Report on Project and Project management

·         Project: a project is a form of organization or business that arranged for achieving a specific objective. In other words, the project is a set of complete activities that are connected, complex and unique in nature and have specific goals that must be obtained on the specified time period and within a limited budget.

·         Project management: project management includes the control, monitoring and controlling of all activities that appear in the project for obtaining the goals. Project management is a complete set of processes, template, and tools that are related to the project and get all the details about the project and its purpose in the business.

·         Project triple constraints: the project triple constraints include scope time and cost of the project. It is also is known as the iron triangle. Cost of the project means what is the budget of the project, scope means that what tasks are going to completed for the project goals and time means that schedule of the project from start till end.

·         How to select methodologies for the project: selection of right methodology is the major task in the project that means that what process is going to determine for performing the tasks and some factors must be determine in this regard like set start and end dates, specialization of roles, rigidity of structure, resistance to change, scalability of the project, required resources, project complexity, type and number of team workers, budget, timeline of the project, project focus, industry and customer and stakeholders involvement in the project.

1.      Project management methodologies:

·         PMBOK: this methodology focus on the processes that are going to repeatable in the project. This means that the same set of rules and processes are going to set at the first time and then according to provided guideline the results will be generated by following the same pattern of activities and provide better results in every next time of the project.

·         PRINCE2: this methodology is focused on the preparation of the product that is happening in the controlled environment. In other words, a specified time frame with all attributes must be mention in the project and all the works have to do their work in the limited resources and the given facilities.

·         Scrum: this methodology leverages with the teams that are self-organizing that provide the product in the fixed time frame. Its complete structure includes artifacts, rules, meetings, and roles. After completing each sprint meeting held that discuss the progress of the project. These meetings include sprint planning, sprint retrospective, sprint review, and daily scrum meeting.

2.      Project life cycle:

·         TPM(traditional project management): this project management approach is rarely used in the today’s fast requirement but it is also beneficial in many ways as it has low complexity, few scope change requests, using understood technology infrastructure, having low risk, using skilled and experienced team. It is using two project management life cycle model linear project management and incremental project management.

·         APM(agile project management):  this approach is used some traditional attributes and also use some extreme project attributes. So it has very complex features like a critical problem without knowing the solution, the untapped opportunity of business, change-driven, and critical to organized. It uses two different models of life cycle; iterative and adaptive approaches.

·         XPM( extreme project management): this methodology is used in such a project that has no specified goals and objectives. It mostly includes research and development projects for the business, it includes a high rate of risk and its goals may change according to its required research in the project.

·         MPX (emerges project management): this type of methodology is going to use in such projects whose goals are already defined and they simply deal with the process according to requirement because they know the results and they will generate the same results by using different techniques and approaches in the project and commonly used in inbuilt projects.

3.      Project management knowledge area:

·         Scope(what): scope defines the limitation of the project, in other words, the boundary of the project related to goals.

·         Time(when): this area explains the total timeline of the project and determines what total time required by the project to accomplish and obtain its required results.

·         Cost(how much): cost is the major element in the project as it needs a proper working and this area need proper attention at the start of the project to get the accurate results.

·         Quality: this area is very important because it focuses on the quality of the project by determining the product quality and process quality in the project to obtain high-quality objectives.

·         Communication: this area is very important because communication is very compulsory to achieve accurate results so the communication must be smooth among the team members.

·         Human resource management: this area focus on the need for human resource in the project. The team of the project must include all those people that are specialized in this field and having a great experience.

·         Risk: Risk is the main part of the project as it involves in every step or process of the project.

·         Procurement: for obtaining the targeted result of the project it is important to obtain all the procurement on time.

·         Integration: integration means that all the elements of the project must be coordinated with each other like its tasks, resources, stakeholders and many others.

·         Stakeholder management: this area also needs proper attention because all those people who are related to the project have great concern about the goals of the project.

4.      Process groups in Project management

·         Initiating: in this step, all the project charter will be developed so that what is the starting point will be defined at this stage and this step moves to next further steps in the project development.

·         Planning: This step includes all the planning of the project and its management operations. Because no task can be accomplished without [planning so it is important to plan all the processes and tasks before the starting of the project.

·         Execution: in this step, the project is going to run and its processes and tasks are going to start producing the results after proper planning and managing all the operations execution can be done in a smooth way.

·         Monitor and control: this step takes all the check and balance of the project and its working. It determines whether the project is working in the right direction or not and what is project objectives.

·         Closing: this is the last step of the process. Because this project is going to be completed and the whole objective will be originated.