Mgt/437 Project Management Week 1

1084 Words5 Pages
Project Management
MGT/437

In this paper the word ‘project” is defined, discussed and elaborated on. The phases of a project lifecycle and its purpose are to be discussed, and how it is important for organizations to use project management to accomplish tasks will in conclusion be discussed thoroughly. The indisputable word ‘Project” may be defined in numerous unusual ways, some can all have the same meaning and others can mislead a reader. The definition that accurately explains what a project is, comes from the Houghton Mifflin Company (2009) website stating; “something that is contemplated, devised, or planned; plan; scheme.” A definition that can mislead a reader is this definition from the same website just two paragraphs
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Now and the land can be built on, and a future mall can be built. Contracts are now formed and stores are being built. Money often runs out around this time due to extra expenditures. Small jobs that were not supposed to take as long, are now taking double the time and cost. So, cuts will be made but the building will go on. The future business is now preparing to staff and buying all the necessary products, equipment and wall fixtures. Consultants’ to manage client projects have to be hired and trained as do trainers to teach project management, so the investors can be calculating what the cost of the business will be if it has a high or low success rate, and what the possibility is of failure. Failure is always something an owner or investor keeps in mind and calculates when going in on a new business. Project Offices to monitor and control projects need to be assembled and senior managers need to be hired to improve the success of projects. After all the building, stocking, hiring and gambling with fate is over a business or project is complete and ready to be up and running. As one can see something as small as a haircut in a hair salon or something as large as building a mall in the corporate world takes a lot of planning and work. It takes a lot more steps to make something complete than previously thought, and a lot more than what is actually seen goes into making it succeed. After all the planning is
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