PROJECT MANAGEMENT

PROJECT MANAGEMENT

Project Management consists of five process groups . These are initiating , planning , executing , monitoring and controlling , and closing . Each process group consists of various sub processes . At any point of time , any project has three important goals of scope , time and cost . The work should be done in a proper manner to achieve its objectives and goals . It should be completed within time and assigned budget . This discusses the project monitoring and closing processes . Monitoring and control of any project measures the progress of project towards predefined objectives and goals

. It monitors deviation of the project development from the initial plan of project Monitoring allows project manager to look at various important aspects that can help the project manager and management to take appropriate action or decision . Project manage can take corrective actions to match project progress to the predefined plan . Monitoring of a project starts once execution of the project starts and continues till the end of the project . Outputs of this stage are performance reports , changes as requested and updating of various plans

Project Closing

Project closing is an important aspect of project management . For any project various times of resources like man and material are directed towards the project . A project manager enables communication with various stakeholders regarding the progress , challenges and feedback of the project . They get acceptance from the stakeholders if required Sometimes even when projects are not completed is closed formally . The closing process allows project manager and management decision makers to learn various things that can help in successful execution of future projects . This stage requires acceptance from various stakeholders and customers . The output of the project closing process are final report and presentation , lesson learned and help in better understanding of organizational resources and taking appropriate actions . Even for the leted project failures similar learning 's are achieved that can help in future implementation of projects . Monitoring and control provides output on requested changes , corrective and preventive lesions risk registration and management , project management planning , flow of organizational resources and others

There are different modes of termination of any project . Some projects are terminated normally when these are completed on the scheduled time and within scheduled budget . This is called Normal project termination mode . Premature project closing are example of completion of project with force or push strategy . Perpetual projects ends before or after planned time . These projects are not bound with time limits Unsuccessful projects fall under the failed category of closing of projects . Sometimes priority of management changes due to financial or strategic reasons . The resources may be directed towards other important tasks or the strategy no longer carries the similar effect in the business environment

Any project can be terminated by extinction , addition or integration When project is completed successfully and satisfies its clients , it is terminated by decision . Many a times , project is terminated due to lack of interest of senior management or failure of the project leads to termination of the project . Some projects are...