Week 1 Discussion and Project

Project Management Process

The project management process has both a beginning and an end and typically consists of the following phases: initiation or de�ning, planning, execution, control, and

closing. Let's look at the activities carried out in each phase.

Initiation or Defining Phase

In the beginning of a new project, we have to de�ne the tasks that will make up the successful completion of the project. This includes forming the team, developing a

business case, and doing a feasibility study.

Planning Phase

In the planning phase, we create the project plan. We can create a project plan using software, such as Microsoft Project. A project plan will include a resource plan, a

�nancial plan, a quality plan, and a risk plan. We also create a communication plan and a procurement plan that may involve suppliers.

Execution Phase

Once the infrastructure is in place, we move to the execution phase in which we implement the agreed upon deliverables. It involves coordinating people and resources,

and integrating the activities according to the plan. In this phase deliverables are produced as outputs.

Control Phase

To be successful, here we monitor and control tasks. This requires focus on time, cost, and quality management. We have to ensure that every risk to the project is

managed. If there are any changes in existing processes, the changes are made in this phase.

Closing Phase

All projects need to have closure, or an end. It is a good practice to review any areas that did not go as smooth and understand what could be done differently in the

future. There may also be some areas that went well, for which you should celebrate. There may also be some open issues which are resolved and �nally the decision is

made to close the project.

Functions are organizational units, sometimes called departments, de�ned by competencies such as marketing, �nance, or human resources. In an organization,

functional managers have an ongoing responsibility of managing a functional entity.

A project team is multidisciplinary, which is comprised of people from more than one function. But while project management, in principle, is not tied to any single

organizational function, it is a highly organized profession that cuts across all functions and industries.

The Project Management Institute (PMI) is the leading nonpro�t professional association for project managers. It has been active in establishing a set of professional

standards, sponsoring seminars and conferences, and developing educational and professional certi�cation programs. It publishes the PMBOK® Guide. The mainstay

credential offered by the PMI is the project management professional (PMP) certi�cation. The PMP certi�cation is by no means the only way to become a project

manager, but it is highly valued by employers.

Check out this link to the PMI website: (http://www.pmi.org/)