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.
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.
The resource of a project refers to manpower, machinery, money, and materials which are required in the project.
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.