, can be initiated and completed by humans, equipment made for specific tasks, and are multifunction meaning that the completion of the project requires cutting through several functional lines, at all career levels within the organization.
The project life cycle refers to a sequence of activities that contribute to the successful completion...