What are project management processes? Assume that you have to invest in a new project, which area would you invest? Explain your answer by explaining all the project management processes.
What are Project Management Processes?
Project Management Institute, Inc. (PMI) defines project management as "the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of a particular project." The process of directing and controlling a project from start to finish may be further divided into 5 basic phases:
5 Basic Phases of Project Management
1. Project conception and initiation
An idea for a project will be carefully examined to determine whether or not it benefits the organization. During this phase, a decision making team will identify if the project can realistically be completed.
2. Project definition and planning
A project plan, project charter and/or project scope may be put in writing, outlining the work to be performed. During this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed.
3. Project launch or execution
Resources' tasks are distributed and teams are informed of responsibilities. This is a good time to bring up important project related information.
4. Project Monitoring and Controlling
Project managers will compare project status and progress to the actual plan, as resources perform the scheduled work. During this phase, project managers may need to adjust schedules or do what is necessary to keep the project on track.
5. Project close
After project tasks are completed and the client has approved the outcome, an evaluation is necessary to highlight project success and/or learn from project history.
Assume that you have to invest in a new project, which area would you invest? Explain your answer by explaining all the project management processes.
If I want to invest in a new project then I would like to invest in poultry industry of Pakistan. It is very profitable area for investment and anyone who know about this can gain maximum profit in less time. Single person can also run this business on small scale. A team is required for large scale production.
In this assignment, I present an overview of Pakistan Poultry industry and explain which area I would like to invest.
Overview of Pakistan Poultry
Poultry is an integral component of Pakistan’s economy. The Poultry contribution of GDP in Pakistan is nearly 1.1 % and is nearly 4.8 % in terms of the agricultural GDP. Furthermore, the sector also comes to employ nearly 1.5 million people. The poultry meat is still one of the cheapest means for the people to get some animal proteins. It is a fact that the agricultural and livestock growth in Pakistan owe a great deal to the poultry sector. It is due to its potential for future growth that a number of foreigners are now seeing several investment opportunities in the poultry/meat sector of Pakistan. In order to have an overview of the sector there are a number of factors and constituents which should be addressed.
The Export Potential in Poultry Sector of Pakistan
The poultry sector of Pakistan is indeed one of the most vibrant of them all. You might have heard the news stating that US considers Pakistan one of the top rivals when it comes the poultry sector and the potential of future output in terms of export. Unfortunately, since the times of the great depression which started a few years back, there is a slump in the Pakistani poultry sector. The government should offer various subsidies to the people who have some investment in the sector and on various products so that the output may be increased in order to be used for various export purposes....
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