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Saturday, October 20, 2012

MB0044 | Q5. Define project management. Describe the five dimensions of project management.

Q5. Define project management. Describe the five dimensions of project management.
Project management is a methodical approach to planning and guiding project processes from start to finish. According to the Project Management Institute, the processes are guided through five stages: initiation, planning, executing, controlling, and closing.
Managing a project is the practice of controlling the use of resources, such as cost, time, manpower, hardware, and software involved in the project. It usually starts with a problem statement and ends with delivery of a complete product. Project management involves understanding the scope and various processes in a project cycle.
Management is the technique of understanding the problems, needs, and controlling the use of resources such as cost, time, manpower and materials.

a)    Project cycle:
A project cycle consists of the various activities of operations, resources, and the limitations imposed on them.
b)    Process:
A process is part of the project which consists of simple and routine instructions to achieve a desired result of any activity of the project. A process is responsible for bringing about the changes in the inputs fed to the process and giving out the desired output.
c)    Resource:
The resource of a project refers to manpower, machinery, money, and materials which are required in the project.
d)    Scope:
Scope of the project refers to the various parameters that affect the project in its planning, formulation, and executions.
e) Project cost:
Project cost is the budgeted expenditure of the project.