A Risk Engineering Approach to Project Management

888 WordsFeb 2, 20184 Pages
Project Management A project is a group activity temporary in nature projected to achieve a desired result, service or product in a unique manner (Chapman, 2007). A project is termed as temporary since it has a set start and finish time period and is undertaken with defined resources and within a set scope. The operations within a project are unique since they do not rely on the routing operations. Rather, a set of operations are designated to meet the desired target. From this understanding, it is deduced that project management will entail the process of meeting the set goals for a particular activity. According to (Chapman, 2007), project management is the strategic deployment of skills, knowledge and techniques to accomplish specific set goals efficiently and effectively. Project management deviates away from normal organization operations to achieve predefined targets. Project management reorients and organizes available resources to meet set goals efficiently within a defined scope the set time period (Chapman, 2007). Project management is divided into five interrelated but, distinctive phases. These phases are: Project initiation; Project planning; Project execution; Project Monitoring and controlling and, Project Termination. In project management, time, money and scope are the three principal components considered to have a bearing on the success of the project. These are interrelated and, a balance between them is needful in order to ensure efficient and

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