CA 1 Project Management BBA 601 PDF

CA 1 PROJECT
MANAGEMENT BBA C
601
By Sonali Kumari Choudhary
Roll No: 14905020003
Life Cycle of a Project
• The project management life cycle
describes high-level processes for
delivering a successful project.
• Wasted money and resources can
be prevented with effective project
management, as more than half of
unsuccessful projects fail due to
communication breakdown. In the
phases of the project management
life cycle, you come up with the
idea for a project, define its goals,
plan for its execution, and guide it
to completion.
1. Project Initiation
The goal of the initiation phase is to define
the project at a broad level in terms of
what needs to be done and achieved in
order for it to be successful. This is where
the stakeholders (the people or business
unit who will fund the project), the goals,
objectives, and deliverables are identified
and the resources and the money needed
to do the project are determined at a high
level. A high-level determination is made
whether the project is “feasible or not”
based on these.
Key project management steps involved
in the Initiation phase:
• Conduct a feasibility study to identify the primary problem the project
will solve and whether the project can deliver a solution to that problem
• Create a business case and define the project at a high level
• Create a Project Charter or project initiation document that outlines the
vision, objectives, and goals of the project
• Identify the high-level scope of the project and define the product or
service the project will deliver
• Identify key project stakeholders
• Once the project gets a go-ahead, assemble the project team and
establish a project office
2. Project Planning
• The Project Planning phase is the most critical and
requires complete diligence as it lays out the
project’s roadmap. It involves defining the work to be
done and figuring out how to accomplish it. This is
especially true for large and/ or complex projects,
which are typically executed using traditional
methodologies. Projects that are executed using
Agile methods of execution also go through a
planning phase, but the plans may be defined at a
high level; with the detailed execution being left to
the team to plan in short iterations or sprints.
• The project manager begins setting goals with a
project plan. A well-crafted project plan outlines a
detailed project schedule, and communication plan
to give direction to the team for producing quality
output and handling risks.
in the Planning phase:
• Create a Statement of Work document to flesh out the details of project deliverables
• Develop a Work Breakdown Structure
• Create a project plan, assign team members (and other resources) to the various tasks, and
build a detailed project timeline
• Identify the Project Team roles and other resources for the project. At this stage, the Project
Manager – working with a project staffing function – will most likely identify specific people for
some of the key roles needed for the success of the project.
• Create a risk mitigation plan to identify potential risks and develop a strategy to minimize them
• Incorporate an effective change management plan for necessary changes in the project and to
avoid bottlenecks
• Create a communication plan to schedule interactions with relevant stakeholders
3. Project Execution
• This is the stage where planning is turned into
action. The project team is built. Specific people
and other resources are assigned to the tasks
identified in the project plan. The project work is
carried out in the required sequence in order to
complete all of the work in the most efficient
manner possible.
• The key outcome of the Execution phase is the
various deliverables that are produced in line
with the defined project plan.
• The project manager organizes the team
members, establishes workflow, and constantly
monitors progress, ensuring that work is done
as per plan while maintaining effective
collaboration between the project team and
various stakeholders.
Key project management steps involved in
the Execution phase:
• Identify and assign the project team Assign the team and
other resources to the project tasks and begin work in a
planned manner
• Provide necessary guidance to the team on how tasks
should be completed
• Monitor the progress of the team
• Communicate with the stakeholders on a regular basis to
ensure that the project deliverables are acceptable
4. Project Monitoring & Control
• The project manager reports on the
performance of the project and makes sure
the project is going according to plan. This
helps track any deviations from the planned
budget, timeline, and quality goals of the
project.
• Any necessary changes to the project goals
are implemented after a formal evaluation of
the potential impact on the project goals and
acceptance/ approval of the impact by the
project stakeholders.
• This phase also involves continuously
monitoring the project environment for any
risks or issues that are likely to impact the
project performance and taking the necessary
steps to prevent or mitigate them as
proactively as possible, to minimize impact on
any of the project goals.
in the Monitoring and Control phase:
• Tracking the progress of various project tasks
• Measure the budget, timeline, and quality performance of the project
• Review deliverables and track the effort to see if they meet the defined
acceptance criteria
• Conduct user reviews and collect feedback, and take any corrective
actions needed
• Track all changes to the project scope (whether from team members or
the stakeholders) and report on their impact on project goals.
• Monitor overall project performance, including all project plan changes,
and ensure that all stakeholders and the project team are on the same
page about the project status and its expected outcomes.
5. Project Closure
• Project Closure involves completion of the
final delivery of a project and its approval
by the stakeholders. Once the project’s
closure is formally approved, other aspects
of the closure can be carried out.
• The project manager conducts a “post-
project review” meeting. or commonly
referred to as a retrospective- to review
the lessons from the project, and the
challenges that were faced during the
project. It gives an opportunity to
comprehend lessons learned to improve
productivity in the future.
• Once the above activities are completed,
the project team members are released to
other projects.
in the closing phase:
•Conduct a “End of Project” Review or
Retrospective and to analyze project
performance and a formal analysis of successes
and failures
•Document project closure and provide reports to
key stakeholders
•Account used/ unused budget and release
remaining resources for other projects

CA 1 Project Management BBA 601 PDF

Uploaded by

Copyright:

Available Formats

CA 1 Project Management BBA 601 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

CA 1 Project Management BBA 601 PDF

Uploaded by

Copyright:

Available Formats

CA 1 PROJECT

You might also like