In this phase, final product or service is handed over to the operations team for commercial production.
Project Conclusion: This is the last phase of the project. This phase utilizes maximum of all resources. Project Execution: In this phase all activities and milestones established in the earlier phase are executed in a timely and orderly manner. Feasibility Study: In this phase, planning of the project is made and definite milestones are established. Project Definition Phase: In this phase of the project efforts are made to define the solution for the problem posed by customers. Initiation Phase: In this phase of the project, feedback received from customers is analyzed and brainstorming is done as to develop new product or modify existing product to meet the new demands. Each phase of the project has its own importance and impact on overall success of the project. Team: Project management requires diverse team stretching across departments and functions.Ī typical project is divided into following phases. Tools: Special type of tools and techniques are used for project management (Gantt Charts, etc.). Resources: A project has limited resource of capital and manpower. Timeline: A project has a definite timeline with measurable starting and end point. A typical project has following characteristics: Project CharacteristicsĪ project is not normal day to day activity undertaken by organization rather it is specific, non-routine activity of varying time frame and impact viability of the business in the long run. Project manager is responsible for appointing team members with different background but essential in completion of the project. Any project requires a project manager, who leads the project to its logical conclusion. Idea generation to final production of product or service, each step can be categorized as individual projects. Project management is very important in production of goods and services. The process of planning, organizing and managing resources to achieve the organizational objective is called project management. A project in any organization is collaboration across departments to achieve a single well defined objective.
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