This document entails some definitions which help you to understand or get an idea of what is covered in project management. It includes definitions of the project lifecycle, the cost-benefit analysis, project scope management, and project communication management
It includes all of the processes that must be completed before a project can be
approved and planning may begin. The objective is to define your project at a high
level and connect it to the problem you are trying to address
The design or development phase
In this phase a project scope is developed which explains or entails the main goal of
the project, IT explains tasks to be completed, all the costs of budget to be used and
deadlines of all the tasks. This stage also entails the responsibilities of each team
member. It uses recommendations set by the feasibility study conducted in the first
stage to develop the product and write down detailed schedules and plans for making
or implementing the product.
Execution or implementation phase
This is the stage where the development plan of the product is put into action
meaning implemented. This simply means that production team the schedules and
procedures that were prepared During the previous phases. As all the plans are
implemented, regular checkups on the progress off the project needs to be executed
in order to give shareholders regular update and status reports.
Termination or Commission or closing phase
Just before everything can be concluded to closing the project, the production team
need to make sure all the goals are achieved. You need to compare the progress
report with all the project scopes in order to determine what went wrong during the
project and also to determine whether they are any finish touches needed In also
during the closure meeting you need to include the stakeholders of the project in the
decision-making. The project goes are inspected or examined and if all it well the
project documents (Search as keys of a building or a house) can be handed over to
the business the project is conducted for. Also, no matter the outcome of the project
it debrief with the team need to be conducted in order Share all the lessons learned.
2. Stakeholder Analysis
What is the stakeholder analysis?
, Stakeholder- It is someone who has an interest in the operations over project and can either
influence or be influenced by the operations of the project such as project employees or
community members of where the project is operated
Stakeholder analysis- it refers to the different techniques or tools used to identify and
evaluate what the stakeholders need in the expectations of out of the project
Stakeholder involvement- it's a way in which an organization includes people who may be
influenced or affected by its actions or who can influence how a project can be implemented
in the decision-making
3. Cost Benefit Analysis
Cost benefit analysis definition
It is a method for estimating the cost and benefits of projects in order to determine
the most cost effective or low-cost option
It's a method of calculating the benefit of a choice or action minus the cost of that
decision or action
The purpose of CBA
It helps us in identifying the problems that arise in the project and determines the
solutions
In case of solving problem, the CBA is used to evaluate the available solutions and
how to choose the best cost-effective option to make sure the benefits exceed the
costs
Financial perspective
Financial analysis
It is used to check the inflows and outflows of cash in the organization by accounting
techniques such as cash flow statements balance sheets and income statements
The purpose of financial analysis
It is carried out to help in making financial decisions
The correct and historical information is used to predict the future performance of the
organization
Assessment of financial impact
It checks if losses or profits are made in the organization
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