⦿ A project is defined as a sequence of tasks that must

Definition of a Project Objective of a Project:

1. Performance objectives:
be completed to attain a certain outcome. You may establish a performance objective when you
Characteristics of a project: want to improve your product, service or process. You
A project is a set of interdependent tasks that have a can also use this objective type to detail how the
common goal. project is going to proceed, such as the project
1. A clear start and end date – There are projects deadline or the resources needed to complete the

plan coherence ⦿ Budget prediction accuracy ⦿ Project

that last several years but a project cannot go on task. Here are some metrics it can measure:⦿ Project
forever. It needs to have a clear beginning, a definite
end, and an overview of what happens in between. 2. timeline efficiency
A project creates something new – Every project is ⦿ Individual team members' task performance.2.
unique, producing something that did not previously
Business objectives: Create a business objective
exist. A project is a one-time, once-off activity, never
when you want to align a company's values with a
to be repeated exactly the same way again.3. A
project for potentially higher rates of success. 3.
project has boundaries – A project operates within
Financial objectives: A financial objective is when
certain constraints of time, money, quality, and
you want to have a direct impact on an organization's
functionality.
finances, and you measure it in monetary values. 4.
4. A project is not business as usual – Projects are
Effectiveness objectives: Use an effectiveness
often confused with processes. A Process is a series of
objective when you want to improve the processes of a
routine, predefined steps to perform a particular
company and the way employees’ complete tasks. 5.
function, say, expense reimbursement approvals. It’s
Regulatory objectives: A regulatory objective is
not a one-off activity. It determines how a specific
when you want to understand the effects of your
function is performed every single time.
project outside of the organization. Depending on
where you live, when working on a project, such as
Project Life Cycle sustainability regulations.6. Technical objectives:
There are many different types of projects, but Create a technical objective when you want to
interestingly, they all have one thing in common. They implement certain technology into the project. Here
all go through the same cycle, known as the project are some examples of technology you can include in
life cycle, or project management life cycle.
⦿ Network capabilities ⦿ Mobile devices ⦿ Telephones ⦿
your objective:

⦿ the project life cycle is made up of five project

The 5 Project Life Cycle Phases:
Hardware ⦿ Software
stages: project initiation, project planning, project 7. Quality objectives: Introduce a quality objective
execution, monitoring & control and project closing. when you want to measure the quality control of your
Each of these phases is necessary for the effective products during a project. This objective can also
delivery of the project. reflect improvements during the assembly of the
1. Project Initiation Phase: This is the start of the product to reduce the number of defects or how to
project for the project manager, who is responsible for increase the customers' satisfaction with the product.
defining the project at a high level. This usually begins
⦿ A project manager is a professional who organizes,
What is a project manager?
with a business case, feasibility study, cost-benefit
analysis and other types of research to determine
plans, and executes projects while working within
whether the project is feasible and should or shouldn’t
restraints like budgets and schedules. Project
be undertaken.
managers lead entire teams, define project goals,
2. Project Planning Phase: This is where the project
communicate with stakeholders, and see a project
plan is created, and all involved in the project will
through to its closure.
follow it. This phase begins by setting SMART (specific,
measurable, attainable, realistic, timely) goals.3.
⦿Definition: Project Governance is the set of rules,
Project Governance:
Project Executing Phase: Now begins the part of the
project that most people think of as the project:
executing the tasks, deliverables and milestones procedures and policies that determine how

⦿These rules and procedures define how decisions are

defined in the project scope. Some tasks that make up projects are managed and overseen.
this phase include developing the team and assigning
resources using key performance indicators, executing made during projects. As part of the oversight process,
the project plan, procurement management and project governance also determines the metrics by
tracking and monitoring progress.4. Project Monitoring which project success is measured.

⦿ Project governance stands on three pillars that

and Controlling Phase: The project monitoring and Three Pillars of Project Governance
controlling phase consists of setting up controls and
key performance metrics to measure the effectiveness describe the three areas that define it. These include

⦿ Structure: A project must be supported by the

of the project execution.5. Project Closing Phase: It’s structure, people and information.
not over until the project closure phase it’s over.
Completing the deliverables to the satisfaction of your organization that’s running it. That means the
stakeholders is key, of course, but the project manager organization’s senior management is invested in the
must now disassemble the apparatus created to fulfill project. They have to take the time and energy
required to create a vision for the project in order to
⦿ Once this has been done, the project manager often
the project.
pass the project on to project managers who will make

⦿People: Effective project governance requires the

has a post-mortem with the project team to highlight sure it follows that vision.
what worked and what didn’t work, so that successes
can be repeated and mistakes avoided. right project manager. This means that senior
management must fully understand the activities of
 the project. This is where project governance helps the

⦿ The Plan-Do-Check-Act (PDCA) Cycle is a four-step

What Is the PDCA Cycle? project manager understand the project goals and the
tasks needed to get there. For this to be effective,

⦿Information: This is where a sound process comes

problem-solving iterative technique used to improve those goals must be clear, reachable and sustainable.
business processes. Originally developed by American
physicist Walter A. Stewart during the 1920s, the cycle into play. While vision and goals are important, without
draws its inspiration from the continuous evaluation of a clear and consistent way to share information, a
management practices and management’s willingness project is doomed. Projects need open communications
to adopt and disregard unsupported ideas. and the ability to share, preferably in real time, in
order for project governance to work. That means
regular reporting, meetings and more to keep the

⦿ The PDCA Cycle can help differentiate a Company

How the PDCA Cycle Works project directed towards a successful end.

from its competitors, particularly in today’s corporate

⦿ A work breakdown structure (WBS) is a project

world, where businesses are always searching for ways Work Break Down Structure
to streamline their processes, reduce costs, increase
profits, and improve customer satisfaction.⦿ Many management tool that takes a step-by-step approach
managers apply the PDCA Cycle Unknowingly to help to complete large projects with several moving pieces.
direct their organizations as it encompasses the basic By breaking down the project into smaller components,
tenets of strategic planning. The four components of a WBS can integrate scope, cost and deliverables into
the PDCA Cycle are outlined below.⦿ Plan: In the a single tool.

⦿ Work breakdown structure is a helpful project

planning phase, you start by seeking to identify and Why a WBS Is Helpful for Project Management
understand what the problem is to find opportunities

⦿ Work breakdown structure is a helpful

that are available to improve the process, product or management.
service. You might also make guesses as to what
ultimately caused the problem and decide which project management tool for several
possible solution to test first.⦿ During this state, you
reasons. First, it breaks down the project
⦿ What is the problem? ⦿ Is this the problem you should
will want to ask yourself:
into bite-size components, making the
be focusing on? ⦿ What impact does the problem have project less overwhelming and more
and on whom? ⦿ What will happen if you can solve the
problem? ⦿ What data do you need to understand the ⦿ Second, it provides a roadmap for the
manageable.
problem? ⦿ Who should be a part of finding a solution?
⦿ What are some solutions you should consider?
different individuals and teams working on
⦿ What are your expectations for the outcome of this the project. Many projects involve different
teams moving in tandem, all of which need
⦿ What resources do you need?
cycle?

⦿Do: In the doing phase, you'll test the solution you've

to coordinate and integrate for project
completion.⦿ Finally, a WBS is an excellent
determined to be the one most likely to work. For
example, you can test a solution within a certain tool for measuring project completion,
geographical area or with a specific demographic of identifying milestones and allocating
customers. Some organizations will test several budget resources. By using the 100% rule,
hypothetical solutions at one time. project managers can be confident that the
Budget, Definition project is properly budgeted and that they
A budget may be defined as a financial and/or won’t run into any roadblocks due to a
quantitative statement, prepared and approved prior “surprise” deliverable.
to a defined period of time, of the policy to be pursued
during that period for the purpose of attaining a given
objective. It may include income, expenditure and
employment of capital.⦿ Thus budget is a written plan
of action.
Advantages of Budget and Budgetary Control
1. Policy, plans and actions taken are all reflected in
the budgetary control system. There is a formal
recognition of the targets which the business hopes to
achieve. 2. Not only departmental programs are
developed, over expenditures in departments are also
curtailed and controlled. 3. Budgeting makes for
better understanding, coordination and harmony of
action in a business enterprise, because all
departments take part in budget preparation. 4. The
targets, goals and policies of a business enterprise are
clearly defined.5. Deviations from predetermined
plans are brought to notice through variance analysis
and corrective action is stimulated by reports,
statements and personal contacts.6. It provides
management with a guide of daily activities; thus helps
determining performance and efficiency of each
department, thereby leading to improvement. 7. It
informs management the progress made towards
achieving the predetermined objectives.8. It facilitates
financial control