Project Management and Its Components

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Project management is the discipline of planning, organizing, motivating, and controlling resources to achieve specific goals. Project is a temporary endeavour with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables),[1] undertaken to meet unique goals and objectives,[2] typically to bring about beneficial change or added value. Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations.

Components of Project Management
initiation
planning or design
production or execution
monitoring and controlling
closing

Initiating:

The initiating processes determine the nature and scope of the project.

Planning or Design:

After the initiation stage, the project is planned to an appropriate level of detail. The main purpose is to plan time, cost and resources adequately to estimate the work needed and to effectively manage risk during project execution

Production or Execution:

Executing consists of the processes used to complete the work defined in the project plan to accomplish the project's requirements. Execution process involves coordinating people and resources, as well as integrating and performing the activities of the project in accordance with the project management plan.

Monitoring and Cotrolling:

Monitoring and controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project.

Closing or Completion:

Closing includes the formal acceptance of the project and the ending thereof. Administrative activities include the archiving of the files and documenting lessons learned. This phase consists of:[6]

Project close: Finalize all activities across all of the process groups to formally close the project or a project phase •Contract closure:...
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