Question

Explain what a project is amd how priject management can contribute to an organization.

Briefly outline the 5 process groups in the PM life cycle. Please provide references

Answer 1

Project
A project is referred to as a series of tasks that needs to be accomplished in order to produce a desired outcome. Project is an activity which create something unique.
Project involves series of interrelated task and activities that are planned for implementation over a fixed period of time. It helps in attaining desired outcomes in an organised manner with reduced less chance of failure.
In short a project is the temporary endeavour to produce a unique product, service, benefits or competitive advantage.

• How project management can contribute to an organization or importance of project management to the organisation.

Project management alligns project with business strategy. Project managers ensure that the overalloverall goal and milestone of projects are in line with the strategy of business.
project management is important for every kind of business because it ensures proper expectations are set around, what can be delivered by when and for how much.
It is found that only 2.5 % of organisation successfully complete 100 % of their projects because of lack of project management.
project management involves breaking down of project into different tasks and assigning the task to team members. Completion of these small tasks make the step-by-step completion of ultimate goal.
• Strategic alignment
strategic alignment refers to the process of linking the organisation's resources and the structure with its strategy and ultimate objective.
Project management ensure that the project helps the organisation in fulfilling the strategic alignment of organisation.
• Clear focus and objective
Project management helps the organisation in achieving strategic goal.
• Reduce the cost and quality control
Project management reduces project cost by minimal use of resources, improving efficiency and reducing risk. This help the organisation to gain more even with the added cost of project manager. It also helps the organisation to deliver what was promised to the client as the project manager ensure qualities of these deliverables.
• Orderly process
Project manager ensure that the processes are going according to the plan throughout the project.
Success of project means sucess of organization also. Lack of proper management means wasting the resources, time and money of the organisation. If the team members are not clear about the objectives then the risk of project failure is high. A right and proper project management can deliver success to the organisation.

Briefly outline the 5 process groups in the PM life cycle
Project Management process group which are phases of project life cycle are as follows:
• Initiating phase
• Planning phase
• Execution
• Monitoring and controlling
• Closure

• Initiating process group
This phace triggers the planning process group. This initiating process group involves two separate process: project charter and stakeholder register. It is related with determiming the vision of the project you have to accomplish and getting sanction or approval from sponsor or entity.

• Planning process group
After getting sanction or approval the next step of planning phase begins. The project should have proper plan to achieve the goal within your pre-determined time and budget constraints. This is the route map or blueprint which guides the project.

• Execution process group
It is the phase where most of the project work is delivered. This is the action phase which execute plans into action. This may make takes weeks months or years.

• Monitoring and controlling process group
This is the only phace of project management group which intersect with all other phaces. This phase check whether all activities are going as planned or not.

• Closing
The last step of project management process group is closing. After the delivery of project it is essential to close project formally by the approval of customers, stakeholders or project sponsor.