Ã¯Â¿Â½PAGE Ã¯Â¿Â½ Ã¯Â¿Â½PAGE Ã¯Â¿Â½7Ã¯Â¿Â½ Project Management
University of Phoenix
MGT 437 Project Management
Scott T. Davis
June 30, 2008
Defining a Project
It does not matter what business or industry is involved, all projects have the same trio at their cores. That trio is time, money, and scope. A project has a clear objective, with specific beginning and ending dates, and a budget. A project is a temporary enterprise in creating a unique product or service. Unlike business processes, a project is not routine or recurring, (Ernst, 2007). A project consists of a progression of tasks, planned from start to finish, and constrained by time, resources, and defined outcome and deliverables. The project's budget restricts the amount of people, supplies, and capital needed for completion.
Successful projects have a structured, well-ordered approach, with a dedicated project team. The project team keeps balance between time, resources, results, and customer satisfaction.
In order to define a project certain elements have to be present. Those elements include a distinct objective, expectation of time obligation, fundamental expenses in attaining the objective, and a described design of accomplishment. Other elements include a record of the objective's main sub-elements, explanation of hazards or indefinite factors, and achievement measurement methods. Additional elements exist in defining a project, such as financial support resources and potential, problem background information, crucial reference documents, and necessary capital equipment. Other project elements include the project methodologies of management and operation.
The Importance of Project Management
Projects need organization and management in order to optimize schedule, budget, scope, and quality. Changing any one of the trio of time, money and scope changes the other two members of the trio. For example, shortening the project's duration may decrease scope. Increasing the scope increases the time and money involved...