Evaluation Of A Project Management

1897 Words8 Pages
Oversight in Project Management
Donald L. Thornton Jr.
INF410: Project Management
Instructor: Dr. Kevin Kuznia
02/13/2017

Although it may be temporary, a project is an exclusive endeavor initiated with a defined start and finish point and a set number of tasks that need to be completed to reach a possible set or unset finishing date. In project management, we carry out a group of tasks with a defined set of skills, capabilities, and philosophy acquired over a set period, while developing a finished product for the projects sponsors and stakeholders. There are a set of fundamental processes involved with project management:

During a normal project life cycle, there is usually a set arrangement of phases
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• Cost-benefit analysis
• Net present value (NPV)
• Return on investment (ROI)
• Whether the project is designed for what it is to be used for. Some of the main factors management uses to initiate the project are critically thinking about scope, time, and cost. Then there are definitive aspects about how the project will affect the environment, especially concerning civil, legislative, contractual, corrective, and fiscal standpoints of the project. Evaluation of the project also needs to be contemplated, especially when involved with the technological environment. Assessing prediction characteristics and evaluating the market, play an important part of the project research. Premature project closure without successful completion can be the result of inconsistent evaluation and inconclusive research of the actual project. With this angle, it is possible that unsuccessful project implementation could result, allowing the project managers to contemplate procedures that were missed. “In this respect, the research is often criticized for being underdeveloped and not founded on solid theoretical and conceptual groundwork” (Ika, 2009, pg. 7). Within each project is an integration of affects that are interconnected with project management. Each phase is dependent on the successive phase, and when one of them falters there can be a drastic effect on the remaining steps. There are teams involved with
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