Project Management : The Way A Project

1454 Words Sep 1st, 2014 6 Pages
Project Management
The way a project is conducted can have a significant impact on the success (PMBOK, 2013, p. 1) and that is why best practices for project management are needed. A project’s goal is to create a product, service, or result, which can be tangible or intangible, but always needs to have a clear beginning and ending (PMBOK, 2013, p. 3). Even though every project is different and unique, all projects are created for long lasting outcomes (PMBOK, 2013, p. 3). Because of these reasons, projects need management. Project Management is the application of knowledge, skills, tools, and techniques that guide the project to meet its purpose (PMBOK, 2013, p. 5). There are five process groups that are: initiating, planning, executing, monitoring and controlling, and closing (PMBOK, 2013, p. 5). Project managers typically identify requirements, address needs, concerns and expectations of stakeholders, set up, maintain, and carry out communications, manage stakeholders towards meeting project requirements, and balance the competing project constraints. Each of these components affect others, so when one component changes, others change as well (PMBOK, 2013, p. 6).
Generally, projects use strategic plans to reach their objectives (PMBOK, 2013, p. 10). The following are generally taken into consideration as part of the strategic plan: market demand; social need; strategic opportunity/business need; environment consideration; customer request; technological advance’ and…
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