Name and explain the three phases in project management. What strategic benefits

Question

Name and explain the three phases in project management.

What strategic benefits (according to the 5 specific competitive strategies) does good project management provide to an organization?

What is the purpose of CPM and PERT?

What questions can CPM answer?

Be able to draw an AON network from a work breakdown structure and complete a critical path analysis similar to the examples in the text, class and the homework.

What is the primary difference between CPM and PERT?

What is “crashing” a project?  How do managers crash a project activity?  Which activities would be crashed?  Which wouldn’t?

Identify 3 “limitations” of CPM & PERT, i.e. warnings to people using these techniques.

Explanation / Answer

1. Three phases of project management :-

If a company can manage its projects efficiently then there is a greater chance to achieve success of the company. There are three basic phases of project management. These are :-

I) Initiation :-

This is the first step of the project management. In this step organization defnes the proect as well as the objectives of the project. It is needed to identify the connection and relevance of the project with the organization's own objectives. Organization determines the input needed to start the project such as total budget, human resource and it's practice, tools and technology. This phase is mainly aims to design the project with a complete team and answer simple questions such as how, who, what, where and when to design the project. Employees participating in the project development, must have a clear understanding of the project.

II) Execution :-

After completely determining the objectives, it is needed to execute the process. The project team must act according to the plan. Although the company can also modify new plan and ideas according to the available resources in the company. All the decisions are needed to be taken strategically. This step requires the company to estimate workers and materials requirements. If the company sees that the project is not effective anymore then it must decide to leave it then only.

III) Closure :-

This is the ending step of the project management process. At the end it is needed to determine the lesson learned through out the phases. Employees need to review the entire process and identify whether the company achieved anything from it. A project closure report must be prepared where all the processes are used, the steps and ideas which has been cancelled customer satisfaction, risks and problems involved etc are needed to be mentioned.

2. Strategic benefits :-

Strategic benefits on the basis of specific competitive strategies are :-

3. Purpose of CPM and PERT :-

CPM :-

Critical path method or CPM is mainly a step by step technique of project management system. The main purpose of this is to reduce the time related problems while doing the critical and non-critical tasks.

PERT :-

Program Evaluation Review Technique or PERT is also a type of project management tool. The main purpose of PERT is to schedule, organise and coordinate the tasks present in the project. Sometimes PERT is chosen over Gnatt chart because of its task dependency.

Both CPM and PERT together helps the manager to focus on the brain storming ideas. Along with that, both of them provides a good communication base which helps the managers to share various ideas among themselves. It also helps individual and teams to work more efficiently and with great performance.

4. Questions :-

CPM can answer the following questions according to its purpose.

Hope this helps :)

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