Before I start discussing the five project management life cycle models, it is very important to understanding below project management landscape and its four Quadrants:
Quadrants 1: Contains Traditional Project Management (TPM), this approach has a clear project goal and clear project solution.
Quadrants 2: Contains Agile Project Management (APM), this approach has a clear project goal and not clear project solution.
Quadrants 3: Contains Extreme Project Management (xPM), in this approach both project goal and project solution are not clear solution.
Quadrants 4: Contains Emertxe Project Management (PMx), this approach has not clear project goal and clear project solution.
According to (Wysocki, 2012) there are five Project
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• The Incremental PMLC model takes longer than linear PMLC model which increase the cost, time, and effort required to execute the project. To mitigate this risk we should have a powerful monitoring and control tools. Those tools should help to keep the project on track with respect to project scope, budget, and schedule.
3) Iterative PMLC:
This model follows APM approach. According to (Wysocki, 2012) ' An Iterative PMLC model consists of a number of process groups that are repeated sequentially within an iteration with a feedback loop after each iteration is completed. At the discretion of the client, the last process group in an iteration may release a partial solution '.
Risks, failures, and mitigation strategy:
According to (Wysocki, 2012) below are the risks and mitigation plan for this model:
• The client involvement in this model is more than linear and incremental PMLC models. If the required degree of client 's involvement and ownership is not available then the project will be on risk. To mitigate this risk we should have a clear definition of the client 's roles, responsibilities, and availabilities.
• The Iterative PMLC model requires co-located teams. This is very difficult requirement because most of the projects have design offices and project consultants all over the world and the co-located teams are not possible. To mitigate this risk a well defined communication plan must be
The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on
With the exceptional growth in technology, the present day projects are often large and complex involving a significant risk. So, a Project Management Methodology enables the delivery organization to handle these projects comprehensively, systematically and in an integrated manner, which results in strategic, tactical and operational benefits.
In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.
‘Project management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements’ (Project Management Institute, 2009, p12). Once a project has been approved a project manager is assigned to the project, and ‘is expected to integrate all aspects of the project, ensure that the proper knowledge and resources are available when they are needed, and ensure that the results are produced in a timely, cost-effective manner’ (Meredith and Mantel, 2010, p5). In order to allow this to happen there are several key aspects of a project which need to be carefully thought out and controlled.
Project Management Institute. (2000). _A Guide to the Project Management Body of Knowledge (4th ed.)._
This paper was prepared for Fundamentals of Project Management, Module 2 Check Your Understanding taught by Dr. Levern Eady.
In this paper, I, a student of University of Phoenix will explain and discuss project management. I will address three main points. I will first answer what is a project. Secondly, I will discuss what are the basic phases of the project lifecycle and their purpose. Finally, I will explain why it 's important for organizations to use project management to accomplish tasks.
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
The PDQ project will take a detail process that will help launch the appropriate software technology along with existing processes in order to implement new cutting edge innovations. Although technology is not the only leverage for improving project management, modern technology is an important element (Kendall & Austin, 2013). Today, businesses depend on technology to produce more in less time and with minimal resources making modern technology a critical component to a successful business. In today’s high tech world, it is important to develop and execute effective project management strategies that will place the company at a competitive level. Companies must continue to work on projects that will drive their business to innovate and change for the better (Shenhar & Dvir, 2997).
Project management and by extension portfolio management are curious disciplines. They attempt to present simple methodologies for guiding an activity (or group thereof) through all its stages from inception to completion, within defined cost and time boundaries. Many of
This document is an annotated outline for a Project Management Plan, adapted from the PMI Project Management Body of Knowledge (PMBOK) and IEEE Standard for Project Management Plans. The Project Management Plan is considered to be a “Best Practice” template by the ETS Enterprise Program Management Office (EPMO).
While projects can be similar in some instances, no two projects are ever the same. For this reason, management of projects requires the application of tools and techniques to meet the goals of the temporary endeavor. Project managers apply these tools and techniques to determine what is required for project delivery such as the list of activities to completed, the time required to complete the activities, resources needed and the various risks associated with the deliverable and efforts. A multitude of tools and techniques are employed by the project manager based on the need of the effort to organize, identify and communicate the various aspects of the project. While in contrast, the repetitive nature of operations activities
Several adaptations to the traditional approaches like agile, interactive, phased, extreme, etc have been made but each will be expected to meet the requirements of the project objectives, timeline, resources, and deliveries of the stakeholders. Other industry standard certifications like ISO9000 and regulations like the Sarbanes-Oxley have also influenced methodologies and processes used by several organisations (Kerzner, 2003). Generally, managing projects should involved five major process which include the project initiation, planning, execution, monitoring and controlling, and then project closing. See Fig. 2 below.
Project management’s traditional approach tends to focus on achieving tasks in a linear fashion. The idea is to have a set of well-defined goals and achieve these in the right order to reach the results. It’s all logical and linear.
In order to achieve their business objective, project management and the used methodology are key factor which will be responsible for the success or failure of this project.