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Project Management Paper

In: Business and Management

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Project Management Paper

MGT/437

July 8, 2013

Jenny Kirgis, MBA

Project Management Paper

The purpose of this paper is to define the concepts that are involved in project management. Organizations across the globe utilize a particular kind of organized methodology to manage business projects. Project management is a means that brings significant benefits and discipline to organizations because it helps to define goals and objectives, it highlights the areas of success, and it accesses risk factors involved in the project. In addition it helps to manage change within an organization and it ensures that the corrected resources are available to complete project. The paper will discuss in detail the importance of project management and why organizations utilize it to accomplish project tasks. In addition it will discuss and define a project and it will describe the phases of a project life cycle and their functions.
What is a Project? A project is reviewed as any series of tasks and activities that is directly linked to a specific assignment that must be completed by a specified deadline. A project will usually have a concrete start and completion date with a set amount of money allocated to fund the project. Projects are multifunction which consists of both human and nonhuman resources such as equipment, budgets and people (Kerzner, 2006). Project development, planning and implementation require organizations to use business capital to cover expenses and a separate project budget is created to record costs. Project funds are limited therefore it requires strategic planning and good oversight from the project manager to stay on budget (kerzner, 2006). Implementing a new project might require the organization to hire professionals or provide in service-training for current

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