Project is defined as “a temporary endeavor undertaken to create a unique product, service, or result”. Meaning that project is only a one time thing, not a continuous process. Project must have a starting and ending points, such as time, budget milestone etc.
Project management means “application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the application and integration of the 47 logically grouped project management processes comprising the 5 Process Groups: initiating, planning, executing, monitoring and controlling and closing.” Project management has of course some unspoken rules which should be followed, one of them being - people who must do the work should also help plan it.
A project should have its head, called project manager. This role's job is mainly to help the whole team to get the work done effectively and correctly. The project manager is partly administrator and partly leader. With those two components, the team is able to exceed the bare minimum requirements.
The phases of a project are those following:
Key points: Project stakeholders (anyone who has a vested interest in the outcome of a project) must be identified and managed. If you have absolutely no plan, you have no control. The project documentation is essential and should be done regularly and in detail.
An objective specifies a desired end result to be achieved. A task is an activity performed to achieve that result. An objective is usually a noun, whereas a task is a verb.
An objective must be SMART:
The six-step process is a common and practical approach to establishing the project risk plan. This process should not be created in a vacuum and typically involves a great deal of research and collaboration with the project team.
A very useful tool when managing many risks across projects is the standard risk matrix. This tool will help you plot your risks in quadrant according to probability and negative impact.
Once the threats have been plotted onto the risk matrix, an H-M-L prioratization can be applied where the highest-priority risks are positioned toward the upper right corner and lower priority ones toward the lower left. You can then color code individual risks as they apply to each project. In the fog of the portfolio or program management world, this can prove to be very effective approach.
Key points pt. 2: Teams do not just happen - they must be built. Do not be afraid to experiment with new approaches. Control is exercised by analyzing the plan.
