Project Management

EXERCISE

(1) Explain what project management is.

- Project is a group of milestones or phases, activities tasks that support an effort to accomplish something, while management is managing and organizing the project of management plan.

(2) Describe the five phases of the project management life cycle and identify the requirements within each stage:

a. Project conception and initiation - brainstorm about what product to sell in the website and target audiences. The identify its benefits or advantages.
b. Project definition and planning - plan about the budget, timeline and schedule for the website creation. Promoting about the website by doing an advertisement.
c. Project launch or execution - the launching for the website, hiring an employee and give responsible to each of the employee.
d. Project performance and control - checking the status of the project that been created, see the profit, control the budget if it over budget and then decide it.
e. Project close -  review and evaluate the project to make an improvement.

(3) Why is project management important?

• Enables us to map out a course of action or work plan.
• Helps us to think systematically and thoroughly (more organized).
• Unique Task.
• Specific objective.
• variety of resources.
• Time bound (can finish on time).

(4) Describe THREE (3) advantages of project management.

1. In built monitoring/sequencing.
2. Easy and early identification of bottlenecks.
3. Activity based costing.