Definition of a Project
A project is defined as a temporary endeavor undertaken to create a unique product or service- PMBOK.
A project is considered to be a temporary endeavor with specific goals to accomplish defined objectives. The completion point of the project must be defined and agreed upon by stakeholders during the Initiation of the project.
Definition of Stakeholders
Individuals and organizations that are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or project completion. They may also exert influence over the project and the results – PMBOK®.
In order to accomplish stakeholders’ goals and meet their expectations projects need well-defined goals and clearly defined business functions. Stakeholders are key in helping provide, develop and influence business decisions and goals within a project.
Project Process Groups
All projects are unique and have different constraints and uncertainties. By dividing the project into process groups they become much easier to manage. These process groups are known as the project life cycle. The five process groups that make up the project life cycle are listed below:
- Initiation – In this process group, the project is defined and organized.
- Planning – In this process group, a project plan is developed that is in line with the stakeholder’s goals.
- Executing – In this process group the project plan is implemented and resources are coordinated and allocated to the project.
- Monitoring and Controlling – This occurs throughout all process groups of the project. Goals and objectives are monitored and actions are taken to overcome issues or problems. Open communication and collaboration among all project members is needed in order to identify and resolve issues or problems that may arise.
- Closing – This process group formalizes the completion of the project with the customer and stakeholders officially accepting the completion of the project and providing feedback.
Project Management Methodologies
1. Agile Methodology
Agile methodology provides a flexible, iterative design and build process. Agile is more than a methodology. It covers a set of processes for extensive projects in dynamic environments. Therefore it is much appreciated by the customers.
2. Kanban Methodology
Kanban methodology uses lean principles and aims to increase productivity by eliminating wasted time and resources. This methodology can be used in conjunction with Agile.
3. Lean Methodology
Lean is a problem solving tool of eliminating wastes and removing wasteful activities that don’t add value to the process. By the help of this problem solving tool only the activities which add value to the process can be considered. Activities can be categorized by their values in the process.
4. Six Sigma Methodology
Six Sigma is a useful problem solving technique for process improvement which was introduced by engineer Bill Smith while working at Motorola in 1986 then became a popular management approach at General Electric (GE) in 1995 by the studies of Jack Welch.
Six sigma methodology relies on 5 process steps, called DMAIC.
5. Waterfall Methodology
Waterfall method is a simple method for planning projects. In this method the team completes one task or step then performs the next step. All the requirements and the activity sequences are defined at the beginning. Then all the tasks are performed as a waterfall from the beginning up to the end of the project.
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